Opportunity capital fund FlyCap plans to raise €41.3M

Latvian opportunity capital fund FlyCap plans to raise €41.3M to invest in growth companies. €24.8M will come from the European Regional Development Fund (ERDF) and the state development finance institution ALTUM, and €16.5M will be raised from private investors who invest in the companies over five years. FlyCap will start investing when it receives 50% of the required funding from private investors.

Flycap will invest in the form of a mezzanine loan, with a check for up to €4M per company. The companies must be promising and export-oriented to contribute to the creation of new jobs, tax revenues, and the overall development of the Latvian economy.

Founded in 2013 by Girts Milgravis, Janis Liepins, and Janis Skutelis, FlyCap is a mezzanine fund, which focuses on medium-sized companies in Europe.