Invego

What Invego does

Invego is a Baltic real estate developer founded in 2015 that designs, develops, and sells large-scale integrated residential neighbourhoods and commercial business districts across Estonia, Latvia, and Portugal. The group's product portfolio spans multi-family apartments, terraced and row houses (e.g., Mārupes Sirds, Parka Kvartāls, Uus-Järveküla, Silves Hills), and commercial quarters such as Krulli Park in Tallinn, with cumulative deliveries exceeding 1,500 homes and 150,000 m² of developed space and an additional ~500,000 m² in the active pipeline. Revenue is generated primarily through one-time property sales to individual buyers and enterprises, supplemented by public secured bond issuances on Nasdaq Baltic First North that have collectively raised €16 million across 2025 and 2026 from nearly 4,000 Baltic retail and institutional investors.

The group operates through 60+ legal entities and runs 30+ development projects concurrently, deliberately outsourcing construction and design to best-in-class specialist partners (NOBE for general contracting, Pillar Contractor and SIA EKOTEH BŪVE in Latvia, architecture firms including TECTUM, PIN Arhitektid, and Martin Aunin). Distribution combines a direct in-house sales team, third-party listings on Baltic real-estate portals (kv.ee), and public bond offerings via Nasdaq Tallinn, with co-investment partners such as EfTEN United Property Fund and EfTEN Special Opportunities Fund enabling larger joint ventures (e.g., the €50 million Mārupes Sirds and Uus-Järveküla projects). The company completed an IFRS-aligned corporate restructuring in 2025 and is led by founder and CEO Kristjan-Thor Vähi. Pricing on residential units starts at approximately €119,900 per apartment (Mārupes Sirds), while bond instruments carry an 11% (2025) or 9.5% (2026) annual coupon with quarterly payments and 4-year maturities, each oversubscribed between roughly 4x and 5x.

Invego's strategic positioning emphasizes integrated urban districts with green areas, sports and leisure zones, and A-class energy efficiency, supported by 5-year warranties and designs by award-winning architects. The company has accumulated eleven industry awards and recognitions in 2025 alone, including the Latvian Construction Award, the Golden Egg Award, and the Estonian Real Estate Achievement of the Year. Customer segments include individual home buyers, corporate commercial tenants (notably Wise at Krulli Park), retail bond investors, and institutional real-estate funds. Major financial partners include Coop Pank and LHV (subscription institution for the 2026 bond).

Name

Invego

Legal name

Invego OÜ

Website

https://invego.lv

Company type

Public

Founded year

2015

Operating status

Operating

Short description

Invego is a Baltic real estate developer founded in 2015 that builds and sells large-scale integrated residential neighbourhoods and commercial business districts across Estonia, Latvia, and Portugal, serving individual home buyers, corporate tenants, and public bond investors via Nasdaq Baltic First North.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Construction of Buildings (236), Commercial and Institutional Building Construction (23622), Offices of Real Estate Agents and Brokers (53121)

SIC

Operative Builders (1531), Land Subdividers & Developers (No Cemeteries) (6552), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

New Construction & Builder Sales (BPAJAAAB)

akta.pro secondary industry

Office & Corporate Building Construction (IMAFACAA)

Keywords

• Residential real estate development
• Commercial property development
• Urban district development
• Large-scale housing projects
• Integrated residential neighborhoods

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Property Development and Sales: Development and sale of residential homes, apartments, and commercial spaces. Revenue is generated through property sales to end buyers, with projects across Estonia, Latvia, and Portugal.
2. Bond Issuances: Public bond offerings to raise capital for development projects. Two successful issuances: 2025 (€8 million) and 2026 (€8 million) on Nasdaq Baltic First North, attracting over 1,900 investors each.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Invego is a real estate developer that creates large-scale residential neighborhoods and business districts across Estonia, Latvia, and Portugal. The company develops multi-family residential buildings, terraced and row houses, and commercial premises (offices, business quarters) through a partner-based construction model. It also issues publicly traded bonds on Nasdaq Baltic First North to finance its development pipeline.

Product overview

Invego operates as a next-generation real estate developer across three countries (Estonia, Latvia, Portugal), organized around two core product lines: (1) Residential Developments — multi-family buildings, terraced houses, and row houses for sale and rental, and (2) Commercial Premises — business quarters and office spaces. The company also offers bond investment products for investors. The residential portfolio spans Latvia (projects including Torņakalna Terases, Mārupes Sirds, Miera Rezidences, Vītolu Parks, Parka Kvartāls, Nordale, Skanstes Rezidences, Vide Ādaži), Estonia (Keila Pargikodud, Uus-Järveküla, Luccaranna, Verve, Tiskreoja), and Portugal (Silves Hills). Commercial focus is primarily Estonia with projects like Krulli Park business quarter, Telliskivi 51, Staapli 10, and others.

