Latvia is a hidden gem in Europe’s startup ecosystem. They blend innovation with strategic access to EU markets. With a growing number of tech hubs and accelerators, the country supports diverse industries, from fintech to green energy. Latvia’s government also offers startup-friendly policies, including tax incentives and funding programs, making it an attractive destination for entrepreneurs. To make it easier, we've put together an extensive list of venture capital investors, and our experts have handpicked the top 10 venture capital firms in Latvia just for you. You can find more details about investment opportunities here.
Here's a table that summarizes the overall VC data for a quick overview:
1. Change Ventures
Change Ventures is a pre-seed VC fund that supports ambitious Baltic founders from Estonia, Latvia, Lithuania, and the global Baltic diaspora. With investments ranging from €100K to €500K, Change Ventures focuses on tech startups with global potential. Leveraging 45 years of combined operating experience, the team provides hands-on support for achieving product-market fit and scaling. The fund also connects founders to a global network of 700+ follow-on and co-investors.
Geography: Baltic states (Latvia, Lithuania, Estonia)
Notable Investments: Veriff, Planet42, Printify, Monetizr, Werk
2. Overkill Ventures
Overkill has backed 38 pre-seed startups, achieving multiple successful exits. While currently not making new investments, Overkill collaborates with sister funds: Accelerace, based in Copenhagen, supporting pre-seed startups from Nordics and Baltics, and New Nordic Ventures, focusing on seed-stage B2B software startups in the CIS and CEE regions. These funds continue Overkill's mission of empowering startups across Europe.
New Nordic Ventures, founded in 2021 and headquartered in Latvia, is the leading seed-stage investor specializing in enterprise software startups across Eastern Europe. With a focus on the Baltics, New Nordic, and non-EU Eastern Europe (Ukraine, Georgia, Armenia, Moldova), the fund bridges the gap for early-stage B2B startups, providing support to scale in Europe and beyond. More than investors, New Nordic Ventures partners with founders for long-term growth and success.
Notable Investments: Petabox, Cross Creators, RDA, Green Growth
4. Almaz Capital
Almaz Capital is a VC firm supporting global tech startups. Focused on Central and Eastern European founders, they bridge them to resources and networks in Silicon Valley. Almaz brings in far more than just capital to help link a startup with customers, talent, and advisors. Deep in high-tech and hands-on, they enable entrepreneurs to scale their businesses and create an impact worldwide.
An experienced team of tech entrepreneurs founded this technology investment company in 2010 with a mission to help internet and mobile startups scale globally. With over 20 years of building major consumer tech companies in Europe, they provide startups with funding, strategic expertise, and technical solutions for rapid growth. Focused on startups with proven user growth, their international investments prioritize scaling, performance, and product-led success over bureaucracy.
Imprimatur Capital Fund Management focuses on early-stage tech startups in the Baltic Sea Region, targeting pre-series A companies with verified business models and initial revenue ready for global scaling. While their current fund is fully invested, they have supported ambitious founders driving innovation in the region.
ZGI Capital is one of the most experienced venture capital fund managers in the Baltics, with over 20 years of promoting company growth across various sectors. They manage the ZGI-4 fund, following three successful fund generations. Recognized with multiple awards from the Latvian Private and Venture Capital Association, ZGI Capital combines deep industry expertise with hands-on support to help businesses scale and succeed globally.
Sector: Various industries, including Metalworking, Food Industry, Woodworking, Logistics, IT, Engineering, Retail, and Service Exports
Geography: Latvia
Notable Investments: Hansamatrix, Mobilly, Nordic Group
8. FlyCap
FlyCap is a private equity fund established in 2013 and managing €36M across two funds. It focuses on growth capital, investing in Latvian (75%) and EU-based (25%) SMEs with a focus on healthcare, B2B, IT & tech, and export-oriented manufacturing. FlyCap Mezzanine Fund II provides loans of up to €1–3M at an annual interest rate of 10%+, considering environmental friendliness and high growth with a minimum of €1M annual revenue. The fund is open to investments until 2025.
BADideas.fund is an angel investor syndicate providing early funding for post-MVP startups in Central and Eastern Europe. With tickets ranging from €50-150K, they focus on ideas that others might overlook but have unicorn potential. Backed by founders and operators of successful companies like Wise, Bolt, and Shopify, they offer unique support to help startups find product-market fit, scale growth, and attract top-tier investors. Founders and co-investors can join their mission to back bold ideas.
ENV is a specialized platform empowering scalable Baltic tech innovations to achieve international success and sustainability. Focused on a select portfolio, ENV provides companies with the tools, expertise, and resources needed to protect IP, secure funding, and scale globally. By connecting investors to the thriving Baltic startup ecosystem, ENV offers access to one of Europe's most innovative regions, leveraging the strong growth potential of the VC asset class.
Is VC high risk?Venture capital is a type of investment that can be risky but has the potential for high returns. However, there is no guarantee of success. Investing in startups is always uncertain, and you might lose your money. Even though VC firms try to minimize risks, investing in startups is always uncertain, and you might lose your money.
What is the best country in Europe to set up a VC fund?Luxembourg is ideal for setting up a VC fund in Europe due to its investor-friendly regulations, diverse investment vehicles, and a strong financial sector that supports local and foreign investors. The country's tax efficiency and stability further make it a preferred choice.
Which European cities have the most VC investments?The top cities for VC investments in Europe are London, Paris, Berlin, Amsterdam, and Stockholm. London leads with $22.67B in 2023, followed by Paris and Berlin. These cities are known for strong startup ecosystems and significant funding opportunities.
What is the minimum amount for a VC fund?Venture capital funds usually ask for a minimum investment of $250,000 to $500,000, and sometimes even more. Investing a small amount of money can still cost a lot. These funds are usually only open to wealthy people and big organizations that have a lot of money.
How do I choose a VC fund?To choose a VC fund, check how much experience and success the venture capital firm has had before. Look at the companies they’ve invested in before to see if they match what your business does. This can help you figure out if they’re a good match for you.
Best of luck with your amazing ventures.
Please note that this list is filtered by various metrics, and all the data are collected through various third-party websites, mostly the VC website. Since data such as ticket size or industry may change, you are requested to visit the official website given in the blog for the latest and updated information.
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