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The startup scene across Latvia
Where startups are forming across Latvia: the cities, accelerators and investors, and how you get close to them.
The ecosystem
LIAA, relaying Startin.LV’s annual study, reported 569 startups operating in Latvia at the end of 2025 and €610.5 million in startup turnover in 2024, up 15% from 2023. Fourteen companies each recorded more than €10 million in turnover and accounted for 62% of the 2024 total.
WIPO’s Global Innovation Index ranked Latvia 41st among economies in 2025, with a confidence interval of 37–44; its input and output ranks were 39th and 44th. The European Commission’s 2024 European Innovation Scoreboard classified Latvia as an Emerging Innovator, at 53.6% of the EU average. These are distinct benchmarks.
Sectors and strengths
Startin.LV’s 2024 database, as reported by LIAA, counted 312 software startups among 512 identified startups. Fintech was the largest startup sector, AI had the fastest-growing startup count in 2024, and the 2025 annual-study summary attributed 26% of the ecosystem to deep-tech startups.
As of . Official information. Source: Startups in Latvia continue to grow and become an increasingly important economic driver; Iznāk Latvijas jaunuzņēmumu ekosistēmas atskats 2024
Notable companies
Aerones reported a $62 million financing round in 2025, co-led by Activate Capital and S2G Investments. Its company release identifies Riga, Latvia as its EU headquarters; the reviewed claims do not establish its founding location or overall headquarters.
As of . Official information. Source: Aerones Secures $62M in Oversubscribed Financing Round
LIAA reported that the French Armed Forces selected Origin Robotics’ Latvia-developed BLAZE system in 2026; Tech.eu reported €8.5 million in funding for Origin Robotics in 2024. The reviewed claims do not establish the company’s founding location or current headquarters.
As of . Official information. Source: Latvian defense technology companies in Paris are strengthening their path to export markets; Latvia: A startup-friendly tech ecosystem
LIAA describes SUBmerge Baltic as founded within the Riga Technical University community, operating since 2022, and testing and implementing solutions with first clients. These claims do not establish its current headquarters.
As of . Official information. Source: Latvian start-up developing underwater drones for protecting critical infrastructure
Tech.eu reported that Mintos raised €3.1 million through crowdfunding in 2024 and Jeff App raised $2 million in funding that year. The reviewed claims do not establish either company’s founding location or current headquarters.
As of . Official information. Source: Latvia: A startup-friendly tech ecosystem
Capital providers
FIRSTPICK and Practica Capital estimated that Latvian startups raised €76 million in 2025. Their report described funding as concentrated in fewer rounds, late-stage funding as limited and episodic, and its data as not capturing all funding activity.
As of . Official information. Source: Baltic Startup Funding Report: A view on the Baltic startup ecosystem in 2025
The Ministry of Economics reported €62 million in early-stage funds and a €41.3 million Flycap vehicle announcement in 2026. The reviewed claims do not specify the Flycap vehicle’s investment terms or stage focus.
As of . Official information. Source: Latvijā jaunuzņēmumiem pieejamas vairāk nekā 60 miljonu eiro investīcijas agrīnās stadijas attīstībai
For founders
Reported startup activity includes software, fintech, AI and deep tech, and SUBmerge Baltic’s profile describes a path from the Riga Technical University community to testing with first clients. FIRSTPICK and Practica Capital describe late-stage funding as limited and episodic, a consideration for founders assessing later financing needs.
As of . Official information. Source: Startups in Latvia continue to grow and become an increasingly important economic driver; Iznāk Latvijas jaunuzņēmumu ekosistēmas atskats 2024; Baltic Startup Funding Report: A view on the Baltic startup ecosystem in 2025; Latvian start-up developing underwater drones for protecting critical infrastructure
For investors
LIAA’s summary reports €610.5 million in startup turnover in 2024, with 62% attributed to 14 companies each exceeding €10 million in turnover. FIRSTPICK and Practica Capital describe 2025 funding as concentrated in fewer rounds and late-stage financing as limited and episodic; they also note that their data do not capture all funding activity.
As of . Official information. Source: Startups in Latvia continue to grow and become an increasingly important economic driver; Baltic Startup Funding Report: A view on the Baltic startup ecosystem in 2025
Constraints and recent changes
Startin.LV’s database count was 512 in 2024, while LIAA’s summary reported 569 startups at the end of 2025; these figures refer to different reporting periods. The 2025 funding report notes that its data do not capture all funding activity, and the 2024 turnover total was concentrated among 14 companies.
As of . Official information. Source: Startups in Latvia continue to grow and become an increasingly important economic driver; Iznāk Latvijas jaunuzņēmumu ekosistēmas atskats 2024; Baltic Startup Funding Report: A view on the Baltic startup ecosystem in 2025
Startup ecosystem standing
Where Latvia ranks
| Ranking | Edition | Position | Since last edition | Trust | What it measures |
|---|---|---|---|---|---|
 Doing Business (Ease of Doing Business ranking) | Doing Business 2020 | #19 | No change | B | Business Climate |
 IMD World Competitiveness Ranking | 2026 | #35 | Up 10 | B | Competitiveness, Business Climate, Performance |
 Global Innovation Index | 2025 | #41 | Up 1 | A | Innovation, Competitiveness, Research, Talent |
 Bloomberg Innovation Index | 2019 | #42 | Down 1 | B | Innovation, Research |
 Global Startup Ecosystem Index (countries) | 2025 | #49 | No prior edition | B | Ecosystem, Activity, Finance, Business Climate |
| Business Ready (B-READY) | B-READY 2025 | Listed | No prior edition | C | Business Climate |
34 organizations with a profile
Who's based in Latvia
Investors 21
Investor
InvestorEmpowering bold founders in CEE with global ambitions.
InvestorConnecting angel investors with promising startups.
The 3 most prominent of 21. Browse all investors
Accelerators 6
AcceleratorNurturing technology-based startup ideas in Latvia.
AcceleratorPromoting digital transformation in Latvia
AcceleratorEmpowering tech innovations in the Baltic region.
The 3 most prominent of 6. Browse all accelerators
Incubators 5
IncubatorPromoting business development in Kurzeme.
IncubatorSupporting green industry innovation.
IncubatorSupporting new businesses to thrive.
The 3 most prominent of 5. Browse all incubators
Venture studios 2
Venture studioTransforming science into successful ventures.
Venture studioBuilding the future of healthtech.
Pick what describes you
Your way in
Raising in Latvia
Investors based here, and the programs that take teams at your stage.
Get investor introsFinding startups in Latvia
Accelerators and incubators here see the earliest teams first.
Get startups that fitScouting in Latvia
Campuses and communities are where teams form before anyone funds them.
Start scoutingCity guides
Cities in Latvia
City
742,572 people
Questions about Latvia
How does Latvia rank as a startup ecosystem?
Its best position is #19 in Doing Business (Doing Business 2020). It appears in 6 published rankings; the table above lists each one.
How many startup investors are based in Latvia?
21 investors based in Latvia have a profile here, including Riga, BADideas.fund and Latvian Business Angels Network. The real number is higher.
Are there accelerators or incubators in Latvia?
Yes. Latvia has 6 accelerators, 5 incubators and 2 venture studios on record, including UniLab, Kurzemes Biznesa Inkubators and Commercialization Reactor.
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