ACCELERATION FUNDS
Complaints about “no-money-situation” are no longer legit! The money is there and it’s up for grabs.
In 2017, the government made a special EUR 15 million acceleration fund available through ALTUM (for the sake of convenience, we can call it “state development bank”), in hope to support Latvia-based early-stage startups. The fund was then equally divided between three professional fund managers who have their own startup focus and acceleration programme in place.
Rumour has it, this ball will keep rolling… More funds will become available for the startups soon – this time, for the growth stage. The logic is straightforward: once the acceleration period is over and the acceleration funds are absorbed, a larger infusion of funds will follow – to help startups scale up and go global.
ALTUM co-operational acceleration funds and Startup Wise Guys:
An Acceleration Programme with a focus on IoT and hardware startups from all over the world.
Key points*:
- within the industries of hardware, IoT, mobility, productivity, smart living, energy, health-tech, etc.;
- must have an MVP or working prototype;
- scalable business model for a growing market;
- a team of at least 2 individuals with relevant experience. If only one individual - should find a co-founder in the process;
Buildit offers an investment of:
- up to €50k at the pre-seed stage;
- up to €250k at the seed stage.
BuildIT also offers:
- Workspace in the city center;
- Accelerator program with world-class mentoring;
- Contacts with Asian & European manufacturers and investors.
Since 2020 BuildIT is EIT Manufacturing HUB in Latvia
*If you don't meet these precise requirements, but have a great product, Buildit invites you to apply anyway.
An Acceleration Programme with a focus on deep-tech startups.
Key points:
- the business idea should be science or technology based with novelty and clear origin from the IP ownership position;
- 6 month programme (entry and advanced level);
- must have an MVP or working prototype;
- scalable business model on the B2B market;
- a team of at least 2 individuals with relevant experience: one is an entrepreneur and the other is a technology developer;
- teams must live and work on the project in Riga, Latvia during the programme;
Commercialization Reactor Fund offers investment of:
- up to €50k at the pre-seed stage;
- up to €250k at the seed stage.
An Acceleration Programme with a focus on work environment efficiency and automation startups from Central and Eastern Europe that will work in the fields of environment efficiency and automation for B2B companies.
Key points:
- within the industries of artificial intelligence, machine learning, Internet of Things, blocks, extended and virtual realities, as well as other solutions for work and business efficiency. Focus on a smart workplace.
- 3 month programme;
- scalable business model on the B2B market;
- must have generated an initial market revenue.
Overkill Ventures offers investment of:
- up to €40k at the pre-seed stage;
- up to €250k at the seed stage.
The acceleration fund is operating in a collaboration with Lattelecom and Accelerace.
An Acceleration Programme with a focus on B2B SaaS, CyberNorth and Fintech startups.
Key points*:
- within the industries of B2B AgriTech, FoodTech, MedTech, EdTech, SexTech, Smart City, Mobility, Energy and supply Chain Startups
- 3 month programme;
- must have an MVP or working prototype;
- scalable business model with a potential of large market;
- a passionate and solid team;
- teams must live and work on the project in Riga, Latvia during the programme.
Startup Wise Guys offers investment of:
- up to €30k at the seed stage.
*Startup Wise Guys also offers 6-week Online Pre-Accelerator programme where they help early stage startups to build MVP, prepare the pitch and get into the right mind-set before the accelerator.
The acceleration fund in Latvia is operating in a collaboration with Swedbank.