# ZGI Capital

ZGI Capital is a Private Equity based in Riga, Latvia.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Riga, Latvia
- **Region:** Europe
- **Address:** Riga, Latvia
- **Founded:** 2005
- **Assets under management:** Undisclosed
- **Website:** www.zgi.lv
- **LinkedIn:** https://www.linkedin.com/company/zgi-capital

## Regulatory record

- **Reports private funds:** No

## About

ZGI Capital invests in start-ups in telecommunications, software development, publishing, and other industries. The firm has made 15 investments, including an unattributed investment in Electrify on August 08, 2024. ZGI Capital has one portfolio exit, Bioreactors.net, which exited on December 02, 2025.

## Sectors

- Enterprise Software
- FinTech
- Industrial Tech
- Energy Transition & Renewables
- Consumer

## People

- Girts Berzins — Managing Partner
- Janis Zalitis — Partner

## Questions

### Does ZGI Capital invest only in Latvia, or across the Baltic region?

ZGI invests across all three Baltic states — Latvia, Lithuania, and Estonia. While its headquarters and historical deal density skew toward Latvia, the firm has pursued opportunities throughout the region where it can leverage its local network and institutional presence. Some portfolio companies have scaled to serve broader European markets.

### What investment stages does ZGI Capital target?

ZGI operates across early-stage venture, growth equity, expansion capital, and management buy-in transactions. The firm is comfortable writing first or second institutional checks into seed and early-stage companies, and it also participates in later-stage growth rounds for existing portfolio holdings. This stage-flexible mandate distinguishes it from Baltic-focused venture firms that concentrate exclusively on seed-stage activity.

### Does ZGI Capital participate in fund commitments or only direct deals?

ZGI's primary activity is direct equity investment into portfolio companies rather than fund-of-fund commitments. The firm structures its participation through direct equity and co-investment arrangements, often serving as lead or co-lead investor. Its disclosure on any fund commitment activity to external managers is limited.

### Which sectors does ZGI Capital focus on?

The firm pursues a generalist mandate within technology-enabled sectors where the Baltic region has built competitive strengths. This includes enterprise software, fintech, industrial technology, and energy transition, as well as select consumer platforms. ZGI's sector focus is pragmatic — driven by the deal flow the Baltics naturally produce rather than a rigid thematic screen.

## Related profiles

- [ZF Ventures](https://altss.com/profile/zf-ventures)
- [Zhangjiang Haoheng Capital](https://altss.com/profile/zhangjiang-haoheng-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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