Baltcap and Enterprise Estonia : Your Taxpayer Money at WorkAccording to their website: "BaltCap is the leading dedicated private equity and venture capital investor in the Baltic States (Estonia, Latvia and Lithuania). We have worked in the Region since 1995."
The information on the European Venture Capital Association website shows that BaltCap manages over 100 million euros of investments (search for "BaltCap AS").
Indeed they have an impressive track history, with a number of investments in the Baltics, and 29 exits since they started (though only 4 since 2010, but an impressive feat nonetheless). The EU liked them so much that they've given them 44 million euros over the past few years to invest in the Baltics (see page 3).
So what do we have? Here's a venture capital company with plenty of funding, over 100 million euros under management, and a track record for success. What more could they want?
If you're a frequent reader of this blog, then you can guess the answer. They got money from Enterprise Estonia:
Over 136,000 euros for "export development." Does a venture capital fund with over 100 million euros under management really need government assistance? We don't think so.