ZGI Capital - News

ZGI Capital exits Echoo Group

Fri, 31 Oct 2025 05:33:00 +0000

Exit announcement: ZGI Capital Fund IV portfolio company Echoo Group has been acquired by Nordomatic — the world’s largest independent building management systems (BMS) provider.

ZGI Capital has completed a full exit from Echoo Group, selling its stake alongside all other shareholders. We are pleased that CEO Glebs Kiselovs will continue to lead the company under Nordomatic’s ownership, ensuring continuity and further development of the business.

Nordomatic is the world’s largest independent building automation systems integrator, providing smart building and energy efficiency solutions. Headquartered in Stockholm, it operates in eight countries, including Scandinavia, the UK, the US, and India, and employs over 1,200 professionals. Its expertise and international experience are expected to strengthen the BMS offering in the Latvian market and support Echoo Group’s continued growth.

We would like to extend our gratitude to all partners and advisors who supported this transaction:

Swedbank Latvija and particularly Mairita Udre, who trusted and continuously supported the company’s growth vision,

M&A advisors – EY-Parthenon: Deniss Zlotnikovs, Julija Kondratjeva

Legal advisors – Ellex Legal: Sarmis Spilbergs, Evija Ābele

Financial and tax advisors – BDO Latvia: Viesturs Briezkalns, Forvis Mazars in Latvia: Agris Nurža, Dmitrijs Gavrilovs, Roberts Ikaunieks.

ZGI Capital is proud to have supported Echoo Group’s growth and transformation and is certain of company's continued success as part of Nordomatic.

BISS remains part of the ZGI Capital Fund IV portfolio, co-owned with Glebs Kiselovs, and we look forward to a new chapter with the company’s new CEO Aleksandrs Pereverzevs.

ZGI Capital’s investment in electric minibus manufacturer Electrify wins Sustainability Award of the Year.

Mon, 26 May 2025 06:49:00 +0000

ZGI Capital was proud to receive two awards at ceremnoy "Investor of the Year 2024", recognizing fund's efforts to support sustainable innovation and responsible investing in Latvia and beyond.

The firm was awarded the Sustainability Award of the Year for its investment in Electrify (https://electricbus.lv/), a Latvian company developing electric minibuses. The award highlights ZGI Capital’s commitment to greener transport solutions and its role in helping build a cleaner, more energy-efficient future.

ZGI Capital also received the Porsche Latvija Special Award, which is given to companies that show outstanding progress in promoting sustainability through innovation and long-term thinking.

We are honoured that Minister of Economics Viktors Valainis, Minister of Finance Arvils Aseradens, Minister of Justice Dr. iur. Inese Lībiņa-Egnere as well as Canadian Minister of Economics Vic Fedeli and his delegation could participate in award's ceremony!

ZGI Capital has won VC & PE sector awards for six years: in 2014., 2015., 2016., 2017., 2024. and 2025.

ZGI Capital Fuels Electrify's Growth with a €1.5 Million Investment

Fri, 16 Aug 2024 10:30:00 +0000

ZGI Capital funding will enable Electrify (https://electricbus.lv/) to expand its operations by providing working capital for producing electric minibuses. This will help to reduce the environmental impact of public transport. This investment is a significant step towards sustainable mobility and innovation in Latvia's transportation sector.

Edgars Cimermanis, Chairman of the Board at ZGI Capital, shared his enthusiasm for the partnership: “We are pleased to start cooperating with Electrify. The company's experienced team, historical track record, and potential future business opportunities give us confidence in its ability to realize its development plans and ensure further growth in Latvia's automotive industry."

Closer Look at Electrify:

Founded in 2019, SIA Electrify is the only car manufacturer in Latvia, producing minibuses for urban and intercity public transport, school transport, and other individual customer needs.

Electric passenger minibuses are in high demand in routes where large buses simply cannot operate because of lack of manoeuvrability. For example in smaller cities with narrow streets and lower passenger flow. As part of the European Green Deal, significant investments are currently being made in public transport and mobility improvements in many European cities. These investments emphasize zero-emission transport and service convenience. Among other things, this creates a high demand for environmentally friendly buses. Services such as demand-responsive public transport and the integration of both passenger and goods transportation in one solution are gaining popularity. The minibuses manufactured by Electrify are well-suited for such services.

