Latvian startup and VC Ecosystem overview — Vestbee report

There are more than 500 startups headquartered in Latvia. However, only 360+ of them are registered in the official database of the Latvian Startup Association. And the amount of VC funding provided to these companies is pretty low in comparison to the rest of Europe and other Baltic states. 

In the new research of the Baltic states, Vestbee makes an overview of the Latvian Startup and VC ecosystem from 2013 to 2023. AIN.Capital publishes key figures of the report.

Latvian startup ecosystem overview

• There are over 500 startups headquartered in Latvia.
• The Latvian startup ecosystem value is around €761.6 million.
• The country has only one unicorn — Printful, and three companies that are headed in that direction — Lokalise, Printify, and Aerones.
• Top sectors are fintech, mobile apps, health and medtech, deeptech, and AI.
• Early rounds with small capital amounts dominate in the country — 50% in the years 2013-2022 were below €100,000.
• There were three exits in 2022: Vendon, GetaPro, and Nordigen.

• Biggest round in 2023 is Naco, securing a €10 million ticket, and Mycabin, raising a €1.6 million funding round.

Latvian VC ecosystem overview

The most active foreign investors in Latvia are:

The most active local investors, angels, and accelerators are:

Other important organizations in Latvia are: LatBAN — angel network, and accelerators such as Buildit Accelerator, Commercialization Reactor, Prototech, Magnetic Latvia Pre-Incubation Program, and Startup Wise Guys.