Founded in 2006 at the height of the country’s economic boom by a quartet of twenty-something Latvian women united by a desire to create products that showcased the best of Latvia, Madara had a difficult gestation. As managing director Lotte Tisenkopfa relates, it soon became obvious that at a time when quick returns from property speculation and not long-term investment in an untried manufacturer were Latvian banks’ lending priorities, the company would have to look elsewhere for start-up capital. "We went to see a couple of banks...
