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Expansion Capital AIFP is a Latvian alternative investment fund manager based in Riga, established in 2013. The firm focuses on providing capital to support the growth of Latvian companies, particularly those with high growth potential and export-oriented business models. Since its inception, Expansion Capital AIFP has aimed to enhance the Latvian economy by investing in innovative startups that can thrive in international markets.
The organization manages a total of over €23 million in assets across three funds, including the flagship Expansion Capital Fund AIF, which is currently in a harvest phase, and two active funds: INEC1 AIF and INEC2 AIF. INEC1 AIF has €18.2 million allocated for startup investments, while INEC2 AIF focuses on seed-stage companies with €6.5 million available. Expansion Capital AIFP has invested over €14 million in 35 companies by October 2016, demonstrating its commitment to fostering growth in the Latvian startup ecosystem.
Expansion Capital AIFP invests primarily in sectors that are export-oriented, including fintech, healthcare, biotech, consumer products, SaaS, energy, climate, logistics, food-agtech, and industrial sectors. The firm targets companies at the Seed, Seed+ (Extension), and Series A stages, with check sizes ranging from €150,000 to €2.73 million. This investment strategy emphasizes supporting high-potential growth ventures that are not reliant on domestic consumption.
The organization has established two active funds: INEC1 AIF, which provides investments between €600,000 and €2.73 million for startups, and INEC2 AIF, which focuses on seed-stage companies with investments ranging from €150,000 to €250,000. Expansion Capital AIFP seeks to acquire minority stakes of 10% to 49% in its portfolio companies and is open to providing mezzanine financing when traditional bank loans are unavailable. This flexible capital approach allows the firm to support startups in scaling without excessive dilution of ownership.
Expansion Capital AIFP has built a diverse portfolio of 35 companies across various sectors. Notable portfolio companies include:
Zigmārs Reklaitis: Chairman of the Board and Partner at Expansion Capital AIFP. He has extensive experience in investment management and has been instrumental in guiding the firm's strategic direction.
Andris Keziks: Board Member and Partner. He brings a wealth of knowledge in venture capital and has played a key role in evaluating investment opportunities within the firm.
Kārlis Brils: Board Member. He has a strong background in finance and investment, contributing to the firm's operational and strategic initiatives.
To pitch to Expansion Capital AIFP, founders should send their proposals via email to karlis@excap.lv. It is essential to include a comprehensive pitch deck that outlines the business model, market opportunity, financial projections, and team background. The firm typically responds within a few weeks, and while warm introductions can be beneficial, they are not strictly necessary.
In 2023, Expansion Capital AIFP announced the successful closing of its INEC1 AIF fund, which has €18.2 million available for startup investments. This fund is aimed at supporting high-growth Latvian companies, particularly those with export potential.
Additionally, the firm has been actively involved in the Latvian startup ecosystem, participating in various industry events and networking opportunities to connect with promising entrepreneurs.
What are Expansion Capital AIFP's investment criteria?
Expansion Capital AIFP focuses on investing in Latvian companies with high growth potential, particularly those that are export-oriented and not reliant on domestic consumption. The firm invests in various sectors, including fintech, healthcare, biotech, consumer products, SaaS, energy, climate, logistics, food-agtech, and industrial.
How can I apply or pitch to Expansion Capital AIFP?
Founders can pitch their startups by sending an email to karlis@excap.lv. It is advisable to include a detailed business plan and financial projections in the pitch deck.
What makes Expansion Capital AIFP different from other investors?
Expansion Capital AIFP distinguishes itself by focusing on export-oriented projects and providing flexible financing options, including mezzanine financing, which allows startups to scale without excessive dilution of ownership.
What is the geographic scope of Expansion Capital AIFP's investments?
The firm primarily invests in companies based in Latvia, with a strong preference for those that can expand into international markets, particularly in Europe and Latin America.
What is the typical check size for investments?
Expansion Capital AIFP typically invests between €150,000 and €2.73 million, depending on the stage of the company and its growth potential.
What kind of post-investment involvement does Expansion Capital AIFP have?
The firm provides strategic support and guidance to its portfolio companies, focusing on fostering growth through export-oriented strategies and flexible financing solutions.
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