Riga-based electric minibus manufacturer Electrify raised €1.5M from ZGI Capital

Latvian electric minibus manufacturer Electrify has raised €1.5M from Latvian ZGI Capital.

Founded in Riga in 2019 by Kristaps Dambis, Agris Amolins, and Aigars Dancis, Electrify designs and retrofits electric buses, minibuses, and vans. Apart from designing and producing vehicles, the company provides certification according to requirements, offers charging infrastructure solutions, and bus infrastructure maintenance.

Electrify produces city and intercity minibuses for passenger transport, minibuses for school transport, and minibuses adapted to other customer requirements. Passenger minibuses can be used on routes where it is not possible to travel by large buses, and in small towns with narrow streets. The company exports about half of its products to Estonia, Lithuania, Germany, and Norway. 

Electrify will use the investment to expand its operations and produce more electric minibuses.

Established in 2005, ZGI Capital invests in small and medium-sized enterprises in Latvia, Estonia, and Lithuania. The managing partner is Normunds Igolnieks. At the end of 2017, ZGI Capital closed its €32.5M fourth fund ZGI-4 with the target to invest in companies with a high growth potential for the next ten years. The company has also now started to establish a development growth fund to continue investing in small and medium-sized enterprises in the Baltics.