BaltCap
Private equityTallinn · Series B–Growth · 23 people tracked
Investment thesis
BaltCap invests in the Baltic states and Poland across several strategies. Its buyout fund backs local market leaders with a buy-and-build objective aimed at creating internationally recognised business champions. Its growth fund targets fast-growing companies with proven, profitable business models. The firm also runs an infrastructure/climate strategy that provides development capital for transport, energy and education infrastructure projects in the Baltics and Poland, targeting investments that help mitigate climate risks. BaltCap positions itself as a practical, ethical partner with deep local market knowledge.
Source: firm website, verified Aug 3, 2026.
Team · 23 people
from the firm's website & curated
What they invest in
from 14 of 115 portfolio companiesAdvanced Manufacturing ×3Consumer ×3Mobility & Transportation ×3SaaS ×3Climate Tech ×2Cybersecurity ×2GovTech ×2Hardware ×2
HQs:Estonia×8Latvia×2Belgium×1Lithuania×1Sweden×1
Investments · 115 tracked
founders shown can be your intro pathHansab is a provider of automation and digital infrastructure solutions serving businesses and public institutions across the Baltics and Finland.
Cloud ComputingCybersecurityEnterprise SoftwareIoTRetail TechTallinn, EE
Co-investorsMidinvest Management Oy
Leading car dealer in Latvia operating three Opel dealerships, founded 1997.
Will operate a social care chain in Latvia.
Formed in 2008 as a spin-off from the Latvian office of Robertson & Blums Corporation.
Largest integrated general book publisher and retailer in Lithuania.
Subcontracting company manufacturing metal accessories, established 2002.
Owns a portfolio of biogas plants in Latvia with 4.9MW combined capacity.
Estonian company established in 1992.
Classified portal in Estonia for cars, motorbikes, boats and heavy equipment.
Provides data interchange solutions for insurance and healthcare companies.
Leading commercial property management company in the Baltic States and Poland.
Enterprise document database unifying structured and unstructured data management.
Coffee Address is a coffee company participating in a sustainability data management pilot program to develop reporting capabilities for environmental impact disclosure.
Climate TechConsumerFoodTech
Largest chain of branded coffee shops in the Baltics.
Leading Baltic office supplies logistics company, founded 1999.
Logistics and freight forwarding solutions provider delivering customer-centric services globally.
Largest DIY retailer in Latvia.
AS Ecometal is a circular-economy company that recycles used lead-acid batteries end-to-end, recovering secondary raw material for new production.
Circular EconomyCleantechNew Materials
Leading waste management company in Lithuania.
Transatlantic CRO focused on advancing biotech drug development.
One of the largest garden furniture producers in Latvia, founded 1992.
Leading provider of waste management and municipal services in Estonia.
Owns and operates over 120km of gas pipelines around Tallinn and other Estonian cities.
Operates a biomass-fired combined heat and power plant in Riga region.
Pan-European company established by strategic founders including LC-TEC Display.
Provides Fitekin and ONEA software platforms for invoice management automation and digitisation.
Developed a 48MW heat-only boiler for the Vilnius district heating system.
Modern private nursery hospital and rehabilitation service provider.
HansaMatrix provides electronics manufacturing services (EMS) for companies in transportation, telecommunications, energy management, IoT, medical, and defence sectors across Northern Europe.
Advanced ManufacturingDefense TechHardwareIoTMarupe, LV
Co-investorsZGI-4
Latvia-based manufacturer and exporter of IGLU-branded kids' soft play blocks.
Largest fitness club chain operator in the Baltics with 28 clubs.
Operator of primary care and specialised clinics in Lithuania.
INTRAC Group is the exclusive importer and distributor in Estonia, Latvia, and Lithuania of heavy machinery from brands including John Deere forest equipment, Develon, Case, Massey Ferguson, Manitou, and Bomag.
Advanced ManufacturingAgTechConstruction TechTallinn, EE
Largest and fastest growing ICT training group.
Portfolio company aimed at upgrading public infrastructure in Polish cities.
Largest transport infrastructure engineering company in Lithuania.
Network of convenience stores and fuel stations in Latvia.
Company managing the eKool education platform, established 2002.
One of the largest food sector companies in Lithuania.
Leading provider of laboratory supplies in the Baltics.
Volumetric 3D monitor developer and supplier for medical, security and other industries.
85 thousand sq. m. multifunctional sports complex in Vilnius.
Leading specialized healthy food and non-food product retail brand in Lithuania.
Magnetic MRO provides aircraft maintenance, repair, and overhaul services including heavy maintenance, painting, engine repair, and component services for airlines and asset owners.