Differentiator

Problem solved

Functional benefit

Brands

• Invego x Art: Art initiative bringing young artists' work into Invego homes, promoting local art in residential projects across Latvia and Estonia.

Products and services

• Residential Developments (Dzīvojamās ēkas)
• Commercial Premises (Komercplatības)
• Invego Latvia OÜ Bond Issue 2025
• Invego Group OÜ Bond Issue 2026

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core, major and flagship.

• SIA EKOTEH BŪVEcoreStrategic or Co-development Partner · 18 June 2026Latvian construction company awarded €11 million contract for first phase of Mārupes Sirds residential development. Provides full-cycle general construction services in Latvia.
• Young Art Auction (Buy Young Art)coreGTM or Marketing Partner · 30 April 2026Partnership to promote young art in new homes across Estonia and Latvia. Invego x Art initiative brings local young artists' work into residential developments, differentiating Invego properties and supporting emerging artists.
• TGS BalticmajorImplementation/ SI/ Consulting Partner · 5 March 2026Legal counsel providing advice on bond issuances and corporate restructuring. Advisory services for public offerings on Nasdaq Baltic.
• Pillar ContractorcoreStrategic or Co-development Partner · 19 May 2025Construction company awarded €51.9 million contract for Vītolu Parks development in Riga. Major construction partnership for large-scale Latvian residential project.
• WiseflagshipOthers · 21 November 2023Global fintech company (10 million customers, London Stock Exchange listed) relocating 2,000 employees to Krulli Park business quarter. €75 million investment in Krulli Park development, with Wise occupying nearly 30,000 m² of renovated limestone industrial building.
• NOBEcoreStrategic or Co-development PartnerLeading Estonian construction company and long-term partner (approximately 15 years). General contractor for major projects including Uus-Järveküla, Keila Pargikodud, Verve, and Krulli Park business quarter.
• TECTUMcoreStrategic or Co-development PartnerArchitecture firm led by Uldis Bērziņš, responsible for design of Mārupes Sirds and Parka Kvartāls projects. Award-winning design partnership delivering high-quality residential architecture.
• PIN ArhitektidcoreStrategic or Co-development PartnerEstonian architecture firm responsible for Uus-Järveküla residential district design. Delivers thoughtful residential architecture integrated with surrounding nature.
• Martin AuninmajorStrategic or Co-development PartnerAward-winning architect responsible for Krulli Park second phase design. Known for distinctive architectural vision applied to complex urban development projects.
• ReterramajorStrategic or Co-development PartnerJoint venture partner for Parka Kvartāls pilot project in Latvia. Co-development of Skanstes Rezidences (€14 million project) in Riga.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• YIT: Finnish construction and real estate developer with residential operations across the Nordics, Baltics, and Central Europe. Comparable for residential development scale, multi-country presence, and integrated district approach.
• Skanska: Global construction and real estate developer with significant Nordic and European residential operations. Comparable as a large incumbent with similar large-scale mixed-use development capabilities across multiple geographies.
• Bonava: Nordic residential developer (formerly NCC Housing) listed on Nasdaq Stockholm, operating across Sweden, Germany, and the Baltics. Comparable as a larger, established regional player with similar integrated neighborhood development approach.

Direct peers

• Hepsor: Estonian residential real estate developer listed on Nasdaq Tallinn, focused on mid-rise residential and commercial projects in Estonia and Latvia. Directly comparable as a Baltic developer with overlapping geographies and similar end-buyer segments.
• Endover Kinnisvara: Estonian residential real estate developer focused on large-scale apartment buildings in Tallinn and Tartu. Comparable for direct residential development competition in the Estonian market and similar buyer demographic.
• Pro Kapital Grupp: Baltic real estate developer with premium residential and mixed-use projects in Tallinn, Riga, and Vilnius. Directly comparable for its Baltic geographic overlap and similar large-scale integrated neighborhood concept.
• Merko Ehitus: Estonian construction and real estate development group, listed on Nasdaq Tallinn, with significant residential and commercial development operations. Comparable as a publicly-listed Baltic developer with broader construction capability and similar customer base.
• Kapitel: Estonian real estate company focused on commercial and residential real estate development in the Baltics. Comparable for its mixed portfolio approach combining commercial premises with residential developments in Baltic markets.

Regional players

• EfTEN Real Estate Fund: Baltic real estate investment fund and Invego's co-investment partner on multiple Latvian projects including the €50M Mārupes Sirds development. Comparable for its Baltic real estate investment focus and provides market validation for Invego's projects.

Emerging players

• Domus Group (Latvia): Latvian residential real estate developer with projects in Riga. Comparable as a Baltic regional residential competitor targeting similar buyer segments in the Latvian market where Invego has its largest growth pipeline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61550805247223
• LinkedInlinkedin.com/company/invego
• Instagraminstagram.com/invego.latvia

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invego