# Top 10 Internet VC (Venture Capital) Funds in Latvia in May 2026

## European regional development fund (ERDF)
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 2
- Stages: Grant, Pre-Seed
- Focus: Software, Information Technology, Artificial Intelligence

The European Regional Development Fund (ERDF) aims to improve the European Union's economic, social, and territorial cohesion by resolving imbalances across its various regions. ERDF funds initiatives for which the European Commission and national and regional governments in member countries share responsibility. Each member state'sgovernment decides which initiatives to support and is responsible for their continued supervision.

## ZGI Capital
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 2
- Stages: Seed, Debt Financing
- Focus: Manufacturing, Machinery Manufacturing, Consulting

ZGI Capital is the fund management company that manages "ZGI fund”, that was founded to support entrepreneurs lacking start-up capital for their business. The total amount of assets available for venture capital investments is of EUR 7.4M. Combined with bank financing, this will allow to finance investment projects with total assets of up toEUR 30M. The fund acts on behalf of various investors including the State.

## Mamba
- Type: VC Fund
- Location: Moscow, Moscow City, Russian Federation
- Relevant deals: 1
- Stages: Seed
- Focus: Mobile Apps, Social Media, Social Network

Mamba is the number one Russian online dating service, which cooperates with major portals including Mail.Ru, Rambler and MSN.com and over 30,000 others. The company’s database holds over 18.6 million registered users, over 40% of which are active. Mamba primarily targets customers in Russia and the CIS and is also going to launch dating servicesabroad. The business model is centered on the “pay as you go” principle: the users are more inclined to pay for additional instant low cost services, rather than bigger monthly subscription. Company’s billing system is one of the largest in the world with more than 40 possible ways to pay for Mamba’s services. According to various estimates, Mamba controls about 85% of the market.

## New Nordic Ventures
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 1
- Stages: Pre-Seed, Seed
- Focus: Software, Machine Learning, Artificial Intelligence

NNV is a seed stage VC fund. We invest in B2B startups from CEE and CIS region and help them to expand internationally

## Moscow Seed Fund
- Type: VC Fund
- Location: Moscow, Moscow City, Russian Federation
- Relevant deals: 1
- Stages: Seed, Debt Financing, Series A
- Focus: Software, Information Technology, Advertising

The Fund for the Promotion of Venture Investment in Small Enterprises in the Scientific and Technical Sphere of Moscow was established by the Department of Entrepreneurship and Innovation Policy of Moscow.

## AdFirst.vc
- Type: VC Fund
- Location: Limassol, Limassol, Cyprus
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Series A
- Focus: E-Learning, Mobile Apps, FinTech

AdFirst.vc is a venture capital firm designed to co-invest with other VCs in early and expansion stage start-ups. They perform Marketing Due Diligence ads tests for start-ups and help the investor evaluate the reachable audience, check the marketing competencies of the team, and reduce the cost of attracting customers. Testing allows to confirm thecompany's capitalization and eliminate marketing risks. In the future, they oversee the marketing strategy of the project in order to control KPI.

## Mail.Ru Group
- Type: VC Fund
- Location: Leningradskiy, Chukot, Russian Federation
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Social Media, Mobile Apps, Education

Mail.ru Group was founded by Yuri Milner and is the largest Internet company in the Russian-speaking world. It is one of the largest Internet companies in Russia, and the world's seventh largest Internet business in terms of page views. Mail.ru Group operates two of the three largest Russian language social networking sites(Odnoklassniki.ru and Moi Mir@Mail.Ru), the two largest instant messaging networks in Russia (ICQ and Agent), Russia's leading email service, Russia's second largest Internet portal and Russia's largest online games company.Mail also holds strategic equity stakes of 32.49% in vKontakte, Russia's largest social networking site, and 25.09% in QIWI, formerly OE Investments, one of Russia's leading payment-processing companies. It also holds small minority stakes in Facebook, Zynga and Groupon.

## Vesna Investment
- Type: VC Fund
- Location: Moscow, Moscow City, Russian Federation
- Relevant deals: 1
- Focus: EdTech, Internet, Education

Vesna Investment offers financing for internet start-ups.
During the post-investment stage Vesna Investment will become an active partner,
providing support and experience.

## Almaz Capital
- Type: VC Fund
- Location: Portola Valley, California, United States
- Relevant deals: 1
- Stages: Series A, Series B
- Focus: Software, Mobile, Internet

Almaz Capital is an international venture capital firm investing in early stage, capital efficient technology companies. A unique bridge fund headquartered in Silicon Valley, Almaz Capital connects Eastern European/former Soviet engineering and entrepreneurial talent to the U.S. market and helps build global businesses. The firm invests inhigh-growth sectors such as artificial intelligence and blockchain applications, data engineering, cybersecurity, industrial IoT, networking architecture and infrastructure. Its investors include Cisco, the European Bank for Reconstruction and Development (EBRD), and International Finance Corporation (IFC), a member of the World Bank Group. Founded in 2008, Almaz Capital has invested in over 30 portfolio companies and has had nine exits to date.

## Envac Group
- Type: VC Fund
- Location: Stockholm, Stockholms Lan, Sweden
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Waste Management, Internet of Things

Envac is one of the most innovative players in the global waste collection industry and inventor of the pneumatic waste collection system.

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