ZGI-4
Venture capitalRīga · Growth · 3 people tracked
Find your way into ZGI-4
132 people in our graph share verified history with the ZGI-4 team — schools, employers, funds. One of them is your warm intro.
Investment thesis
ZGI Capital targets companies that have already established themselves in domestic markets and are expanding into export markets. Financing supports scaling production capacity, new business models, improving profitability, and automating operations. Investment decisions rest on a company's past performance, capital expenditure plans, and growth strategy. The firm has invested across diverse sectors including metalworking, food industry, woodworking, logistics, IT, engineering, retail, and service exports. Operating in the Baltics for two decades across four fund generations (ZGI-1 through ZGI-4), it is now in the portfolio management phase for ZGI-4. Investment sizes range from €0.5 to €5 million per company.
Source: firm website, verified Aug 16, 2026.
Team · 3 people
from the firm's website & curated
What they invest in
from 11 of 24 portfolio companiesAdvanced Manufacturing ×5Cleantech ×5Energy ×4AgTech ×3Construction Tech ×3Consumer ×2Hardware ×2IoT ×2
HQs:Latvia×9Estonia×2
Investments · 24 tracked
founders shown can be your intro pathBanga Ltd is a canned seafood producer based in Latvia that manufactures premium fish and seafood products for distributors globally.
Advanced ManufacturingConsumerFoodTechRoja, LV
Bioefekts is a Latvian agricultural biotech company that develops microbial-based soil amendments and plant growth products for greenhouse and field cultivation, including nitrogen-fixing bacteria, phosphorus-solubilizing microbes, and antifungal agents.
AgTechBiotechRiga, LV
Jānis Keterliņš(CEO)in
eAgronom builds farm management software that helps farmers monitor and verify sustainable practices, generate carbon credits, improve agricultural efficiency, and access financing.
AgTechClimate TechSaaSTallinn, EE
Kristjan Luha(Co-founder)in
Co-investorsBalnord Sp. z o.o.Soulmates VenturesSpecialist VCYolo InvestmentsIcos CapitalSuperAngel+2 more
Echoo is a Latvian engineering company providing design, project management, and installation services for building projects, including electrical networks, low-voltage systems, building management (BMS) and smart home automation, and smart city and data center solutions.
CleantechConstruction TechIoT
Electrify retrofits medium-sized electric buses, vans, and minibuses for European operators, providing design, production, certification, and charging infrastructure integration services.
Advanced ManufacturingCleantechEnergyHardwareMobility & TransportationRiga, LV
GoWood manufactures and exports high-quality firewood and kindling products for international markets from its operations in Latvia.
Advanced ManufacturingCircular EconomyCleantechEnergyNew MaterialsLimbazi, LV
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-investorsBaltCap
Leading producer of steel roofs and construction profiles in the Baltics; exited (fund ZGI-3)
Naco Technologies develops nano coatings using high-speed ion-plasma magnetron sputtering technology, initially for automotive parts and now focused entirely on the hydrogen industry.
CleantechEnergyNew MaterialsRiga, LV
Co-investorsImpact Venturesthe Untitled VenturesRadix Ventures
RoyaltyRange provides curated comparables databases and benchmarking tools for transfer pricing, IP valuation and related tax analyses.
Co-investorsPresto VenturesPractica CapitalTrind Ventures
Frequently asked questions
- How many investments has ZGI-4 made?
- ZGI-4 has 24 tracked investments.
- What stage does ZGI-4 invest at?
- ZGI-4 invests at the Growth stage.
- What is ZGI-4's typical check size?
- ZGI-4 typically writes checks of $500K – $5M.
- What sectors does ZGI-4 focus on?
- ZGI-4 focuses on Advanced Manufacturing, FoodTech, Logistics & Supply Chain, Mobility & Transportation, Sector Agnostic.
- Where is ZGI-4 located?
- ZGI-4 is headquartered in Rīga, LV.
- Who does ZGI-4 co-invest with?
- ZGI-4 most often shares deals with Impact Ventures, Presto Ventures, Specialist VC, among 8 tracked co-investors.
Similar investors
Endeavour is a private equity firm that invests in family and founder-owned mid-market businesses in the American West, providing capital and long-term support to management teams.
Chartwell Investments partners with founders and management owners, providing long-term capital, resources, and expertise to accelerate growth and deliver generational liquidity, customizing each investment to fit entrepreneur and family partner objectives.
Riot Ventures is a venture capital firm that invests in deeptech, hardware, AI, and frontier technology companies across sectors such as defense, space, energy, robotics, and manufacturing.
VenturEast is one of India's longest-standing venture capital fund managers, investing since 1997 and managing over $325 million across more than 100 investments in technology, healthcare, and clean environment.
2080 Ventures is a global venture ecosystem partner that connects founders, investors, corporates, and governments to accelerate innovation locally and globally, running accelerator programs and offering tools for founders, M&A, and secondaries.