The global funding shortage has not taken the wind out of Latvian startups' sails. While funding rounds are down compared to previous years, the startup scene remains both active and hopeful, as innovation and growth continue full speed ahead.

Funding & acquisitions

In Q1-Q3 of 2023, Latvian startups raised €18,204,971 across 13 investment deals. 

Taking the lion's share of the total raised is Naco Technologies – a Latvian startup that develops, manufactures, and supplies nano coating technologies to customers worldwide. The startup secured €10M, of which €2.3M came as a grant, from the European Innovation Council’s (EIC) EIC Accelerator programme. 

Monetizr and Trace.Space have likewise impressed with strong seven-figure rounds, raising €3.6M and €1.5M respectively. The latter's funding round was particularly noteworthy, as it was to date the largest pre-seed round in the Baltics. 

Q1-Q3, 2023, has also seen several high-profile acquisitions. Earlier this year, Draugiem Group companies Printful and Mapon expanded by acquiring Snow Commerce and CarCops, respectively. In July, the international mobility service provider Sixt acquired the local car subscription service Renti Plus. Finally, the end of Q3 saw Riga-based Roibox acquired by Italian business consulting and services firm Jakala.

Where to meet Latvian startups?

Q3 concluded with several event highlights, including Startup Day, TechBBQ, and TechChill Milano. In Q4, you can expect Latvian startups to continue their European tour and meet the cream of the crop face-to-face at the Latvia Fintech Forum in Riga, Websummit in Lisbon, and Slush in Helsinki.

Who's actively raising and how much are they looking for?

The Latvian startup scene offers lots of promising investment opportunities, as entrepreneurs have hunkered down and kicked their efforts into new gear amidst the rising competition for funding. 

Regardless of investor focus, the Latvian startup scene has something to offer for everyone – from mature Deeptech AR and AML management projects to high-potential nascent startups in the Medtech, Mobility, and Agritech sectors. 

Download this infographic for an easy overview of who is raising and how much.

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