Agris Amoliņš, co-founder and CEO of SIA Electrify: "Electrify's passenger electric minibuses are the most innovative and technologically advanced on the European market today. About half of our production is exported to countries such as Estonia, Lithuania, Germany, and Norway. In 2023, Electrify signed a contract with one of the largest passenger transporters in the Norwegian and Swedish markets. This is where we see the greatest potential. Our products are in high demand in Norway. Starting from 2025, the purchase of minibuses with internal combustion engines will be prohibited in Norway. In 2024, we plan to increase our turnover by more than 500%, and ZGI Capital's investment will provide the necessary working capital to meet this goal."

About ZGI Capital

With a history dating back to 2005, ZGI Capital has been a key player in fostering growth within the Baltic region's SME sector through strategic investments. The investment in Electrify was made from ZGI Capital's fourth-generation growth capital fund, totaling €32.5 million. €19.5 million from this amount is financing from ALTUM and funded by the European Regional Development Fund (ERDF) and public finance resources. ZGI Capital has started working on creating the next-generation growth capital fund to continue investing in small and medium-sized businesses in the Baltic region.

eAgronom closes $7.4M Series A

Wed, 09 Feb 2022 17:23:00 +0000

Estonia-based eAgronom has closed a $7.4 million Series A round led by ZGI Capital and Yolo Investments. Also participating was Trind VC, Iron Wolf Capital, and United Angels VC. eAgronom had previously raised $12 million in backing from investors.

Given that agriculture is one of the major sources of global emissions today, with this funding, eAgronom says it aims to create a farming-based carbon credits platform. It will also expand to new markets (including outside of the EU), and improve its carbon tracking technologies. It will also launch a Web3-based DAO called Solid World to help farmers and other carbon projects finance CO2 sequestration.

Because soils constitute the largest carbon sink outside oceans, the planet is going to need sustainable farming practices to deal with the climate crisis.

Given that carbon offsetting has experienced a lack of transparency and measurability, eAgronom believes that a blockchain solution will introduce more accountability.

It currently has 1,500 agribusinesses that cover over a million hectares of arable land across Europe as clients.

In a statement, Robin Saluoks, co-founder and CEO of eAgronom, said:“Through our experience helping farmers with technology, we are uniquely positioned to capture the global agri-carbon opportunity… To fight climate change, we have to provide transparent tracking and access to capital to all nature-based companies…. We aim to become the leading developer of high-quality carbon credits.”

Our aim is to “decarbonize agriculture, and this will be achieved through a combination of regulation, incentives, R&D, and consumer behavior. Our startup sits firmly in the incentives category, but we think the strongest competition comes from within the incentives category: trying to convince corporate ESG initiatives to support agriculture, which means eAgronom is competing for corporate ESG budgets. ESG practitioners have multiple options for offsetting carbon emissions, and this startup wants to be their first choice. The end goals are cleaner food production and fewer greenhouse gases.

Normunds Igolnieks, General Partner at ZGI Capital, said:“Monitoring software and farmer networks give the company a head start and strategic advantage. Combined with the global movement toward net zero, eAgronom is an exciting business to be a part of.”

Tim Heath, General Partner at Yolo Investments, said:“Many companies want to be in Web3, but eAgronom and Solid World DAO have actual applications. Voluntary carbon markets lack transparency and liquidity, and blockchain is the best technology for providing both. We are excited to use our experience in crypto to support the company.”

ZGI-3 sells stake in Kool Latvija to Olerex group

Mon, 02 Aug 2021 16:22:00 +0000

Aqua Marina, the holding company for Olerex group in Estonia, has signed a binding agreement to acquire the Latvian petrol stations and convenience stores chain KOOL Latvija.

“We have been cooperating with our good neighbours the Latvians for many years,” commented Antti Moppel, Board Member of Aqua Marina, after signing in Riga. “Entering now directly into Latvian market, we bring in our market power, experience, and innovative mind, which will add value not only to KOOL Latvija, but to the whole Latvian petrol industry. Our strategic goal is to become a leading Latvian fuel and convenience retailer.”

“Developing KOOL and its network of fuel stations and convenience stores has been a challenging 3-year period, yet we are happy to have been part of their rapid growth journey,” said Mārtiņš Jaunarājs, partner at KOOL’s biggest shareholder Baltcap Growth Fund. “Now, when KOOL has established its market position, we have accomplished our main goal as growth capital provider. We are thankful to the management team and to our fellow investors for their contribution in developing the business. Considering Olerex leading market position in Estonia I trust Olerex will write the next successful chapter in KOOL´s growth story,” Jaunarājs added.

