It has been a busy two months since our last newsletter! During this time we held the BaltCap team strategy meeting, the investors’ meeting for BaltCap Funds, and saw numerous developments across our portfolio.
Our primary focus today is on creating value within our 37 portfolio companies. We are pleased to see these companies expanding and delivering best-in-class services and products. Whether it's developing modern facilities in elderly care, creating unique coworking centres, backing public transport growth in the Baltics, or facilitating world-class concerts featuring global stars like Justin Timberlake and Imagine Dragons, our portfolio is making a real impact.
Additionally, we have made significant strides in strengthening our organisational structure by reviewing roles and responsibilities, optimising the organisation for maximum efficiency.
As we move forward, we remain committed to supporting our portfolio companies in reaching their full potential, and delivering value across all sectors. We look forward to continuing on this path together, and sharing more success stories in the months to come.
Ege Metsandi
Chief Executive Officer
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Pihlakodu expands retirement home chain
Pihlakodu, the retirement home backed by BaltCap, opened an expansion project in its Viimsi retirement home facility. The newly built wing adds 34 highly sought single beds to the current Viimsi home. Now, the Pihlakodu chain provides 570 beds in Tallinn and the surrounding areas across four care homes. The fifth building is under construction in Tartu, and is scheduled to open in Q1 2025.
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Workland Flow Centre opened in Vilnius
The Flow Centre is a unique workspace of 2000 m2 adorned with artwork by a talented Lithuanian artist, Kristina Alijošiūtė, and hand-painted furniture. Located in a BREEAM-certified building powered by green energy, the new location fits well with Workland’s sustainability aspirations. The new centre adds 200 workspaces to the Workland office network, which now has 18 offices across the Baltics and Finland.
– Read more
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Alma Littera launched a new audiobook platform
Alma Littera, Lithuania’s largest integrated book publisher and retailer, has launched a new audiobook platform and mobile app. Backed by BaltCap, the move is designed to meet the diverse needs of its readers and attract more audiobook enthusiasts. Alma Littera’s new app aims to provide an extensive selection of audiobooks, offering greater convenience and accessibility to its customers.
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Vet Ventures expands and modernises its Estonian clinic
Tiina Toometi Kliinik, a subsidiary of Vet Ventures in Tallinn, Estonia, expanded and modernised its clinic with new purpose-built rooms designed to improve patient care. The updated facility allows the team to provide enhanced services, better cater to the needs of animal patients, and increase the capacity from four offices to six in total. The clinic is actively looking to expand into new services, such as dentistry, to offer a full-suite service.
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Ridango advances public transport in Vilnius
BaltCap-backed Ridango is upgrading the public transport system in Vilnius with cutting-edge technology. By today, modern payment systems have been installed in about 700 vehicles, including buses and trolleybuses. The most recent upgrade includes a tap-and-ride solution that allows passengers to use contactless bank cards and smart devices for their rides.
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HansaMatrix invests in automation and AI
BaltCap-backed HansaMatrix, the manufacturer of electronic systems and components, is driving sustainable growth through innovation and applying novel production practices. Recent investments include ASYMTEK coating system that delivers high-quality coating at exceptional speed and precision while minimizing harmful emissions. In addition, a new AOI System, powered by Artificial Intelligence was introduced to allow fast, programmer-independent automatic programming continuously improving solder joint inspections, minimizing false calls, and optimizing defect detection.
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Martin Kõdar at Impact Day sustainability festival
BaltCap was present at Impact Day—the largest sustainability festival in the Baltics and Nordics. Our partner, Martin Kõdar, joined a panel discussion on governance issues alongside Annika Vait from RASK Attorneys-at-Law, Olavi Lepp from Swedbank, and Katri Link from Tallink. The panel focused on the tangible benefits of governance and regulations for businesses.
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Kristjan Kalda on tech investments at Äripäev ICT Conference
BaltCap founding partner Kristjan Kalda opened up about BaltCap’s investments in the Fitek, Hansab, and Ridango technology companies, among others. He emphasised that BaltCap has always been keen to invest in technology, digital platforms, and automation, as these are key drivers of sustainable business growth, and the sector consistently yields attractive exits.
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Ege Metsandi joined Level 20
Ege followed her colleagues and joined Level 20, a global NGO uniting 5700+ women in the PE industry. “Level 20 aims to improve gender diversity in the PE sector through building professional networks for women in the industry. I strongly support this endeavour, and its main goal—20% of senior positions in the European PE industry should be held by women,” Ege explained.
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Marek-Andres Kauts receives Board Member Education Certificate
BaltCap Investment Director Marek-Andres Kauts completed the Baltic Institute of Corporate Governance’s international education programme for board members, receiving a Board Member Education Certificate. The program equips participants with knowledge on directing companies and enhancing their value, with experienced Scandinavian board members as lecturers being the programme’s backbone.
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BaltCap team strategy meeting in Jūrmala
The BaltCap team recently gathered in Jūrmala for a strategy meeting, where we explored key business opportunities and challenges. Alongside our discussions, we enjoyed fierce competition in various beach sports, celebrating teamwork and fun.
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25+ years
track record
120+
platform investments
30+
investment professionals
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€900m
capital raised to date
70+
exits
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