Velve Sia

What Velve Sia does

Velve SIA is a Latvian general contractor founded in 1992, headquartered in Riga with operational reach into the broader Baltic region. The company delivers building construction, reconstruction, renovation, and infrastructure services across public, institutional, commercial, healthcare, education, defense, and aviation end markets. Notable project categories include heritage and live-operations reconstruction (Latvian Saeima parliament building), university and hospital facilities, Riga International Airport works, military infrastructure for the National Armed Forces, and BREEAM-certified sustainable office developments (Verde, Novira Plaza). Recent activity extends into clean-mobility and renewable-energy infrastructure via joint ventures with Hydrogenis (hydrogen refueling station) and LAFIPA (biomass boiler house), and into Lithuania through construction of DEPO DIY stores in Kaunas.

Velve's service stack spans general contracting, reconstruction, and full-scope infrastructure delivery including water/wastewater, HVAC, and electrical systems, delivered through a network of design partners (Arhitektu birojs Nams, Krasts, Arhis, Ozola un Bula, BBS) and technical partners such as Moduls Engineering for building management systems. The firm holds ISO 9001 (quality), ISO 14001 (environmental), ISO 45001 (occupational health and safety), and ISO 50001 (energy management) certifications, which qualify it for EU-funded and public procurement tenders.

The business model is project-based revenue from fixed-price general construction contracts, primarily won through Latvian public procurement processes and direct commercial negotiations with private developers and institutional clients. The customer base is diversified across named public-sector, healthcare, education, retail, defense, and aviation counterparties. Velve is privately held with no disclosed parent company, no funding rounds, and no headcount or revenue disclosure in the available data.

Name

Velve Sia

Legal name

Velve SIA

Website

https://velve.lv

Company type

Private

Founded year

1992

Operating status

Operating

Short description

Velve SIA is a Riga-based Latvian general contractor founded in 1992 delivering building construction, reconstruction, renovation, and infrastructure services to public, institutional, healthcare, defense, and commercial clients across the Baltic region.

Ownership category

akta.pro rank

Product category

General Construction Services

NAICS

Commercial and Institutional Building Construction (23622), Nonresidential Building Construction (2362), Plumbing, Heating, and Air-Conditioning Contractors (238220)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), Heavy Construction Other Than Bldg Const - Contractors (1600), Operative Builders (1531)

akta.pro primary industry

Commercial General Contracting (New Build) (IMAFAAAA)

akta.pro secondary industries

Public Works General Contracting (IMAFAAAG), Healthcare Facility Construction (Hospitals, Clinics, Labs) (IMAFACAD), Desalination Plant Construction (IMAFAGAG), Plumbing & Pipefitting Contracting (IMAFALAC)

Keywords

• General construction services
• Building reconstruction renovation
• Civil engineering infrastructure
• Historical building restoration
• General contractor services

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Construction Services: Velve Sia generates revenue primarily as a general contractor (ģenerāluzņēmējs) and construction services provider on building and civil engineering projects. Revenue is project-based, derived from fixed-price construction contracts, design-build contracts, and construction management engagements with public and private clients. Projects range from small-scale renovations to large infrastructure projects with contract values in the millions of euros. The company also participates in joint ventures and partnerships (piensabiedrības) for major projects.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Velve SIA operates as a general contractor (ģenerāluzņēmējs) in Latvia, providing comprehensive building construction, reconstruction, renovation, and civil engineering services for public and private sector clients. The company delivers new construction, water supply and wastewater infrastructure, public buildings, office complexes, healthcare facilities, educational institutions, industrial facilities, and historical building restoration projects across the Baltic region.

Product overview

Velve Sia is a construction services company operating as a general contractor in Latvia, specializing in commercial, public, and infrastructure construction projects. The company provides comprehensive building construction services including new construction, reconstruction, renovation, and specialized engineering works. Velve's portfolio spans diverse project categories including office buildings, healthcare facilities, educational institutions, sports complexes, water and wastewater infrastructure, environmental treatment facilities, historical building restoration, and industrial facilities. The company serves clients across government, institutional, and private sectors, functioning primarily as a construction service provider rather than a technology product company.

Differentiator

Problem solved

Functional benefit

Products and services

• General Construction Contracting Services Full general contractor delivery for new building construction projects including office complexes, public buildings, industrial facilities, and commercial structures for government, institutional, and private developer clients in Latvia and the Baltic region.
• Building Reconstruction and Renovation Services Reconstruction, renovation, and modernization of existing buildings including facade renovation, energy-efficiency upgrades, and interior fit-out for public, commercial, institutional, and residential clients.
• Civil Engineering and Infrastructure Construction Construction of water supply systems, sewage networks, wastewater treatment plants, pumping stations, water pipelines, and other environmental and utility infrastructure for municipal and state clients.
• Historical Building Restoration Services Specialized restoration and reconstruction of historic and culturally significant buildings in Latvia, including heritage facades, parliamentary buildings, national cultural venues, and protected architectural landmarks.
• Design-Build and Construction Management Services

Named customers9 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

Eight partnerships are on record, tiered core and minor.

