ZGI Capital

ZGI Capital, established in 2005, is a Latvian-based private equity and venture capital firm. It specializes in early to late-stage investments, focusing primarily on Fintech, with a secondary focus on industries such as metalworking, food, woodworking, logistics, IT, engineering, and retail. The firm invests in the Baltics and CIS countries, typically committing between €0.5 million to €1 million, and up to €5.7 million with additional financing. ZGI Capital prefers equity investments, usually taking a minority stake of up to 49%, and has an investment term of three to six years. It exits through stake sales to other investors. The firm manages the ZGI Fund, with EUR 7.4M in assets, which can facilitate projects up to EUR 30M with bank financing. ZGI Capital supports entrepreneurs lacking start-up capital and acts on behalf of various investors, including the State.

Normunds Igolnieks

Capital Partner and Chairman of the Board

Jānis Lielcepure

Founder and Partner

Ģirts Rungainis

Co-Founder and Partner

Edgars Cimermanis

Investment Director

Rudolf Krese

Capital Investment Director

Past deals in Latvia

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.

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, founded in 2012 in Riga, Latvia, specializes in the research, development, and manufacturing of innovative acoustic systems. The company was established by co-founders Viesturs Balodis and Rolands Janevics, who brought extensive experience from various sectors of the audio industry, including high-end home and car audio, as well as professional acoustic system design. Their goal is to leverage their expertise to create products that are essential for music recording. Square Audio's initial offering, launched in 2014, is the Square One, an active two-way reference grade studio monitor designed for both nearfield and midfield listening environments. The company aims to provide users with high-quality, natural sound experiences through its advanced acoustic systems.

Steel Constructor MM

Seed Round in 2014
SIA Steel Constructor MM is a construction company operating in the Nordic region of Europe, specifically in Latvia, Sweden, Finland, and Norway. The company specializes in the design and construction of a wide range of projects, which include new residential buildings, reconstructed structures, industrial facilities, observation towers, shopping centers, and storage facilities. Through its comprehensive services, Steel Constructor MM addresses various construction needs, contributing to the development and modernization of the region's infrastructure.

Naco

Venture Round in 2011
Naco Technologies Ltd, established in 2009 and headquartered in Riga, Latvia, specializes in the development, manufacturing, and supply of nano-coating technologies. The company offers a range of high-performance, multilayer and multicomponent coatings designed to enhance the durability and efficiency of equipment across various industries, including tooling, automotive, aerospace, and micro-chip manufacturing. These coatings, which include oil-enhanced, wear-protective, thermal barrier, and liquid-repellent varieties, are applied to client-supplied parts, creating ready-to-use coated components. In 2015, Naco Technologies was acquired by the Germany-based Schaeffler Group, further expanding its global reach and resources.

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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