BaltCap invests in Kool Latvija

The investment has been drawn from BaltCap Growth Fund, a vehicle targeting €50m that held a final close on €40m in June and makes initial investments of between €500,000-3m. It is the second investment from the fund.

Kool has attracted €7.5m equity funding since its launch and is backed by Latvian VC firm ZGI Capital, which drew equity from its €10m fund ZGI-3. Kool is also backed by high-net-worth individuals and no single shareholder has a majority.

The first goal for Kool is to secure its presence in Latvia, BaltCap partner Mārtiņš Jaunarājs told Unquote. Jaunarājs added that proof-of-concept has been achieved by the four existing stores and the medium-term goal over the next 12-18 months is to expand to 20 stations.

Company
Kool was launched by private investors in October 2016 and is headquartered in Riga. The strategy is to offer competitive fuel pricing and premium locally sourced food. The company currently employs approximately 40 people at its four petrol stations and one stand-alone store.

People
BaltCap – Mārtiņš Jaunarājs (partner).
Kool Latvija – Sandis Šteins (board member).

Advisers
Equity – Rödl & Partner (legal).
Company – Callidus Capital (corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• CEE
• Consumer
• Baltcap Management Ltd
• Latvia