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.

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 Trind Ventures, Presto Ventures, Radix Ventures, among 10 tracked co-investors.

ZGI-4

Venture capital

Rīga · Growth · 3 people tracked

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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.

Invests inAdvanced Manufacturing FoodTech Logistics & Supply Chain Mobility & TransportationSector AgnosticEstonia Europe Latvia

Source: firm website, verified Aug 16, 2026.

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Stage

Growth

Check

$500K – $5M

Rīga, LV

Instruments

Equity

Founded

2005

Tracked investments

Team · 3 people

from the firm's website & curated

Normunds Igolnieks· Member of the Board and Partner of ZGI Capital

Normunds Igolnieks is a Board Member and Partner at ZGI Capital and serves as an advisor to BISS and eAgronom. He previously co-founded and led Optimus Fondi as CEO, and after its acquisition by SEB Bank he headed a division of SEB Wealth Management (now SEB Investment Management). He has held board roles with the Latvian Private Equity and Venture Capital association and the Association of Asset Management Companies, and holds an MBA from the University of Latvia.

Rūdolfs Krese· Member of the Board and Partner· Latviain

Rūdolfs Krese is a Member of the Board and Partner at ZGI Capital and acts as the investor representative in portfolio companies BISS, Bioefekts, and GoWood. He previously worked at the Investment and Development Agency of Latvia in the investment project division, focusing on commercializing scientific and technological business ideas and technology transfer, and served on the board of the Latvian Private Equity and Venture Capital Association from 2017 to 2025. He holds an MSc in CleanTech from Riga Technical University and a BSc as a Telecommunication Engineer.

Václav Gregor· Partner· Prague, Czechiain

Co-founder and CEO of Soulmates Ventures, focused on backing projects with the potential to transform the world.

What they invest in

from 11 of 24 portfolio companies

Advanced Manufacturing ×5Cleantech ×5Energy ×4AgTech ×3Construction Tech ×3Consumer ×2Hardware ×2IoT ×2

HQs:Latvia×9Estonia×2

Investments · 24 tracked

founders shown can be your intro path

Banga Ltdbangaltd.lv

Banga Ltd is a canned seafood producer based in Latvia that manufactures premium fish and seafood products for distributors globally.

Advanced ManufacturingConsumerFoodTechRoja, LV

Bioefektsbioefekts.lv in

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

Corle OUcorle.ee in

Corle is an Estonian infrastructure contractor with over 15 years of experience building electrical and telecommunications networks and managing energy projects.

CleantechConstruction TechEnergy

eAgronomeagronom.com 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 Ventures Specialist VC Trind Ventures Yolo Investments Icos Capital +3 more

Echoo Groupechoo.group in

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

Glebs Kiselovsin

Electricbuselectricbus.lv

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

Gowoodgowood.lv

GoWood manufactures and exports high-quality firewood and kindling products for international markets from its operations in Latvia.

Advanced ManufacturingCircular EconomyCleantechEnergyNew MaterialsLimbazi, LV

Hansamatrixhansamatrix.com in

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

Intracintrac.lv in

SIA INTRAC Latvija sells and provides after-sales service for industrial and agricultural machinery in Latvia.

Advanced ManufacturingAgTechConstruction Tech

Mobillymobilly.lv in 𝕏

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

NacoTechnaco.tech in

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 Ventures Radix Ventures the Untitled Ventures

Royalty Rangeroyaltyrange.com in

RoyaltyRange provides curated comparables databases and benchmarking tools for transfer pricing, IP valuation and related tax analyses.

Co-investorsPresto Ventures Trind Ventures Practica Capital

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Art Fairs ServiceBrcautoDardedze HologrāfijaElectrifyĢirts RungainisKool LatvijaLatvāņiMārupes MetālmeistarsNordic Vehicles GroupPremium MedicalStream NetworksUprent

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 Trind Ventures, Presto Ventures, Radix Ventures, among 10 tracked co-investors.

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