Latvian startup scene report: €92M of total investments in 2022

During the last three years, Latvian startup ecosystem went through a forced reboot. 2022 was a terrible year for the whole world, waking up slowly from the pandemic and being eviscerated by the devastating war in Ukraine. Latvian Startup Association Startin.LV has prepared the Latvian startup scene report for 2022. AIN.Capital shares the key points.

Latvian startup scene overview

  • According to Latvian startup database, there are 366 startups in the country. In 2022, they totally raised €92 million in investments.
  • Dominating startup technologies and verticals in Latvia are SaaS, fintech, deeptech, AI, Iot, Big Data, medtech, healthtech, e-commerce, HRtech, proptech, foodtech.
  • Among Latvian cities with the highest number of registered startups are Riga, Jurmala, Valmiera, Marupe, Liepaja.
Image: Startin.LV
  • Latvian startups employ 2 949 people. Most of the companies’ shareholders are Latvians, approximately 58%, mixed nationality shareholders are 23%, and only 19% are foreign shareholders. 62% of them are men, 10% — women, and 28% legal entity shareholders.

3 biggest deals closed by Latvian startups in 2022

  • Aerones, a developer of robotized solutions for wind turbine inspection and maintenance. Since its foundation in 2015, the company has provided services in 19 countries. In December 2022, Aerones has secured $38.9 million in a Series A round from undisclosed investors to accelerate the global scaling of its product.
  • Juro, a contract automation platform that allows executing and monitoring contracts from one unified workspace. Juro’s clients include several internationally known brands, such as Skyscanner. Recently, Juro has closed a $23 million Series B investment round for the US and European market expansion.
  • Giraffe360, the essential 3-in-1 virtual tour camera for real estate agents that creates HDR photography, virtual tours, and floor plans with 98% accuracy. The startup has raised $15 million in new funds, led by the pan-European early-stage VC Founders Fund. 

10 Latvian startups to watch in 2023

Startin.LV also prepares a list of 10 promising startups that achieved some significant milestones in 2022 – from winning global awards to participation in international pilot projects, and attracting investments. 

  • Copy Monkey, a platform that generates content for e-commerce based on AI or machine learning technology platform.
  • Lande, a crowdfunding platform that helps farms obtain capital using machinery, land, or future harvest as collateral.
  • Longenesis, an intuitive toolkit for data discovery and patient-centric engagement, with a focus on privacy and ethics.
  • Fermentful, fermented plant-based drinks to support your mental and physical well-being.
  • abillio, an online tool to support individual businesses, offering company-as-a-service.
  • BirgerMind, a non-invasive Brain-Computer Interface (BCI) enabling fully paralyzed patients to communicate independently.
  • BeeSage, a data-driven beekeeping for productivity and sustainability.
  • PrintOnPack, an online marketplace to find the most suitable flexible packaging provider.
  • Huntli, an all-in-one solution that helps fight financial fraud and stay up to date with day-to-day compliance.
  • Aimy, a personal AI assistant who ensures optimal staffing using artificial intelligence.