The Latvian startup ecosystem demonstrated remarkable resilience and growth in 2024, with startups collectively raising €28 million—a 7% increase compared to the previous year. This upward trend underscores the country's dynamic entrepreneurial landscape and its capacity to attract sustained investment.
Key Highlights from the Latvian Startup Association Startin.LV's 2024 Report:
Total Startups: The ecosystem expanded to 512 startups by the end of 2024, reflecting a steady growth trajectory.
Investment Growth: The €28 million raised marks a 7% increase from the prior year, with an average monthly investment of €2.3 million.
Sector Focus: Notable growth was observed in sectors such as FinTech, Artificial Intelligence, HealthTech, Mobility, and MedTech.
Naco Technologies Leads Early 2025 Funding:
Kicking off 2025 on a high note, Riga-based Naco Technologies secured a €2.5 million pre-Series A investment. Specializing in advanced nano-coating solutions for green energy systems, Naco Technologies attracted funding from Radix Ventures, Impact Ventures, and The Untitled Ventures. This investment not only surpasses last year's monthly average but also highlights the growing investor interest in sustainable technologies within Latvia.
Looking Ahead:
The consistent growth in funding and the expanding number of startups indicate a robust and evolving startup ecosystem in Latvia. As we progress through 2025, the focus remains on fostering innovation, supporting emerging sectors, and attracting diverse investments to further solidify Latvia's position in the global startup arena.
To delve deeper into these insights, read the full Latvian Startup Report 2024 by Startin.LV.
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