• Moduls EngineeringcoreTechnology or IntegrationModuls Engineering is an engineering communications company founded in 1994, specializing in building management systems (BMS), electrical supply and lighting solutions, and low-voltage network installation. Velve collaborates with Moduls Engineering as a general contractor partnership (piensabiedrība Velve – Moduls Engineering) on construction projects requiring specialized engineering systems, including joint project wins such as the Rīgas pilsētas 2. ģimnāzija reconstruction and Pamatskola 'Rīdze'.
• Arhitektu birojs 'Nams'coreStrategic or Co-development PartnerArhitektu birojs 'Nams' was founded in 1992 and provides complete project development services including architecture, construction project management, landscaping, road design, and territorial planning. The firm is a long-standing partner in Velve's project delivery ecosystem, providing architectural design services on joint construction projects.
• Arhitektu birojs 'Krasts'minorStrategic or Co-development PartnerArhitektu birojs 'Krasts' was established in 2004 and specializes in the design of public and engineering buildings. The firm serves as an architectural design partner for Velve's construction projects.
• Ozola un BulaminorStrategic or Co-development PartnerOzola & Bula Architecture Bureau was founded in 1998 and provides architectural services including architectural concepts, sketch projects, construction project development, construction project management (as general contractor), author supervision, and interior design. The firm collaborates with Velve on architectural aspects of construction projects.
• Projektēšanas birojs Arhis (Arhis)coreStrategic or Co-development PartnerProjektēšanas birojs ARHIS was founded in 1988 and specializes in construction project design including architecture, design, and engineering sections. The firm also performs author supervision during construction. Arhis is a long-standing design partner for Velve on construction projects.
• Būves un būvsistēmas (BBS)minorImplementation/ SI/ Consulting PartnerBBS (Inženieru birojs SIA 'Būves un būvsistēmas') offers project management, supervision, and consulting services for developers of new and reconstructed objects in the construction process. Services include technical and economic evaluation of construction concepts, design task preparation, technical project development process supervision, and technical project evaluation.
• Hydrogenis – Velve (PA 'HYDROGENIS – VELVE')coreStrategic or Co-development PartnerVelve partnered with SIA Hydrogenis in a joint partnership (PA 'HYDROGENIS – VELVE') to design and build Latvia's hydrogen refueling station at Vienības gatve 6, 12, Riga for client Rīgas Satiksme. This partnership combines Velve's construction expertise with Hydrogenis's hydrogen technology capabilities, representing an innovative infrastructure project.
• LAFIPA (AS LAFIPA)minorStrategic or Co-development PartnerAS LAFIPA served as the general contractor partnership (ģenerāluzņēmējs) on the biomass boiler house project at SC Daugavgrīva, where Velve participated as a partnership member alongside LAFIPA for construction works.

Scale indicators1 record

Recent moves6 records

Expansion highlights6 records

Regional players

• A.C.B. (Ainavu Celtniecības Biedrība): A.C.B. is a Latvian road and infrastructure construction company. While focused on transport infrastructure rather than building construction, it is comparable as a long-established Latvian contractor competing for similar EU-funded public tenders.

Broad incumbents

• NCC: NCC is a major Nordic construction and property development company with operations across the Baltic states. As a broad incumbent, it competes with Velve for larger infrastructure and commercial tenders in Latvia and Lithuania.
• Strabag SE: Strabag is a leading European-based construction group with active Baltic operations in building construction and civil engineering. Relevant as a broad incumbent likely to compete with Velve on large EU-funded infrastructure tenders in the region.
• YIT Group: YIT is a Finnish-based construction group with significant Baltic operations covering residential, commercial, and infrastructure projects. It is a broader incumbent competitor in the Baltic construction market, overlapping with Velve on commercial and public-sector tenders.

Direct peers

• Merks: Merks is one of Latvia's largest general contractors, delivering commercial, residential, and public-sector construction across the Baltics. It is the closest direct peer to Velve given similar scope (general contracting, public works, real estate development) and shared customer base in Latvia.
• Skonto Būve: Skonto Būve is a historically prominent Latvian general contractor known for large public infrastructure and commercial projects. Direct overlap with Velve in general contracting for government, infrastructure, and commercial clients in the Latvian market.
• RERE Grupa: RERE Grupa is a Latvian construction and development group active in general contracting, renovation, and energy-efficiency projects. Comparable to Velve as a similarly sized Latvian-headquartered general contractor serving public and private clients.
• LAFIPA: LAFIPA is a Latvian general contractor that has partnered with Velve on joint projects (e.g., biomass boiler house). Operates in the same building construction and infrastructure segments, making it a directly comparable peer in scale and capability.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Velve-937236843002846/?fref=ts
• LinkedInlinkedin.com/company/velvesia

Revenue estimate

Valuation estimate

Number of profiles

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 Velve Sia