Normunds Igolnieks, partner at ZGI Capital, which provided KOOL with the initial growth capital back in 2016, partially sourced from the state-owned development finance institution ALTUM: “We have been with KOOL since its inception and are truly pleased with the swift development of the company, which has now been appreciated also by Olerex”.

Sandis Šteins, KOOL Latvija CEO and concept author, will continue managing the company. “Becoming the Latvian branch of Olerex international retail network opens up many new opportunities for our customers and accelerates our growth speed,” he emphasised.

After acquisition of KOOL Olerex becomes the only fuel company of Baltic origin, whose stations cover all three Baltic states.

Law firm Walless advised the sellers in the transaction, whilst Palladium law firm were engaged from the buyers side. The transaction was co-financed by SEB bank.

Aqua Marina is the holding company for Olerex and Olerex Terminal with 200 million euros in assets, established in 1990. Aqua Marina is fully based on the Estonian domestic capital.

Olerex is the Estonian fuel retail market leader with 100 service stations in Estonia and 5 stations in Lithuania. Olerex international fleet card for business customers is accepted in 5000 stations in the European Union, Ukraine, Belarus, Russia, and Kazakhstan.

Olerex Terminal is the owner of a 78 000m3 marine oil terminal in port Tallinn customs-free zone, which is one of the most versatile and technically advanced terminals in the Baltic region. Olerex Terminal is the Estonia’s biggest taxpayer.

KOOL Latvija is the ninth biggest Latvian fuel retailer by sales volume with 10 service stations mostly in Riga and suburbs, but also in Jelgava and Valmiera.

BaltCap is the largest and most experienced private equity investor in the Baltics covering buyout, growth, venture, and infrastructure investments. Since 1995, BaltCap has invested in over 100 companies across a wide range of industry sectors and raised aggregate capital of over €650 million. BaltCap has a team of 35 investment professionals working across Tallinn, Riga, Vilnius, Warsaw, Helsinki and Stockholm offices.

ZGI Capital is one of the most experienced venture capital firms in the Baltics that started its operations in 2005. The investment period has been concluded for three generations of funds: ZGI-1, ZGI-2, ZGI-3 and now we are in investment period of ZGI-4 fund. ZGI Capital has won VC & PE sector awards for four consecutive years: in 2014, 2015, 2016, and 2017. ZGI Capital is registered in the Financial and Capital Market Commission as an alternative investment fund manager.

ZGI-4 has invested EUR 2 million in HansaMatrix

Wed, 14 Aug 2019 16:21:00 +0000

ZGI Capital, alternative investment fund manager, with venture capital fund ZGI-4 has invested EUR 2 million in HansaMatrix to enhance the company's growth and competitiveness. As a result of the transaction, ZGI-4 Fund has become a 15.06% shareholder of HansaMatrix.

The financing will support HansaMatrix’ ongoing growth strategy and the ongoing shift from manufacturing towards offering a full range of services, including value added design, engineering and aftermarket services. The investment of the ZGI-4 venture capital fund will be used to replenish working capital and purchase technological equipment.

HansaMatrix CEO Ilmārs Osmanis commented:“We are proud to attract ZGI Capital – reputable Latvian investor in our professional investor group. Received funding will be used to continue allready started investment program to develop HansaMatrix as a technological leader in the production of optical and electronic systems in the Baltic – Nordic region.”

Rudolfs Krese, Investment Director of ZGI Capital added:“We have closely followed Hansamatrix's development and are pleasantly surprised by its rapid growth, service quality and speed. We are pleased to invest in the company that have consistently implemented an investment programme and can continue to support further implementation of this business plan with our contribution. Regular investments in automation, modernisation and the development of manufacturing technologies have allowed Hansamatrix to become a true high-tech company. With this investment, we continue to pursue the growth capital fund's ZGI-4 strategy - with funding, the company will implement a development investment programme and continue to pursue the main goal of growing from a Baltic player to an internationally recognised leader on a global scale."

HansaMatrix is a fast-growing, high-technology company offering product design, industrialization and complete manufacturing services in data networking, Internet of Things, industrial segments and other services to high added value business segments. In addition to complete manufacturing services of OEM products, the company offers an ODM business model to both start-up and established companies that seek product development partnerships.

ZGI Capital is one of the most experienced venture capital fund managers in the Baltics and has been operating since 2005. Currently, ZGI Capital manages the fourth generation growth capital fund ZGI-4.

Additional information available in the documents (in Latvian language) attached.

