Some of the loudest recent news in the Latvian startup ecosystem was Adventum Tech being crowned 2023 champion of TechChill’s 50 Founders Battle pitch competition. They received 11k EUR no-strings-attached prize from the Latvian startup ecosystem, 50k EUR investment from Buildit Accelerator, 2500 EUR worth of legal consultations from Sorainen, and 5000 EUR worth of prizes from McCANN Riga.
Adventum Tech develops hardware and software for construction, manufacturing, mobility and energy sectors - offering construction process automation and safety. The startup is in the final stretch of finalizing the patent of their technologies.
As a result of TechChill popularity, a number of investors have already approached Adventum Tech and investment discussions are ongoing. They are expecting to finalize an investment round by the end of 2023. Whether by chance or also through TechChill boost, the number of active projects and large clients for Adventum Tech has significantly grown over the past two months.
The equity-free money prize was the main goal and is already being invested into new product research and development. Main of which is a complex and innovative construction site sensor, which is aimed at regions with high seismic activity, and will have its first pilot projects going by the end of 2023. As of now, Adventum Tech has 4 sensor types, 4 sensor systems, and 4 more projects in R&D. To prototype these sensors, the startup has been working together with Riga Technical University.
To support all this growth, Adventum Tech is carefully growing their team – from 4 to 6 since the end of TechChill, with more to come. The startup takes this process very seriously – each new member is a partner, who needs to be self-driven and with a solid role within the team that operates on a round table principle.
Adventum Tech has been part of LIAA incubator since 2020, and has been using vouchers, grants (for example – they are still part of the first PROTOTECH batch) and trade mission support. The next big event for them is the Collision conference in Canada, where Adventum Tech will be part of Latvia's national stand. There they hope to gain new ideas and see where the field of AI is moving.
Latvian entertainment startup, MatchdayPass, has recently launched their new web platform which offers a one-of-a-kind opportunity to delve into the backstage world of football matches. What sets MatchdayPass apart is that its founders hail from the football industry itself. Drawing upon their deep-rooted connections and insider knowledge, they have created an unparalleled experience for football enthusiasts.
You will have the opportunity to meet players before the match, explore the dressing rooms, and experience the thrill of the pitch and team benches together with experts who will give you exclusive background knowledge. On top of that, you may have a separate lounge during the match, and the networking program can be tailored according to your needs.
For those currently in the midst of brainstorming the perfect location for their next corporate event or seeking an extraordinary networking opportunity, MatchdayPass presents an excellent option. It offers a unique and unforgettable experience that can elevate any gathering or business connection.
The founders of MatchdayPass are eager to test the platform's performance during the summer months when people are more inclined to enjoy football games.
The concept for Swotzy – one of the recent new but swiftly rising Latvian startups – originated from founder Lauris Rutkis, during his tenure as the Head of Logistics Development and Partnerships at Printful. Rutkis faced the challenges of managing relationships with over 15 courier companies worldwide, leading him to envision a simpler and more efficient delivery solution. Helping him are former employees from top Latvian startup companies, namely Printful, Nordigen, and Longenesis. Leveraging their expertise and experiences, the team aims to create a platform where users can choose the courier delivery service most suited to their needs - cheaper, faster and more sustainable.
Currently, Swotzy is in its early stages of development, with the team diligently finalizing the minimum viable product. Swotzy's ambitious plans involve entering the Latvian market in May, followed closely by expansion into Lithuania and Estonia. This strategic approach will allow the startup to capture a broader user base and establish a strong foothold in the Baltic region.
Swotzy has recently secured €90,000 in funding from Firstpick, a prominent accelerator and venture capital fund based in Lithuania. The team stumbled upon the opportunity to collaborate with the Firstpick accelerator at the Latvian Startup Association's Startin.LV event Startup V-day: Speed-dating with VCs.
Printify, the Latvian print-on-demand startup, has made an important announcement regarding its leadership. The current CFO, Anastasija Oļeiņika, will assume the role of co-CEO alongside founder James Berdigans. This arrangement will be in effect for the next few months as they work closely together. Eventually, by the end of 2023, Oļeiņika will transition to become the sole CEO, while Berdigans will transition to the position of Executive Chairman, focusing on shaping the company's strategic direction. Additionally, he has shown interest in fostering the startup ecosystem and new talents.
Oļeiņika has a wealth of experience as a tech executive, having spent more than six years in leadership positions, notably leading the Latvian investment platform startup Twino. Her new responsibilities will involve taking Printify to new heights and driving its growth.
In another significant move, Scott Richardson, a seasoned eCommerce veteran with over a decade of experience at Amazon, will join Printify as the COO. In addition to his existing role in the Supply division of the business, Richardson will also oversee Printify's Legal and HR teams, further strengthening the company's operational capabilities.
Prime Prometics, a Latvian e-commerce startup catering to mature women with their range of makeup and skincare products, is experiencing rapid growth. The company has assembled a team of over 20 e-commerce experts, fueling their upward trajectory in the industry.
Impressively, Prime Prometics achieved a remarkable revenue increase of 125% during its first two operating years, spanning from 2021 to 2022. Their revenue surpassed EUR 6.71 million, showcasing the strong demand for their products.
Adding to their accomplishments, Prime Prometics has become the latest addition to the famous Draugiem Group. In 2022, Draugiem Capital, a subsidiary of Draugiem Group, invested EUR 1.14 million in Prime Prometics, securing a minority share in the company. Leveraging the expertise and resources brought in by Draugiem Group, Prime Prometics made a strategic move by launching an Amazon store to expand their sales in the global market.
Following Draugiem Capital's investment, Prime Prometics has been actively forming a management team based in Latvia, with plans to keep expanding it. While the majority of their customers are currently based in the United States, accounting for over 60% of their total revenue, Prime Prometics has set its sights on European expansion. Recently, they launched a localized online store specifically tailored to meet the needs of people in Germany.
This publication is prepared by Latvian Startup Association Startin.LV and supported by the Investment and Development Agency of Latvia and the European Regional Development Fund.