Every Investor Backing Latvian Startups: Funds and Angels

Most of the money in a Latvian startup's first rounds comes from a small number of Baltic funds and angels, and much of the funds' money comes from the state. This page lists every investor our funding round tracker has named in a Latvian round, profiles the ones a founder is most likely to pitch, and explains how to tell which of them fits your round.

Funds open, close, and change their terms. Each profile gives only what the investor or Altum publishes, links to where it says so, and is rechecked when that page changes. Being listed here is not a recommendation.

Who Invests in Latvian Startups?

Mostly Baltic early-stage funds and angels. In the rounds we track, the most active investors are Change Ventures, LatBAN, and BADideas.fund, and most local funds invest at pre-seed and seed. Altum, the state development finance institution, backs several of those funds, while international funds appear in the largest rounds.

Our funding round tracker has named 55 investors across the Latvian rounds it counts since 2019. Most of them appear once, often as a foreign fund joining a large round, and a few local names appear again and again.

How much of the local market runs on state money is worth knowing before you pitch. As an investor in funds rather than in companies, Altum had backed 16 venture capital funds and 2 Baltic funds of funds by the end of 2024, putting in EUR 164 million, and those funds had in turn supported 369 companies. Some of that money reaches funds through the Baltic Innovation Fund, a fund of funds run with the European Investment Fund and the development institutions of Estonia and Lithuania. None of it changes who decides: the fund manager still makes the investment, on the fund's own terms.

How Do You Read the Investor Directory?

Each profile gives the stage, the region, and the cheque or fund size the investor itself publishes, with a link to where it says so. The round count is how many Latvian rounds our tracker has seen it in, which measures activity here rather than size, and a fund that has stopped investing is marked.

Start with the profiled investors, filtered to your stage. Switch to every tracked investor to see the international funds that have joined Latvian rounds, which have no profile because they do not set out to invest here.

Which Funds Invest at Pre-Seed and Seed in Latvia?

Change Ventures invests EUR 100k to 500k in initial pre-seed investments, FIRSTPICK writes EUR 100k to 500k as an initial check, with follow-on capacity up to EUR 1M, and Superangel invests between EUR 300k and EUR 1M as a typical ticket. BADideas.fund puts in EUR 200k to EUR 1.5M as a first check, and all four focus on Baltic or Central European founders.

Altum's latest pre-seed and seed programme selected Buildit, BADideas.fund, and VNTRS Consulting AB as fund managers, with funds of EUR 20.67 million each. Buildit offers up to EUR 250k at pre-seed, for startups run from Latvia. Outlast Fund, a EUR 21 million fund run from Riga and Stockholm, writes EUR 50k to 250k as a first check, with up to EUR 1.5M in follow-ons.

Beyond the local funds, Trind Ventures invests in early-stage consumer and community-driven startups across Europe, and the accelerator Startup Wise Guys puts EUR 100k into companies in its flagship programmes. One name to check before you pitch: Overkill Ventures, which backed Latvian startups early on, is currently not making new investments.

Which Funds Invest in Later Rounds in Latvia?

Fewer, and more of them from abroad. Practica Capital, with EUR 132 million under management, invests from pre-seed to Series A. Altum selected FlyCap to run a growth-stage fund of EUR 41.3 million, and ZGI Capital invests EUR 0.5 to 5 million in each company, in traditional industries as well as technology.

The largest Latvian rounds in the tracker have included international funds such as Index Ventures and Accel, which join a round when a company is already growing fast rather than setting out to invest in Latvia. The funding round tracker shows which rounds they joined.

How Do Angel Investors Invest in Latvian Startups?

Largely through LatBAN, the Latvian Business Angel Network, which has more than 75 members who have invested more than EUR 15 million in more than 150 startups. Angels usually come in first, with smaller cheques than a fund, and Estonian angels from EstBAN also appear in the Latvian rounds we track.

An angel round is often the evidence a fund later asks for. The funding guide sets angels beside grants, loans, and funds, stage by stage. The Startup Law also counts angels as qualified investors, which matters if you intend to apply for its payroll relief, and the Startup Law guide sets out the thresholds.

How Should You Approach an Investor in Latvia?

Through the channel the investor publishes, after checking that your stage, region, and sector match its focus. Most funds here take a deck through a form or an email address on their site, and an introduction from a founder they have backed often helps.

• Match the stage. A fund that writes first cheques at pre-seed will not lead a Series A, and the reverse.
• Match the region. Several funds invest only in Baltic founders, and some only in companies run from Latvia.
• Check that it is investing. A fund between funds can still take a meeting but cannot write a cheque.
• Know your round. Say how much you are raising, what it buys, and who else is in, because that is the first question.
• Meet them where they already are. The event calendar lists which Baltic events investors attend and what a ticket costs.

Frequently Asked Questions

Which Venture Capital Funds Invest in Latvian Startups?

At pre-seed and seed, Change Ventures, BADideas.fund, Outlast Fund, Buildit, FIRSTPICK, and Superangel, among others. Later, Practica Capital, FlyCap, and international funds that join larger rounds.

How Much Do Pre-Seed Funds Invest in Latvia?

Published first cheques range from EUR 50k to 250k as a first check, with up to EUR 1.5M in follow-ons at Outlast Fund to EUR 200k to EUR 1.5M as a first check at BADideas.fund, with Change Ventures at EUR 100k to 500k in initial pre-seed investments.

Are There Angel Investors in Latvia?

Yes. LatBAN, the Latvian Business Angel Network, has more than 75 members, who have invested more than EUR 15 million.

Does Altum Invest Directly in Startups?

Mostly through fund managers it selects. Its latest pre-seed and seed programme chose Buildit, BADideas.fund, and VNTRS Consulting AB, and it chose FlyCap for growth-stage companies.

How Many Investors Back Latvian Startups?

Our funding round tracker has named 55 investors in Latvian rounds since 2019, though most of them appear only once.

Sources

• The investors' own sites: Change Ventures, BADideas.fund, FIRSTPICK, Superangel, Buildit, Outlast Fund, Trind Ventures, Startup Wise Guys, Overkill Ventures, Practica Capital, ZGI Capital, and LatBAN.
• Altum's fifth-generation venture capital programme, for the fund managers it selected and the size of their funds.
• The funding round tracker, our own record of Latvian equity rounds, for the investors named in them and how often.

A directory can say who invests and on what terms they publish. Whether an investor is right for your company is a conversation only the two of you can have.