Māris Macijevskis, CFA
Management Board Member, Finance director
Phone: (+371) 6780 0002
E-mail: invest@hansamatrix.com

http://www.hansamatrix.com

Fund ZGI-4 has signed an agreement to invest EUR 3 million in Estonian company Corle OÜ

Thu, 04 Jul 2019 16:20:00 +0000

ZGI Capital is one of the most experienced risk capital fund managers in the Baltics and has been operating since 2005. Currently, ZGI Capital manages the fourth-generation venture capital fund ZGI-4, whose largest investor is ALTUM.

The core business of Corle OÜ is the design, construction and maintenance of electrical and internet optical cable engineering systems. The company's turnover in 2018 reached EUR 7.1 million (27% increase over the previous year) and is projected to be more than doubled over the next few years. The company's home market is Estonia and Finland, and the first pilot project has been completed in Sweden. Currently negotiations have started to launch first project also in Germany.

The company is not a typical development story, as only recently at the end of 2017, current owner and CEO, Priit Uuemaa, who previously gained a high level management experience in one of Estonia's largest companies, Graanul Invest AS, saw potential, and acquired Corle OÜ using mezzanine debt (leveraged buyout).

Priit Uuemaa comments:"The company does not want to stop at current achievements and plans to expand further in the Baltics and Scandinavia, and ZGI investments are an important step towards achieving these goals".

Edgars Cimermanis, Investment Director of ZGI Capital:"The strategy of the fourth generation fund" ZGI-4 "managed by ZGI Capital provides an opportunity to diversify the fund's operations by investing in prospective companies also from other European Union countries outside of Latvia. We highly value Corle managements experience, qualifications and achievements shown during the previous year very successfully working in an engineering-solution-intensive industry with extensive development capabilities. The company has ambitions to continue expanding its business by expanding operations internationally, including in Latvia. We are pleased that, with this investment, we also have opportunity to take part in the company's growth story.”

The capital raising process was led by Auctus Capital. Auctus Capital partner Ēriks Reņģītis comments:“Auctus Capital specializes in capital raising for fast-growing companies, where traditional financing source are not enough. Considering that ZGI is backing ambitious companies with high growth potential also outside of Latvia, we believe that the fund is the right partner for Corle OÜ management goals”.

Juris Vaskāns, Member of the Board of ALTUM:“The Growth Risk Capital Fund ZGI-4 provides an opportunity for companies that need investment for further growth but who do not qualify for traditional commercial banking products. A quarter of the fund's investments are made in European Union companies outside Latvia, and one such perspective investment is made in Corle OÜ.”

ZGI Capital attends Nordic Private Capital Day

Wed, 20 Feb 2019 17:19:00 +0000

The 9th Annual Nordic Private Capital Day will bring together more than 260 delegates of the leading investors and funds in the world. We are looking forward to seeing you!

ZGI-4 venture capital fund launched its activities and attracted the currently largest private investment in Latvia amounted 10 million EUR

Mon, 03 Sep 2018 16:18:00 +0000

One of the most experienced venture capital fund managers in the Baltic States, ZGI Capital, has attracted private investments of 10 million EUR to the newly founded capital growth fund ZGI-4. At present, it is the largest private investment raising in Latvia for a state co-financed capital growth fund. The largest amount, or 7.5 million EUR, was invested in the ZGI-4 fund by Swedbank Ieguldījumu Pārvaldes Sabiedrība AS, which will increase its contribution to 11 million EUR as other investors are involved. It is planned that the new fund will invest both in the traditional industries of the Baltic States, and in the so-called new sectors of the economy, such as fintech companies.

The total amount of the new growth fund ZGI-4 will be 25 million EUR, of which 15 million EUR will be financed by Development Finance Institution ALTUM from the resources of the European Regional Development Fund (ERDF), and 10 million or 40% of the total fund will be private sector investments, from of which 7.5 million are invested by Swedbank Ieguldījumu Pārvaldes Sabiedrība, and 2.5 million EUR by the Central Europe insurer Balcia Insurance SE founded in Latvia and other private investors.

Upon completion of attracting private capital, the fund manager ZGI Capital will be able to start work on the first investments. The volume of investments into one enterprise will amount to 3.75 million EUR. 75% of investments are planned for Latvian companies, and for the diversification of the portfolio 25% of investments can be made in companies of other countries of the European Union. ZGI Capital has extensive experience in investments in metal processing, woodworking, logistics, information technology, engineering, export of services, etc.

