2019
In the market for 6 years
10+
Years of experience in the the coffee industry
60'000
Kilogram monthly production capacity
210
Coffee solutions applied
Our high standards and clearly defined values permeate every process, shaping KALVE into what it is today. By creating coffee products and services with high added value, we demonstrate that we can both earn and improve the industry.
This is an opportunity for current and prospective KALVE clients and supporters to become co-owners of a responsible and transparent company, while simultaneously promoting positive changes in the coffee industry. As part of the Initial Public Offering (IPO), new shares will be issued and made available to all investors. An investor benefits program is also planned.
Steady Growth
Financial growth is one of the prerequisites for us to fulfill our mission of making high-quality services accessible to every coffee enthusiast. Each year, our company concludes with a profit, while our turnover grows by an average of 63% year-on-year, proving that we can both earn and improve the industry.
Positive Impact
We recognize that every service has an impact—from its creation to its use. Therefore, we create products and services that have a positive long-term effect.
Sustainable Environment
Sustainability is at the core of our operations. It is reflected not only in our processes, materials, and services but also in direct communication with suppliers and coffee growers. KALVE is also the only company in Latvia and the first in the Baltics to receive the “B-Corp” sustainability certification—the gold standard in ESG risk management.
Our Services
Coffee roasting
KALVE brand cafes / stores
Coffee machine rental and maintenance
Private label development
E-commerce
Our Growth
6
Years of active operation
617.5%
Turnover growth from 2019 to 2023
~2.5 million €
Turnover in 2023
6900kg
Coffee produced/sold per month
Collaboration partners
Executive Leadership
GATIS ZĒMANIS
Co-founder and CEO, Chairman of Management Board
Gatis Zēmanis is the co-founder, CEO, and Chairman of the Management Board of the Issuer, where he also serves as a Shareholder. With 15 years in the coffee industry, he is a passionate entrepreneur focused on sustainability and ethical practices. His company was founded with a vision to balance financial success with social values, aiming for a more ethical coffee industry. His background in coffee and hospitality helps him develop long-term strategy and build effective teams.
RAIMONDS SELGA
Co-founder and COO, Management Board Member
Raimonds Selga is the co-founder, COO, and Shareholder of the Issuer, with over ten years in the specialty coffee industry, overseeing all coffee operations. He is one of only four certified Q Arabica Graders in the Baltics and a World Coffee Championships judge, evaluating prestigious competitions and becoming the first representative from the Baltics. He leads the technical team managing coffee equipment brands.
JĀNIS VIESTURS ZĒGNERS
Chief Financial Officer (CFO), Management Board Member
Jānis Viesturs Zēgners brings 10 years of experience in corporate finance, specializing in financial analysis, modeling, reporting, and strategic insights. He serves as CFO at a Danish wave energy startup through his advisory firm and consults startups and SMEs on financial planning and strategy. He holds a master’s degree in Management Science from Vrije Universiteit Brussels.
Supervisory Board
RŪDOLFS STRĒLIS
Chairperson of Supervisory Board
Rūdolfs Strēlis serves as Chairperson of the Supervisory Board of the Issuer, bringing expertise in service design from major organizations like Tiffany’s and If Insurance. He holds a master’s degree in design management from Pratt Institute and co-founded the design studio Hint, leading strategy and specializing in turning ideas into testable prototypes.
JUSTĪNE LĪBA ELFERTE
Deputy Chairperson of Supervisory Board
Justīne Lība Elferte is the Deputy Chairperson of the Supervisory Board, with over 10 years of strategic management experience in multiple sectors. Holding an LLM in international law and PMI certification, she has expertise in strategic planning, stakeholder management, and fundraising, raising over 3 million euros in funding. She currently heads operations at Longenesis, a Latvian HealthTech startup.
JĀNIS ANDERSONS
Supervisory Board Member
Jānis Andersons is a Supervisory Board Member, co-founder, and Shareholder specializing in graphic and interior design. As a brand author, he creates engaging designs through his studio Field, developing the Issuer’s Kalve Coffee brand and others like Etide Botanicals and Valmiermuižas Alus. His work in graphic identity and design has gained recognition in Latvia and internationally.
Frequently Asked Questions
How to invest?
Open an investment account
Transfer the desired investment amount to the account.
- Share transactions do not take place from your private account, so please make the payment to the investment account in a timely manner.
Purchase the desired amount of shares. To follow the stock price and actual business data please visit our Stock info section or Nasdaq website.
In Swedbank, search for “Kalve Coffee akciju emisija” in the “Savings and Investments” section, under “Corporate Actions and Offers.”
In SEB Bank, go to the “Shares and Exchange-Traded Funds” section and search for “AS Kalve Coffee IPO.”
In Luminor Bank, search for “Kalve Coffee” in the common list of shares on Luminor Bank’s investor platform.
In Citadele Bank, navigate to the “Investments” section and submit an order with the desired number of shares.
Stock details:
* Stock symbol: KALVEIPO
* Name of the issuer: AS Kalve Coffee
* ISIN code: LV0000102234
* Type of order: MKT – Market
* Currency: Euro
* Exchange name: Nasdaq Riga, AS
About shares
Who can invest?
- All investors – existing and prospective clients and KALVE supporters – will have the opportunity to become co-owners of the company.
Where KALVE shares are listed?
KALVE shares are listed on the Nasdaq Riga First North market.
Will KALVE pay dividends?
Read more in our – Dividends Policy
Do we offer shareholders loyalty program?
Yes, we have an amazing loyalty program. Read more about it here .
Why has the company chosen to go public?
One of KALVE’s core values is accessibility, which includes product, financial, and environmental accessibility. The foundation of any business is the ability to maintain a healthy cash flow. Implementing the IPO is a step closer to making KALVE more accessible to everyone who enjoys coffee.
