"The network aims to not only help Latvian business representatives and private investors to direct their investments into promising startups but also to contribute their knowledge to the management of such companies," according to a release.
In Latvia, the network will be managed by Āris Brencis, who has previous experience in leading investor relations at tech and startup event TechChill and managing startup programs and accelerators at innovation management company Helve.
“While business angel networks are a known commodity in the Latvian startup ecosystem, we are introducing an innovation to the Latvian market - the country's first network of startup board members to help startups create strong governance structures that support their growth and expansion from the early days,” said Brencis.
The network helps startups to find suitable persons to fill positions both in corporate and advisory boards. According to Brencis, these boards will help shape the direction of startup companies and offer their expertise in making effective decisions.
After establishing the startup board member network in Lithuania, it quickly gained momentum and now has 92 members. The format has proven to be successful in Lithuania, where NGL has already placed 8 advisory board members into 4 startups and currently has more than 10 open positions.
According to the Latvian Startup Association “Startin.LV” startup report, Latvian startups are generating a total annual turnover of around €300 million. Additionally, the Ministry of Economy and Riga City Council is showing continued and growing support to the local startup ecosystem. NGL believes that entry of a new business angel and startup board member network into the market is a significant step in the further development of the ecosystem.
“With how quickly the local startup ecosystem is picking up speed and now having a local presence here, I'm convinced that it is just a matter of time before the first Latvian startups will join NGL's portfolio,” states Āris Brencis.
NGL was founded in April 2024 in Lithuania by Justinas Pasys (ex-managing director of LitBAN) and Ieva Dargyte-Pasiene as a family business. However, the company has already been leading angel syndicates for more than a year and half. Similar startup board member networks exist in Denmark and Switzerland.
