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FlyCap wins in procurement of growth-stage venture capital funds

SIA FlyCap AIFP has obtained the right to finalize a contract for selecting managers for the growth-stage venture capital fund through the public procurement process of the development finance institution Altum.

The chosen fund manager in the procurement will invest a minimum of EUR 41.3 million over the upcoming five years. Out of this sum, public funding comprises EUR 24.8 million from European Regional Development Fund (ERDF) resources. Additionally, the fund will need to draw private investments, constituting at least 40% of the total fund capital.

This funding targets growth-stage companies that are already operational and profitable. The fund will have the capability to invest in companies within Latvia as well as other European Union countries. Investments will focus on prospective, viable, export-oriented companies at the growth stage, fostering the generation of new jobs, tax revenues, and the overall advancement of Latvia’s national economy.

In the upcoming financing period of European funds, the total amount allocated for venture capital investments in companies from European funds will be 93 million euros. Coupled with the private financing drawn by the fund, companies will have access to over 110 million euros.

“This will be a crucial support for the growth and development of innovative, technological companies endowed with significant growth potential,” remarked Altum board member Ieva Jansone-Buka previously.

In November last year, Altum announced a public procurement for the selection of three venture capital fund managers:

  • One for the manager of an early-stage venture capital fund; 

  • One for the manager of a growth-stage fund;

  • One for the manager of three venture capital funds.


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