Welcome to BaltCap’s October newsletter, the autumn edition. In it, you’ll read about recent deals in the Baltic book business world, inspiring developments in our portfolio, and the BaltCap team’s active participation in conferences.
One particularly energizing gathering was the Novatore Impact Summit, a 2-day conference in Riga that focused on (re)building trust and sustainable economic growth from the viewpoint of female leaders. The summit, of which BaltCap was honoured to be a partner, was opened by Olena Zelenska, the first lady of Ukraine.
Two additional inspirational news items in this edition, both related to Ukraine, are BaltCap Infrastructure Fund’s contribution to restoring the educational infrastructure in Bucha and Ridango’s backing of the relaunch of public transport by introducing contactless payment in Kyiv.
In closing, I encourage our stakeholders to think about what type of business activity or charitable offering you can make to help Ukraine and its people. Every act – big or small – counts.
I also invite you to follow our lead and, in lieu of the customary corporate Christmas presents, use the resources this year to donate to Ukraine and its people.
Martin Kõdar
Managing Partner
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BaltCap buys the best bookstore in the world
BaltCap acquired Rahva Raamat, Estonia’s largest integrated book retailer, publisher, and distributor. The fund now aims to boost the bookstore’s growth across the Baltics, diversify people's reading choices, and make various book formats increasingly accessible through faster digitization. The acquisition of Rahva Raamat complements the recent purchase of Alma Littera Group. – Read more
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BaltCap acquires Alma Littera Group, Baltics' leading publishing house and omnichannel book retailer
Alma Littera has a proven track record and well-established brands in the Lithuanian market. The sector is still fragmented, and the group companies are well-positioned to capture further growth. For other business growth, digital distribution and new book formats are the keywords. – Read more
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NordicNinja-backed Varjo raises $40M to build true-to-life, industrial metaverse
Varjo, the industry-leading provider of professional-grade VR/XR hardware and software, announced it has secured USD 40 million in new funding. The new investment round is backed by EQT Ventures, Atomico, Volvo Car Tech Fund, Lifeline Ventures, and new strategic investors Mirabaud and Foxconn, one of the largest electronics contract manufacturers in the world.
– Read more
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BaltCap portfolio company Ridango introduces contactless card payments in Kyiv
Kyiv city transport, in cooperation with Ridango, started a contactless bankcard acceptance rollout in its ground transport to ease the use of public transport during these difficult times. – Read more
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Mavenoid closes $30 million Series B round
NordicNinja-backed Mavenoid secured $30 million in a Series B financing round led by Smedvig Capital. Mavenoid, a leading product support platform, is a Swedish company that provides both human- and support AI-enabled support, and troubleshooting tools for hardware companies. The funds raised will be used to further develop Mavenoid’s AI and technology and scale the business globally. – Read more
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BaltCap participates in a pilot to restore schools in Ukraine
BaltCap, with Ukrainian architects Zvidsy Agency and Lithuanian 2L Architects, has started working on a new school project in Bucha. The pilot’s purpose is to build a multifunctional educational complex in Bucha for 870 pupils, which will comprise a schoolhouse, kindergarten, and all relevant side facilities. The pilot aims to create a replicable reconstruction model to be used across Ukraine to restore educational infrastructure and help execute the state's recovery plan.
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BaltCap-backed Weekend opened its first smartstore
Weekend, the leading omnichannel footwear and apparel business in the Baltics, opened its first self-service kiosk in Estonia. The smartstore offers an opportunity for customers to order items online, access the shop by identifying oneself on the spot, and try out the merchandise. Unpurchased merchandise can be left in the smart locker, and the final purchase will be invoiced within 30 days.
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Workland keeps expanding and opens a new center in Vilnius
BaltCap-backed company Workland’s new office centre is located in the 3 Burės building complex in Vilnius’s business district. This is the fifth Workland center in Vilnius, which means there are now 11 centres across the Baltics. Workland’s Burės location offers flexible offices and coworking solutions in a bright and colourful interior with lots of natural light. The space’s interior design is inspired by sports yachts and human strength, as Burės means sails in Lithuanian.
– Read more
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Lightspace awarded as MedTech innovator by International Trade Council
BaltCap portfolio company Lightspace Technologies was recognized at Go Global Awards 2022 as a company driving the economy through innovations in MedTech. Lightspace is a Deep Tech company with R&D laboratories, industrialization, and fabrication facilities that develop critical technologies for the next generation of augmented reality. – Read more
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BaltCap welcomes a new team member
We are proud to introduce our newest colleague – Viktorija Pocevičiūtė, legal specialist at BaltCap. Viktorija brings experience from the insurance sector, where she worked as a lawyer and AML\CFT officer. At BaltCap, Viktorija will ensure both our continued compliance with all applicable AML/CFT rules and the smooth running of our KYC processes.
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BaltCap supports the first Novatore Impact Summit
BaltCap partnered with Novatore Impact Summit to bring together 400 Baltic and Nordic business leaders to discuss women’s role in empowering economic growth. The summit, which took place in Riga and included 50 world-class speakers from 18 countries, focused on (re)building trust, resilience, and sustainable economic growth in turbulent times. The two-day summit included inspiring speeches plus informative presentations and discussions on building businesses and driving growth from the perspective of female leaders. – Read more
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Sandra Aile, BaltCap's Investment Director at Novatore Impact Summit
Sandra Aile, Investment Director at BaltCap, participated in the panel discussion „Economic growth and sustainability“ and shared insights on building businesses in a crisis-driven world. Sandra stressed that the capacity to act on opportunities that arise amid a crisis is crucial and that being bold usually pays off. – Read more about the panellists’ insights
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Simonas Gustainis lectures at BICG Board Member Education Program
Simonas Gustainis, Managing Partner at BaltCap, lectured on ESG challenges and opportunities for businesses at the Baltic Institute of Corporate Governance Board Member Education program. The program brings together business owners, board and supervisory council members, and top executives across the Baltics to learn about corporate governance principles and practical examples.
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Maciej Kopański at XX Local Government Capital and Finance Forum
Maciej Kopański, Investment Director at BaltCap, discussed local governments’ financing in the face of decreasing income. Maciej confirmed that several alternatives for municipal financing projects exist which involve institutional financing in public-private partnership projects. He shared the experience of BaltCap Infrastructure Fund’s energy efficiency projects aimed at reducing municipalities’ energy consumption. – Read more
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The first Baltic Capital Markets Conference took place
BaltCap Managing Partner Simonas Gustainis and Ivars Bergmanis from LHV, Edgars Petersons from WKND, and Stefan Lundberg from KPMG Sweden participated on a panel focusing on the challenges and opportunities of the Baltic IPO market as part of the first Baltic Capital Markets Conference in October.
– Read more
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How to cope with the mounting infrastructure funding gap
BaltCap’s Investment Director Matiss Paegle explains how PPPs (public-private partnerships) provide a solution to fund infrastructure projects in Latvia. According to Matiss, PPPs are a relevant tool for financing Latvian infrastructure projects considering that the amended priorities of the EU grants left less money for basic infrastructure and public spending has increased due to COVID-19, the current war in Ukraine, and the energy crisis. – Read more (in Latvian)
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25+ years
track record
4
investment strategies
110+
platform investments
40+
investment professionals
6 countries
with branch offices
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€700m
capital raised to date
65+
exits
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