# Top 20 Manufacturing Startup Investors in Latvia in May 2026

## ZGI Capital
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 10
- 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.

## Uldis Sipols
- Type: Angel
- Relevant deals: 4
- Stages: Seed, Angel, Pre-Seed
- Focus: CAD, Software, Simulation

Uldis Sipols

## Sverre Bisgaard
- Type: Angel
- Location: Oslo, Oslo, Norway
- Relevant deals: 3
- Stages: Pre-Seed
- Focus: CAD, Software, Simulation

Has built up and been the leader of Kongsberg Norspace in Horten, Norway and its predecessors over a period of more than 30 years, starting with AME space division in 1984. AME Space AS, a separate company created in 1986, became Alcatel Space Norway (ASN) in 1989 after an MBO in 1988. As MD lead ASN to an international leading position, developingand manufacturing satellite electronic products for satellite manufacturers world-wide, growing the company from 15 to 130 employees and sales exceeding 20 million Euros. Started Norspace, who took over the business of ASN when Alcatel closed ASN in 2003 following the satellite industry downturn in 2001-2002. After another successful build-up of Norspace over eight straight profitable years sold the company to Kongsberg in 2011. Retired from the position of CEO of Kongsberg Norspace end of March 2015.Kongsberg Norspace products are now (2015) found in over 200 satellites, mostly used for telecommunications.Presently engaged as board chairman, board member and investor in various companies.

## Lauris Liepa
- Type: Angel
- Relevant deals: 2
- Stages: Pre-Seed
- Focus: CAD, Software, Simulation

Lauris Liepa

## FlyCap
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 2
- Stages: Seed, Debt Financing
- Focus: Health Care, Consumer Goods, Medical

FlyCap AIF is a Venture Capital Fund of total size of 15.75 MEUR. The Fund provides growth capital for Latvia based SME’s in a form of investments in equity and mezzanine capital.

## Nicolai Torgersen
- Type: Angel
- Relevant deals: 2
- Stages: Pre-Seed
- Focus: CAD, Software, Simulation

Nicolai Torgersen

## Indrikis Liepa
- Type: Angel
- Relevant deals: 2
- Stages: Pre-Seed
- Focus: CAD, Software, Simulation

Indrikis Liepa

## Povilas Urbonas
- Type: Angel
- Location: Odense, Syddanmark, Denmark
- Relevant deals: 2
- Stages: Pre-Seed
- Focus: CAD, Software, Simulation

Povilas Urbonas

## Miko Malberg
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: CAD, Software, Simulation

Miko Malberg

## APX
- Type: VC Fund
- Location: Berlin, Berlin, Germany
- Relevant deals: 1
- Stages: Pre-Seed, Seed
- Focus: Software, SaaS, Information Technology

APX is Europe’s leading very-early-stage VC. Based in Berlin and backed by Axel Springer and Porsche, we support and partner with the most ambitious founding teams from Europe and beyond - often as their first investor.We invest up to EUR 500K in startups until a series A starting with a quick EUR 50K investment, and within a few months,depending on traction and speed, we can invest further. Each month we invest in new teams who become part of the APX community, counting hundreds of other founders. Since 2018, we have invested in 100+ startups across 20+ industries with founders from 20+ countries together with 100+ co-investors.

## BaltCap
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Seed, Series A, Series B
- Focus: Mobile, Information Technology, Apps

BaltCap is a private equity and venture capital investor in the Baltic states of Estonia, Latvia and Lithuania focusing investment on the growth and realization of small and medium enterprises.

## Rein Raudjarv
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: CAD, Software, Simulation

Rein Raudjarv

## Imprimatur Capital Fund Management
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Software, Music, Biotechnology

Imprimatur Capital Fund Management is a venture capital firm focusing on high-technology at an early stage in its commercial development. We invest in start-up technology businesses which are based on innovative intellectual property, are led by strong teams and have high international growth potential.Imprimatur Capital Fund Management, based inLatvia, manages seed and start-up funds with investors including the Latvian Guarantee Agency, other institutional investors and some private investors. The company source investment opportunities primarily from the Baltic/Nordic/Russia region.Imprimatur Capital Fund Management is a partner firm of Imprimatur Capital Ltd, headquartered in London and with investment operations in Europe, Russia, Asia Pacific, Latin America and the US.

## Lauri Isotamm
- Type: Angel
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: Software, CAD, Music

Lauri Isotamm

## Siena Capital
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Convertible Note
- Focus: CAD, Banking, FinTech

Siena is a VC firm mainly investing in startups in Estonia and California

## Nikita Sergienko
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: CAD, Software, Simulation

Nikita Sergienko

## Angel Parn
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: CAD, Software, Simulation

Angel Parn

## Maksim Zakurdaev
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: CAD, Software, Simulation

Maksim Zakurdaev

## Lev Dolgatsjov
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: CAD, Software, Simulation

Lev Dolgatsjov

## Louis Paulsen
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: CAD, Software, Simulation

Louis Paulsen

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