FlyCap

FlyCap is a prominent venture capital fund based in Riga, Latvia, established in 2012 with a dedicated focus on fostering the growth of small and medium-sized enterprises (SMEs) within the country. The fund operates with a capital base of EUR 15 million, significantly co-financed by the European Regional Development Fund (ERDF) as part of the 'Growth Capital Fund' program. This strategic backing underscores its role in supporting the economic development and innovation landscape of Latvia. FlyCap aims to identify and invest in companies that demonstrate high growth potential, possess strong management teams, and operate with innovative business models, particularly those with an export orientation.

The fund primarily targets investments in sectors such as manufacturing, information technology, and various service industries. FlyCap's investment strategy involves providing growth capital to help these promising Latvian businesses scale operations, enhance competitiveness, and expand into international markets. Typically, FlyCap's first cheques range from EUR 250,000 to EUR 2,500,000 per company, reflecting their commitment to providing substantial early-stage and growth-stage funding. This range allows them to support a diverse set of companies, from those requiring initial significant capital injections to more mature SMEs seeking expansion funds.

Over its operational history, FlyCap has made a considerable impact on the Latvian startup ecosystem, having invested in over 20 companies. Their portfolio includes notable successes that have gone on to achieve significant international recognition, such as Printify and Lokalise, demonstrating FlyCap's ability to identify and nurture high-potential ventures. The fund's hands-on approach often extends beyond capital provision, offering strategic guidance and operational support to its portfolio companies. This comprehensive support system is designed to maximize the likelihood of success and contribute to the long-term sustainability and growth of Latvian enterprises.