The Latvian Business Angel Network (LatBAN) has invested €500,000 as a syndicate into two venture capital funds—Buildit VC and Outlast Fund—both supported by state-backed ALTUM. The move reflects a growing trend toward closer collaboration between angel investors and institutional capital in Latvia. Rather than directly backing startups, LatBAN members are opting to support fund structures that offer broader exposure and shared deal flow. Buildit focuses on hardware and deep tech, while Outlast prioritizes community-driven early-stage ventures. This joint investment is expected to increase alignment among early-stage investors and expand access to capital for emerging Latvian startups.
Founded in 2013 in Estonia, Buildit is a venture capital firm focused on early-stage hardware and IoT startups. Originally established as a hardware accelerator—the first of its kind in the Nordics—Buildit has since transitioned into a VC fund, now based in Latvia, with investment capacity ranging from early seed tickets to follow-on funding of up to €1.5 million.
“We see this commitment from LatBAN as a vote of confidence in our investment strategy and long-term vision. At Buildit, we focus on hardware, Industry 4.0, and deep tech – areas that require not only capital, but also patience and strong partnerships. Having experienced angel investors on board strengthens our ability to support ambitious founders and build globally competitive companies from Latvia and abroad,” says Matīss Neimanis, Partner at Buildit.
The fund operates with a sector-specific mandate, primarily targeting companies developing physical products, connected devices, and Industry 4.0 technologies. Buildit has supported over 100 startups selected from more than 3,500 applications across 18 batches and 18 countries. The team includes professionals with backgrounds in entrepreneurship, finance, engineering, and operations, offering sector knowledge and early-stage experience.
Buildit is part of a growing Baltic startup infrastructure and maintains close ties with both public and private stakeholders, including partnerships with local angel networks and development institutions.
Outlast Fund is a Baltic-based early-stage venture capital firm led by a team of founders and operators with backgrounds in the Nordic and Baltic startup ecosystems. The fund focuses on supporting mission-driven startups aiming to build companies with long-term resilience and impact, particularly those operating outside traditional venture capital circles.
“At Outlast Fund, we don’t just back founders — we back ecosystems. Partnering with LatBAN is our way of doubling down on the power of community. When we connect the right people, big things move faster — and that’s exactly the kind of momentum we’re here for,” states Marija Ručevska, GP at Outlast Fund.
Founded by individuals with prior experience at firms such as VNTRS, VEQ, Techstars, Startup Wise Guys, and Helve, Outlast combines financial investment with operational involvement. Its approach is hands-on, reflecting the partners’ belief that access to networks, know-how, and ongoing support are as crucial as capital in building sustainable ventures.
The fund actively seeks out founders from underrepresented or underserved regions and sectors, aiming to broaden participation in startup innovation across the Baltics and beyond. Outlast positions itself as an alternative to conventional VC by prioritizing overlooked opportunities and long-term value creation rather than short-term growth metrics.
The joint investment shows strong support for the continued growth of the Latvian startup ecosystem. By working together with local venture capital funds, LatBAN members are helping to build better cooperation between angel investors and professional fund managers.
“This is a meaningful milestone for the Latvian startup ecosystem. At LatBAN, we believe angel investors shouldn’t stand on the sidelines—we must actively shape the environment we invest in. By committing €500K into Buildit and Outlast Fund, our members are not just betting on two VC teams we respect — we’re investing in the next generation of Latvian innovation. We often talk about the disconnect between angels and VCs. This move is a step toward closing that gap. We believe in co-investment, shared learning, and joint responsibility to help early-stage founders go further, faster — with fewer mistakes along the way. Strong ecosystems are built on alignment. And alignment comes from skin in the game,” comments Ģirts Līcis, LatBAN Chairman and angel investor.
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Read the orginal article: https://arcticstartup.com/latban-invests-in-buildit-vc-outlast-fund/
