Latvia, a Baltic nation boasting a population of 1.9 million, is currently experiencing a surge in entrepreneurial activity, marked by the presence of over 500 active startups that collectively contribute to the nation’s dynamic landscape of innovation.
In 2022, Latvia marked a milestone in its entrepreneurial journey with three notable exits—Vendon, GetaPro, and Nordigen – indicating a maturation of the startup ecosystem. This Baltic country is also home to the unicorn Printful, alongside emerging soonicorns such as Lokalise and Aerones. Key sectors driving this innovation include fintech, medtech, health tech, mobile apps, deep tech, and AI.
Despite some challenges, the Latvian startup landscape continues to experience growth and innovation. Collaborating with public bodies and private stakeholders, the Ministry of Economics has introduced various programs and incentives to bolster support for startups. Noteworthy initiatives encompass enticing stock option policies for employees, the introduction of a startup visa offering temporary residence for up to five founders who are non-EU citizens, and the establishment of three public exploration funds specializing in hardware, software, and deep tech.
In this article, we shed light on 10 exceptionally promising Latvian startups, each contributing to the country’s evolving innovation landscape and exemplifying its continued efforts to carve out a distinctive niche in the global startup arena.
Hyperjob: Riga-based Hyperjob, founded in 2021, empowers recruiters to attract over six times more qualified candidates through innovative features like personalized vacancy pages, AI-driven candidate sourcing, and candidate subscriptions to talent pools. Hyperjob has raised €435k to help recruiters overcome the talent shortage by developing the next generation of hiring solutions.
inDemo: Riga-based inDemo provides an investment platform that connects small and medium-sized businesses with investors. They simplify the investment process and offer an efficient way for businesses to raise capital. currently operating in Spanish, German and Latvian markets, inDemo has secured €500k aiming to expand the platform’s reach and to develop new features.
Naco Technologies: Riga-based Naco Technologies offers an alternative to expensive noble materials in hydrogen production. They specialize in nano-coatings and new materials to enhance hydrogen system performance and reduce costs significantly. Founded in 2020, the company has raised €12.7 million, enabling immediate scaling of production without constraints related to materials or competition.
OX Drive: Riga-based OX Drive provides a car-sharing and extended rental service that delivers a premium lifestyle experience behind the wheel of a Tesla. The OX Drive app makes sustainable mobility easy and enjoyable, catering to both individual and B2B clients. Founded in 2022, the startup has raised €2.8 million to further its premium car-sharing service.
Roibox: Riga-based Roibox is a Software as a Service (SaaS) platform that specializes in utilizing location data. Their primary service involves conducting geo-diagnostics on marketing funnels, identifying discrepancies, and resolving them to improve advertising campaign performance by up to 30%. Founded in 2020 it has raised a total funding amount of €3 million.
Self Named: Riga-based Self Named allows anyone to easily start a skincare brand or enhance an existing one with premium beauty products. Self Named was developed as a more accessible and inclusive solution for small and mid-sized businesses in traditional private label industries. Founded in 2021, the company has received an investment injection of €350k.
Solert Games: Riga-based Solert Games is actively shaping the future landscape of Web3 gaming, emphasizing a strategic alignment with the emergence of blockchain gaming. Founded in 2021, they have raised €2.5 million to push the boundaries of innovation within the gaming sector, the studio is led by a seasoned team of game designers, accomplished blockchain executives, and adept digital marketers.
SpirulinaNord: Riga-based SpirulinaNord specializes in producing fresh and high-quality Spirulina using Nordic technology. Founded in 2019, they have raised €650k to create the most efficient and sustainable system for cultivating premium-quality Spirulina, while preventing environmental and microbial contamination.
Swotzy: Founded in 2022, Swotzy is a logistics startup on a mission to simplify and make last-mile delivery accessible to all businesses. The software allows businesses to save on shipping costs and benefit from valuable insights about delivery performance, and the best carrier setups. Swotzy has raised €590k to change last-mile delivery industry standards.
WeedBot: Riga-based Weedbot builds high-precision weeding solutions for environmentally friendly agriculture. Their automated system eliminates the need for manual labour while refraining from the use of chemicals or pesticides. Additionally, the system operates continuously, including during the night, providing uninterrupted efficiency. Founded in 2020, they have secured €765k.
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