Advanced ManufacturingLogistics & Supply ChainMobility & TransportationTallinn, EE
Marko Männiste(Managing Director of Magnetic MRO)
Leading medical laboratory services provider.
NeoQi manufactures spa and wellness equipment including saunas, hydrotherapy systems, and massage devices for use in spas, hotels, medical institutions, and homes.
HardwareHealthtechWellness & FitnessSaku, EE
Nord Security provides online privacy and security solutions on a global scale, helping to address cybercrime and data protection issues for people worldwide.
ConsumerCybersecurity
Co-investorsBurda Principal InvestmentsGeneral CatalystNovatorWarburg Pincus
Corporate media production company.
Only Latvian paper mill producing paper for corrugated board production.
Pihlakodu operates modern nursing and care homes in Estonia, offering general care, round-the-clock nursing, home care, dementia care, and physiotherapy services.
HealthtechLongevityWellness & Fitness
Largest ticketing services provider across Estonia, Latvia, Lithuania, Romania, Czech Republic, Slovakia and Poland.
Largest privately-owned postal operator in Latvia, market leader in unaddressed mail.
Pan-Nordic concrete floors contracting company established in 1997.
Chocolate maker founded in 2007 with in-house expertise.
7,431 sq. m. school development project in Vilnius.
Largest occupational health care provider in Estonia.
Largest integrated book retailer, publisher, and distributor in Estonia.
Ridango develops an account-based ticketing and fare management platform for public transport authorities and operators, enabling centralized customer management, fare configuration, and multi-channel sales.
FintechGovTechLogistics & Supply ChainMobility & TransportationSaaSStockholm, SE
Co-investorsBregal Milestone
Largest and fastest growing business process outsourcing company.
Joint venture to develop solar energy generation in Latvia.
Leading specialist in furnishing projects in the Baltic States.
One of the biggest cosmetics producers in Northern Europe.
A commercial laundry service that washes, irons, and delivers linens door-to-door for hotels, apartments, restaurants, cafés, salons, and spas, as well as private clients.
ConsumerTallinn, EE
Leading Estonian road building company headquartered in Tallinn.
Private school development project in Vilnius, Lithuania.
Leading beauty products wholesale and retail company in Estonia.
Trafi develops a Mobility-as-a-Service (MaaS) platform that provides multi-modal journey planning and ticketing for cities across Europe.
Climate TechGovTechMobility & TransportationSaaS
AlgimantasJurgisMantasMartynas
Co-investorsEBRD Venture Capital Investment ProgrammePresidio Venturesoctopus investmentsPractica Capital
Leading infrastructure construction company in Estonia.
Operates Mäli & Tamba wind farm on the west coast of Estonia.
Largest dental care provider in Estonia.
Leading pump and pumping systems rental provider in the Baltics.
Produces monitoring systems and solutions for vending machines.
Operates online shops selling tools, accessories, machinery, and aftermarket parts in Europe.
Operates a chain of veterinary clinics.
Viru Elektrivõrgud is an electricity distribution utility operating grid services in northeastern Estonia (Narva, Narva-Jõesuu, and Sillamäe) and selling electricity to residential and business customers regardless of region.
EnergyNarva, EE
Only moulded fiber packaging producer in Latvia and leading moulded fibre packaging supplier.
Leading omnichannel footwear and apparel business in the Baltics.
Mobile-only event booking app for discovering and booking events.
One of the largest building system maintenance service providers, offering HVAC services.
Exits · 1
IPOs and acquisitions across the tracked portfolioTrafiacq. by Enghouse Systems
Frequently asked questions
- How many investments has BaltCap made?
- BaltCap has 116 tracked investments, 1 of which have exited via acquisition or IPO.
- What stage does BaltCap invest at?
- BaltCap invests at the Series B, Series C, Growth stages.
- What is BaltCap's typical check size?
- BaltCap typically writes checks of $5.4M – $21.6M.
- What sectors does BaltCap focus on?
- BaltCap focuses on Advanced Manufacturing, Cleantech, Climate Tech, Construction Tech, Consumer, Data & Infrastructure, EdTech, Energy, Fintech, Healthtech, Logistics & Supply Chain, Mobility & Transportation, PropTech, Retail Tech, Sector Agnostic.
- Where is BaltCap located?
- BaltCap is headquartered in Tallinn, EE.
- Who does BaltCap co-invest with?
- BaltCap most often shares deals with Bregal Milestone, Burda Principal Investments, EBRD Venture Capital Investment Programme, among 6 tracked co-investors.
Media · Podcasts & interviews
featuring the teamVastutustundliku ettevõtluse põhimõtted strateegias - BaltCap (Martin Kõdar)
Vastutustundliku Ettevõtluse Foorum · Martin Kõdar
Images
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