About the company
Who are the current shareholders?
- AS Kalve Coffee beneficial owners are – Gatis Zēmanis, Raimonds Selga, SIA FINST, Jānis Andersons and Anna Bertāne.
How does KALVE differ from other industry companies?
To address the lack of accessibility in Latvia’s “specialty” or high-quality coffee market, KALVE has developed in various directions, providing significant competitive advantages. A major growth milestone was the creation of the largest specialty coffee roastery in the Baltics, located in Jaunmārupe, with a total area of 700 square meters. This allows the company not only to produce its roasted coffee but also to sell it, contributing significantly to the overall turnover of coffee shops – about 30%. This distinguishes KALVE from competitors, as it offers a diverse range of products to satisfy any coffee lover, thus fulfilling the company’s mission.
KALVE is also the only company in Latvia and the first in the Baltics to receive the “B-Corp” sustainability certification – the gold standard in ESG risk management. This reflects the desire to provide high-value coffee while creating a positive impact locally and globally.
How does the company ensure sustainable operations?
Sustainability is the foundation of KALVE’s entire business process, from packaging to personal, lasting cooperation with coffee bean growers. Last year, KALVE became the first company in Latvia to receive the “B Corp” sustainability certification – the gold standard in ESG risk management. To become a certified “B Corp” company, each business must demonstrate a very high social and “B Impact Assessment” score of at least 80 points. The average score for companies completing the “B Corp” application is 50.9 points, while KALVE scored 91.8 points.
KALVE has also proven that the company’s approach to sustainability can help overcome challenges more easily. For example, by creating sustainable partnerships with green coffee suppliers, the company has not faced supply chain disruptions, a significant risk in today’s geopolitical and climate conditions.
More about how KALVE implements sustainable business practices can be read in the activity report: https://kalvecoffee.com/pages/performance-report
What are KALVE's latest financial results?
Last year showed the most successful results to date, with the company’s turnover in 2023 reaching 2.49 million euros, a 38% increase compared to 2022, and profits reached 53 thousand euros. Since the company’s establishment in 2019, our turnover growth until 2023 has been 617.5%. We have ensured stable growth, one of KALVE’s values, proving that we can both earn and improve the industry by adhering strictly to quality and sustainable actions in the company’s daily operations.
A detailed financial report can be found in the activity report:
How will KALVE use the raised capital?
The IPO is a step closer to making KALVE more accessible to every coffee lover. The raised funds are primarily planned for developing KALVE brand cafes in the Baltics and other EU countries. In 2025, the company plans to open six KALVE cafes in the Baltic states, and in 2026 – the first cafes outside the Baltics.
The funds are also intended for improving and expanding production processes, purchasing equipment, and expanding the coffee machine supplier portfolio, which will allow a more effective and competitive market offering. This will ensure that all necessary technical equipment is available to cover any concept in the business segment – from gas stations and hotels to small offices.
What are KALVE's strategic goals?
In 2025, the company plans to open its first KALVE cafes in the Baltic states, and in 2026 – the first cafes outside the Baltics. A new concept cafe in the heart of Riga, a “living room” that can accommodate up to 70 people, is also being developed, further opening doors to local communities.
Considering that the online store’s turnover accounts for about 3.5% of the total turnover, to make it even more versatile, KALVE is developing a subscription platform for both private and business clients. The platform aims to meet the growing demand for flexible and convenient coffee purchasing options for those whose daily coffee consumption is not large enough to buy in bulk.
Where can investors get the latest information about KALVE news and results?
To receive the latest information about KALVE news and results, we invite you to subscribe to our updates on our website https://ipo.kalvecoffee.com. We also invite you to follow KALVE’s social media accounts on LinkedIn, Facebook, and Instagram.
What is "B Corp"?
The non-profit organization “B Lab” certifies companies as “Benefit Corporations” or “B Corp.” This certification is unique in that it considers the company as a whole, including social and environmental aspects.
Companies that pass the stringent evaluation criteria are considered business leaders in the global movement for inclusive, fair, and responsible business. “B Corp” includes the gold standards that KALVE Coffee has adhered to since its inception, never straying from its values.
In 2023, KALVE became the first company in Latvia to receive the “B Corp” sustainability certification – the gold standard in ESG risk management. To become a certified “B Corp” company, each business must demonstrate a very high social and “B Impact Assessment” score of at least 80 points. The average score for companies completing the “B Corp” application is 50.9 points, while KALVE scored 91.8 points.
More about KALVE’s journey to “B Corp” can be read here.
About the industry
What does "specialty" coffee mean?
- “Specialty” coffee is the highest quality coffee. Coffee is rated on a 100-point scale, with “specialty” coffee starting from 80 points and above. We purchase coffee that is rated 82+ points to ensure excellent quality.
What is the growth potential of the coffee industry?
Global coffee demand is rapidly increasing, and the “specialty” coffee segment is growing rapidly. It is expected that the growth rate will be higher in the specialty coffee segment, as customers prefer high-quality coffee with high added value. This segment is growing particularly fast in the US and European countries.
KALVE is also growing – last year, the company sold 71,6 tons of coffee, a 15% increase compared to 2022. The growing demand opens opportunities for the company to expand its geographical presence, offer increasingly diverse coffee solutions, and increase roasting capacity.
How do climate changes affect the coffee industry?
Climate change undoubtedly affects the coffee industry. For example, three years ago, Brazil, the world’s largest coffee bean producer, accounting for about 35% of the world’s coffee export, was hit by frost, resulting in a 35% loss of the total harvest and a threefold increase in market prices.
However, as KALVE grows larger, it can create a more significant positive impact in coffee-growing countries like Brazil, with which KALVE has established reliable and long-term cooperation with growers.