The manager of alternative investment funds ZGI Capital, four years in a row awarded with the annual award of the Latvian Association of Private and Venture Funds, was selected as the growth venture capital manager within the ALTUM procurement process at the end of 2017.

Juris Vaskāns, Member of the Board of ALTUM: "Attracting private investments of 10 million EUR to a venture capital fund financed by ALTUM is a very important event for the whole venture capital industry. This, of course, is an indicator of trust and a positive signal to other private investors who are considering investment opportunities in Latvia. We are especially pleased that the largest investor in our venture capital fund is Swedbank Ieguldījumu Pārvaldes Sabiedrība, placing pension fund plans in alternative investment funds, which is already widely practiced thoughout the world. The synergy between ALTUM, Swedbank Ieguldījumu Pārvaldes Sabiedrba and other private investors in the ZGI-4 fund will provide an opportunity for the growth and development of companies with high growth potential, while traditional financiers refrain from investing in them due to high risks."

Pēteris Stepiņš, CEO, Swedbank Ieguldījumu Pārvaldes Sabiedrība AS: "We have successfully completed our painstaking work on choosing a fund that lasted more than half a year, with countless hours spent on the evaluation of the fund, in-depth study, interviews and discussions with the teams of ZGI Capital and ALTUM. These investments are an excellent addition to our local investment portfolio in Latvia and the Baltic States, which is an integral part of our investment strategy. We believe that long-term local investment can beat impersonal global investment. Therefore, we expect that ZGI Capital's active role in the selection and provision of financing for innovative companies will not only give a good return for our customers, but will also be a healthy incentive for the development of venture capital and innovative enterprise ecosystems."

Normunds Igolnieks, leading partner of ZGI Capital: "First of all, we would like to thank for the trust our investors - ALTUM, the largest manager of the Swedbank pension fund, Central Europe insurer Balcia Insurance SE founded in Latvia and other private investors. We will use the gained experience of managing the fund of the fourth generation to get additional capital from investors and support local entrepreneurs, providing the necessary capital for future growth. We will invest in small and medium-sized enterprises that have entrenched in the domestic market and enter new export markets, mastering new innovative products or technologies, building up capacities, developing new lines of business, increasing profitability or automating the corporate processes. Currently, the first round of attracting fund investors is taking place. The fund starts its work, and our goal is to attract additional private investors within the next 12-24 months and increase the fund's assets to 35 million EUR."

About Swedbank Ieguldījumu Pārvaldes Sabiedrība AS

Swedbank Ieguldījumu Pārvaldes Sabiedrība AS is the largest manager of the 2nd pension pillar in Latvia: as of August 21, 2013, the number of participants in the 2nd pension pillar managed by the company has already exceeded 542,000 people, and the amount of assets managed has exceeded 1.49 billion EUR. The company also manages the 3rd pension pillar plans. Swedbank pension pillars have been awarded the Investment and Pensions Europe awards as the best in various categories in Central and Eastern Europe. Investment and Pensions Europe (IPE) recognized Swedbank's 2nd pillar pension plan Dinamika as the best in Central and Eastern Europe in 2013, 2016 and 2017, and the Swedbank’s 3rd pillar pension plan Dinamika +60 in 2016 was recognized by IPE Real Estate Global Awards as the best real estate investor in Eastern Europe and several major Western European countries.

About ZGI Capital

ZGI Capital is one of the most experienced managers of venture funds in the Baltic States, which started operations in 2005. Investment periods were crowned by three generations of funds: ZGI-1, ZGI-2, ZGI-3 and the next-generation venture capital fund ZGI-4. ZGI Capital was awarded an annual award by the Latvian Private and Venture Capital Association for four years – in 2014, 2015, 2016 and 2017. ZGI Capital is the manager of alternative investment funds registered by the Financial and Capital Market Commission (FCMC).

ZGI Capital receives award "Exit of the year 2017"

Thu, 01 Feb 2018 17:16:00 +0000

ZGI Capital received the LVCA's award Exit of the Year for sale of company Art Fairs Service. Successfully implemented strategy allowed to achieve the goals and resulted in a fruitful exit.

Tradition of the “Investor of the Year” award was introduced in 2015 as a result of the cooperation of the Latvian Private Equity and Venture Capital Association (LVCA) and the Latvian Business Angel Network (LatBAN). The goal of the initiative implemented by LVCA and LatBAN is promotion of the investment sector development in Latvia by expanding the network of investors. Through identification and popularisation of the most successful investments of the year, the organisers would like to draw attention to the significance of the comparatively new sector in Latvia in supporting the viable projects.