Bridging Angels and VCs: How LatBAN Boosts the Latvian Ecosystem Through Investing in Buildit VC and Outlast Fund

• LatBAN’s angels commit EUR 500K via syndicate investment into Buildit VC and Outlast Fund.
• Buildit VC targets hardware, IoT, ClimateTech, while Outlast backs community-driven SaaS and digital startups
• Such partnerships bridge angels and VCs, strengthening Latvia’s innovation ecosystem and deal pipeline

This July, LatBAN (Latvian Business Angel Network) committed EUR 500K as a syndicate investment to two Latvian VC funds. They are Buildit VC and Outlast Fund.

LatBAN’s Active Investor Network

Initially and essentially, LatBAN is a non-profit organization with the task of creating a private investor community in Latvia in order to connect them with the startup environment. Investing as such is not done by this organization.

However, thanks to the activity of board members, starting last year, syndicate investments became relevant. ASP Asset Management is an alternative investments fund (registered with the Central Bank of Latvia) that is operated by two of LatBAN board members. With their help, LatBAN can offer syndicate investment opportunities for our members more actively.

‘Our approach is very simple: every startup that we see relevant during the screening phase, we invite to take part in one of our events in order to present itself and meet investors face-to-face. Afterwards, we vote to identify member interests in the particular startups. If we see interest from several members in one startup, we know there’s a potential for a syndicate investment and our two board members begin the due diligence process to present an investment opinion back to the community. When less than several members are interested in a startup, we encourage them to approach the founders directly and discuss investment possibilities,’ LatBAN’s managing director Emils Kragis explains.

Closing the Gap Between Angels and VCs

‘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. By committing EUR 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,’ LatBAN’s chairman and angel investor Ģirts Līcis comments.

Investing via VC funds offers apparent benefits to LatBAN members. While direct angel deals give members the control of investing in a single startup, VC fund investments offer diversification and portfolio management. This is especially attractive for members who may not have the opportunity to assess dozens of early-stage companies personally.

Member investments into Outlast Fund and BuildIt VC were strategically positioned. These two new VC funds from Latvia can provide new dealflow for LatBAN itself as there is potential for co-investments for angels into startups whose round might not be filled by the VC funds themselves. Investments in these funds generally offer collaboration possibilities in the long term.

According to Mr Kragis, when evaluating funds, LatBAN looked closely at:

• Team track record and sector expertise;
• Fund thesis and alignment with LatBAN member interests;
• Past performance and pipeline quality.

‘With Buildit VC, we gain deeper access to hardware, IoT, and ClimateTech opportunities across the Baltics and Nordics. With Outlast Fund, we’re tapping into founder-led, early-growth SaaS and digital business models with global scaling potential. They represent two different approaches and sectors, thus we at LatBAN gain a broad oversight of potential startup investments in the region,’ Mr Kragis comments.

A Closer Look at the Funds Involved

For Outlast Fund, a strong community of angel investors that LatBAN brings means that the Outlast team can design its fund with more room for co-investment, shared learning, and shared responsibility. Instead of backing companies in an isolated manner, it builds structures that let angels and funds work together and provide founders with more comprehensive and well-rounded assistance.

Outlast Fund envisions its mission in supporting community-driven startups. For this team, a ‘community-driven’ venture is when its growth depends on real engagement and trust with its users or stakeholders, not just a product roadmap, and founders treat their communities as partners, not customers. What makes such startups stand out is that they measure success in adoption, trust, and impact alongside revenue, which creates longer-lasting value.

‘We look for founders whose mission shows up in their choices, not just their pitch decks. That means checking how they involve their community, how they build partnerships, and how their product solves a real problem. We validate by talking to users, looking at early pilots, and watching how teams respond to feedback,’ Outlast Fund’s general partner Egita Polanska tells ITKeyMedia.

‘Our job doesn’t stop at the wire transfer. We plug founders into networks of angels, mentors, and peers; we help them measure and grow their impact; and we create space for shared learning across the portfolio. We see ourselves as ecosystem builders, so our support includes everything from operational guidance to follow-on fundraising, all the way to connecting founders with the right partners in their community at the right time,’ the fund’s co-founder and general partner Marija Rucevska adds.

According to her, LatBAN’s network empowers Outlast Fund with extended reach into the less obvious corners of the startup ecosystem—smaller communities, emerging founders, or people building outside of the usual tech hubs.

Buildit VC, in turn, sees this commitment from LatBAN as a vote of confidence in this fund’s 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,’ Buildit VC’s partner Matīss Neimanis states.

Long-Term Impact of Building Bridges

All three parties agree that such deals help build invaluable bridges between angel investors and VCs. In the long term, this is poised to lead to more quality deals, more exits, and a stronger reputation for Latvia as a serious early-stage investment hub. Investment activity by angel investors themselves also shows strength and belief in the ecosystem.

‘In the future, we envision ourselves as an exemplary channel for more business owners, entrepreneurs and investors to get involved within the Latvian VC/startup sector. We wish to become the first point of contact and funding for new founders in the long run,’ Mr Kragis concludes.

Such collaboration between VC funds and angel investors marks a turning point for Latvia’s startup ecosystem, fostering a more connected and resilient investment landscape. The alignment of the speed and flexibility of angels with the structure and resources of venture capital enables Latvian founders not only with capital but also with layered expertise and support. In the long run, such cooperation strengthens early-stage innovation in the country and contributes to creating a sustainable pipeline of globally competitive companies.