ZGI-4
Venture capitalRīga · Growth · 2 people tracked
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 · 2 people
from the firm's websiteWhat they invest in
from 8 of 24 portfolio companiesCleantech ×4Advanced Manufacturing ×3Construction Tech ×3Energy ×3AgTech ×2Consumer ×2Mobility & Transportation ×2Climate Tech ×1
HQs:Latvia×5Estonia×2
Investments · 24 tracked
founders shown can be your intro pathBanga Ltd is a Latvian producer of canned fish, using automated facilities to manufacture products such as canned cod liver and smoked tuna.
Advanced ManufacturingConsumerFoodTech
Corle is an Estonian infrastructure contractor with over 15 years of experience building electrical and telecommunications networks and managing energy projects.
CleantechConstruction TechEnergy
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.Specialist VCYolo InvestmentsSuperAngelTrind Ventures
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 designs and retrofits electric buses, minibuses, and vans for public transport, and provides charging infrastructure and bus infrastructure maintenance services.
CleantechEnergyMobility & Transportation
GoWood is a Latvian manufacturer of wood fuel products such as firewood and kindling, produced across multiple facilities using renewable energy and sustainable forestry.
Advanced ManufacturingCleantechEnergy
SIA INTRAC Latvija sells and provides after-sales service for industrial and agricultural machinery in Latvia.
Advanced ManufacturingAgTechConstruction Tech
Leading producer of steel roofs and construction profiles in the Baltics; exited (fund ZGI-3)
Mobilly is a mobile payments app for buying public transport tickets (bus and train), paying for parking, and making everyday purchases from a phone.
ConsumerFintechMobility & Transportation
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 Balnord Sp. z o.o., Presto Ventures, Specialist VC, among 4 tracked co-investors.
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