FlyCap

FlyCap operates as a specialized private equity fund focused on delivering growth capital to small and medium-sized enterprises across Latvia and broader European markets. The firm employs a flexible investment approach, utilizing both equity stakes and mezzanine financing structures to support promising companies with expansion potential. This dual-instrument strategy allows FlyCap to tailor its capital solutions to the specific needs of portfolio companies, providing financial resources while optimizing ownership structures.

The investment firm's portfolio is managed through two distinct funds with different lifecycle stages. Their inaugural vehicle, FlyCap Investment Fund I, was established in August 2013 with a total capitalization of 15.75 million euros. This fund has completed its active investment period and now focuses on managing and developing its existing portfolio companies toward successful exits. The fund's investments have primarily targeted Latvian SMEs with demonstrated growth trajectories and expansion capabilities.

In September 2019, the firm launched FlyCap Mezzanine Fund II, which remains actively seeking new investment opportunities. This second fund continues the firm's commitment to the SME sector while placing greater emphasis on mezzanine financing instruments, which provide debt capital that gives the lender rights to convert to an ownership interest under specific conditions. This approach offers portfolio companies a less dilutive financing option compared to traditional equity while still providing FlyCap with potential upside participation.

As a regional investment player, FlyCap has established itself as an important capital provider in the Baltic financial ecosystem, particularly for companies that fall between early-stage venture funding and larger private equity transactions. The firm typically targets companies with proven business models, established revenue streams, and clear paths to increased market share or geographic expansion. FlyCap's investment strategy emphasizes sectors with strong growth fundamentals in the Baltic and European markets, including technology, manufacturing, consumer goods, and specialized services that demonstrate competitive advantages and scalability potential.