ZGI Capital

ZGI Capital is a private equity and venture capital firm based in Riga, Latvia, founded in 2005. It specializes in investments in the fintech sector and focuses on seed, early, mid, and late-stage ventures, as well as growth capital and expansion investments. The firm targets investments primarily in the Baltics and CIS countries, typically ranging from €0.5 million to €1 million, with potential for larger investments up to €5.7 million when combined with additional financing from banks or leasing companies. ZGI Capital generally seeks to acquire a minority ownership stake, not exceeding 49% of the equity, and may also provide loans as part of its investment strategy. The investment term usually spans three to six years, with exits achieved through the sale of stakes to other investors. The firm does not engage in certain industries, including synthetic fiber manufacturing, transportation, and agriculture, among others.

Normunds Igolnieks

Capital Partner and Chairman of the Board

Jānis Lielcepure

Founder and Partner

Rungainis, Girts

Co-Founder and Partner

Edgars Cimermanis

Investment Director

Rudolf Krese

Capital Investment Director

Past deals in Baltics

Kool Latvija

Venture Round in 2017
SIA KOOL Latvija is a fuel retail company based in Riga, Latvia, established in 2016. It operates gas stations that provide a dual service of fuel refilling and convenience shopping. The company offers various snacks and food products along with fuels that are enhanced with additives to improve technical performance and reduce consumption. In addition to its retail offerings, KOOL Latvija also provides customer loyalty cards and business-to-business cards, catering to individual and corporate clients alike. The gas stations are designed to deliver both a quick refueling experience and a comfortable shopping environment for customers.

Bioreactors.net

Seed Round in 2016
JSC Biotehniskais centrs an innovative Latvian company and we are designing and manufacturing laboratory and pilot scale bioreactors. JSC Biotehniskai bioreactors meet up-to-date requirements and includes innovative solutions. Model based control of feb-batch fermentation, as well as the use of novel of magnetic drive as an example. We test our new bioreactor solutions in our fermentations laboratory.

SIA Banga LTD

Venture Round in 2016
SIA Banga LTD produces processed canned fish from the Baltic Sea. The company offers sprats and tomato sauce; and sprats with chili, garlic, paprika, as well as various other products.

PLG Medical SIA

Seed Round in 2016
PLG Medical SIA manufactures and markets medical equipment in Latvia.

UPRENT

Debt Financing in 2016
UPRENT is a rental provider based in Riga, Latvia, specializing in pumps and pumping systems for various applications in Eastern Europe. Founded in 2013, the company offers a comprehensive range of services, including equipment rental, project planning, delivery, installation, and sales of various pumping equipment. Its inventory includes well point dewatering pumps, sewage pumps, drainage pumps, submersible pumps, and a variety of related equipment such as power generators, trench shoring systems, and hydraulic tools. UPRENT serves multiple industries, including construction, agriculture, mining, and emergency services, providing tailored pumping solutions for projects like sewage pumping, groundwater purification, and industrial reservoir cleaning. The company emphasizes customer satisfaction through effective communication and service adaptation to meet client needs. With branches in Latvia, Lithuania, Estonia, and Poland, UPRENT is committed to delivering efficient services that optimize operational effectiveness and reduce energy costs for its clients.

Square Audio

Seed Round in 2014
Square Audio was founded in 2012 in Riga, Latvia to research, develop and manufacture non-conventional professional acoustic systems. Prior to the joining forces and creating own company, co-founders Viesturs Balodis (31) and Rolands Janevics (54) were involved in several audio industry related activities such as high end, home audio, car audio and professional acoustic systems design and building as well high end studio microphones, innovative measurement technologies promotion to the global market. After many years involved with the various audio related activities co-founders decided to devote all that gathered experience and knowledge to create and promote the products that are ones of the highest importance in music recording process. The first product created by the company by the end of 2014 is the active two-way reference grade studio monitors called Square One.

Steel Constructor MM

Seed Round in 2014
SIA Steel Constructor MM provides construction and design services to buildings, reconstructed buildings, and industrial buildings in Latvia, Sweden, Finland, and Norway.

Naco

Venture Round in 2011
Naco Technologies Ltd specializes in the development, manufacturing, and supply of advanced nano coating technologies to a global clientele. Founded in 2009 and based in Riga, Latvia, the company offers a variety of high-performance coatings, including oil-enhanced, wear-protective, thermal barrier, and liquid-repellent solutions tailored for industries such as tooling, automotive, aerospace, and micro-chip production. In recent years, Naco has focused on supporting the hydrogen sector by building a manufacturing facility that provides ready-to-use coated parts for hydrogen production systems. By developing multilayer and multicomponent coatings specifically for green hydrogen applications like electrolyzers and fuel cells, Naco aims to enhance the reliability of these systems while minimizing the need for costly and scarce materials. In 2015, Naco was acquired by the Schaeffler Group, a Germany-based company.

Stream Networks SIA

Seed Round in 2010
Stream Networks SIA is a prominent provider of fixed and mobile data transmission services and Internet access, catering primarily to corporate clients in Latvia and the Russian Federation. Established in 2007 and headquartered in Riga, the company offers a comprehensive range of services, including fiber optic and wireless Internet, IT infrastructure colocation, server rental, data transmission solutions such as VPN, and telephony services like voice over Internet protocol. Additionally, Stream Networks provides data center services, cloud computing, virtualization, and IT infrastructure support encompassing workstation and network maintenance, along with professional helpdesk services. The company serves a diverse clientele, including banks, government institutions, and local authorities, and has established itself as a key player in the telecommunications sector. Stream Networks SIA operates as a subsidiary of SIA BITE Latvija.

Stream Networks SIA

Seed Round in 2008
Stream Networks SIA is a prominent provider of fixed and mobile data transmission services and Internet access, catering primarily to corporate clients in Latvia and the Russian Federation. Established in 2007 and headquartered in Riga, the company offers a comprehensive range of services, including fiber optic and wireless Internet, IT infrastructure colocation, server rental, data transmission solutions such as VPN, and telephony services like voice over Internet protocol. Additionally, Stream Networks provides data center services, cloud computing, virtualization, and IT infrastructure support encompassing workstation and network maintenance, along with professional helpdesk services. The company serves a diverse clientele, including banks, government institutions, and local authorities, and has established itself as a key player in the telecommunications sector. Stream Networks SIA operates as a subsidiary of SIA BITE Latvija.

SIA Aģentūra LILITA

Venture Round in 2007
Lilita focuses on her experience, creative potential and expertise in creating glossy magazines of the highest quality. The exact balance between the interests of readers and advertisers, constant innovations in both the magazines and the processes around them and the corresponding investments in development characterizes Lilita as the leading glossy magazine publisher in Latvia.
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