Riga- and Stockholm-based venture capital firm Outlast Fund has announced the close of its first fund at €21 million to invest in pre-seed and seed-stage startups across the Baltic and Nordic regions.
- Founded in 2024 by Egita Polanska, Marija Rucevska, Kristaps Prusis, and Mikaela Pedersen, the fund is designed to back both serial and first-time founders, particularly those with niche expertise and global ambitions.
- Outlast officially stepped out of stealth in December 2024 and has already begun deploying capital.
- Outlast Fund plans to make 30-40 investments, with around three-quarters of them in the Baltics. Initial pre-seed tickets will be up to €250,000, while seed rounds will go up to €1.5 million. While sector-agnostic, the fund will focus on areas such as B2B SaaS, fintech, digital health, and cybersecurity.
- The fund has already made five investments ahead of its close, including Latvian biometric authentication platform Handwave, an AI-powered SaaS for contact centres Convershake, and Norwegian MIA Health, a digital health companion using heart-rate data for cardiovascular fitness.
- Outlast Fund is backed by anchor LP ALTUM, Latvia’s state-owned development finance institution, alongside the European Regional Development Fund (ERAF), and a number of high-net-worth individuals and family funds.
- Notable investors include Davis Siksnans, CEO of Latvia’s first unicorn, Printful, Andrius Biceika, early Revolut operator and Supervisory Council member at Revolut Europe Holdings, and Gravity Team, a global algorithmic market maker.
