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  • Latvia Venture Capital

    According to a recent article in the BALTICTIMES, “Latvia is now ripe for venture capitalists.” Leading experts say that although the venture capital market in Latvia is still in its “infancy”, they are all positive about its enormous growth potential.
    The Ministry of Economy runs a state aid scheme for venture capital, called the Latvian Guarantee Agency (LGA). The main aims of the scheme are to promote access to venture capital finance and to serve as an incubator for the venture capital industry. The Latvian Guarantee Agency acts as a ‘fund of funds,’ investing over 14.5 million euros in three established VC funds. Of that amount, 75 percent comes from the EU Structural Funds and 25 percent from the Latvian governmental budget. The funds have raised an additional 15 million euros from the private sector. Each fund in which the LGA invests is monitored by an investment committee with both public and private sector representatives.

    There are a few small private venture capital funds in Latvia.

    Eko Investors was founded in 2000 by Viesturs Tamuzs, who doubles as the chairman of the Latvian Venture Capital Association. “We are finalizing our first investment fund and our second fund is going well, so now we are talking about a third and fourth investment fund. Our next fund will probably be up to 15 million lats, but we will probably not only invest in Latvia but also in CIS countries,” Tamuzs said. Eko Investors’ first fund successfully invested in waste management and the raw materials which could be extracted in the process.

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