Latvia has been cited as the most “startup friendly” country in the world and has had some real startup success stories in recent years. But who are they? And who are the next generation startups to watch?
Our team of experts at Sifted have chosen a list of nearly 50 companies we think you need to know about, with an added “Sifted take” on some to provide an extra layer of insight.
Keep reading below and stay informed about Europe’s new economy!
Marine Digital
SAAS FOStransportation / logistics & delivery;mobility
marine-digital.com
Riga, Latvia
Marine Digital Fuel optimization system & Vessel performance monitoring allows reducing fleet fuel consumption by 5-12%, which also saves the atmosphere from 600 tonnes CO2 emissions per year only per vessel
Mintos
A peer-to-peer lending marketplace for consumers seeking affordable loans and investors looking for attractive returnsfintech / mortgages & lending
mintos.com
Riga, Latvia
Peer-to-peer lender Mintos is one of the leading fintech startups in the Baltic region, having raised over €15m to date. The lending platform currently has over 270k investors across 65 countries and employs more than 200 people. The company became profitable in 2017, just two years after launching — and in 2020 it had the biggest funding round in Latvia, raising €7.2m.
Twino
Financial services company specialized in investments into buyback loansfintech / financial management solutions
twino.eu
Riga, Latvia
Twino is a P2P lending platform, which connects borrowers and investors on its online platform. Its most recent raise was in December 2016, when it raised €7.7m.
Printify
Printify is a print on demand marketplace that connects e-commerce merchants and print on demand manufacturersmarketplace & ecommerce / ecommerce solutions
printify.com
Riga, Latvia
Printify is a print-on-demand startup similar to Redbubble — it connects artists and designers with manufacturers, allowing them to create and sell their ideas on its platform. Unlike Redbubble, it allows users to connect their own external stores to a variety of other ecommerce sites like Shopify, Etsy and eBay.
Juro
Contract management platformlegal / enterprise software
juro.com
London, United Kingdom
Juro, a startup that manages contracts, is now based in the UK — and placed on our list of potential winners in a post-Covid-19 world. That’s because they’re digitised the entire process. Customers include Deliveroo, Skyscanner and Babylon Health.
Cenos
Democratising engineering simulation for production plants and SMBsenterprise software / saas
cenos-platform.com
Riga, Latvia
Cenos produces 3D modelling and simulation software for induction heating applications — that’s crucial for engineers because it means simulating applications is easier.
HYGEN
Original decentralised refueling solutions for gaseous fuel powered vehiclesenergy / transportation
hygengroup.com
Riga, Latvia
Hygen has been quietly developing infrastructure for natural gas vehicles used by freight and logistics companies.
What it calls ‘superchargers’ are in fact gas compressors that can be both transported easily and improve air quality, as CNG (compressed natural gas or bio methane) cuts nitrogen oxide emissions by 80-90%, sulphur oxide by almost 100% and carbon dioxide by 20-30% — compared to traditional fuels.
Kedeon Solutions
Kedeon makes the food system more resource-efficient, secure, transparent and trusted.food / logistics and delivery
kedeon.com
Riga, Latvia
Latvia’s offering to the emerging last-mile delivery sector is Kedeon, a B2B startup that offers a platform for such companies to monitor factors during delivery like temperature, shock, humidity, movement and light — providing information to the company and consumer that’s timestamped.
Gamechanger Audio
Musical instruments effect pedalsmusic / enterprise software
gamechangeraudio.com
Riga, Latvia
Gamechanger Audio makes effects pedals for musicians, but not as you know them. Its first product, launched in 2017, was the Plus Pedal. This is a piano-pedal-like device that can layer different sounds on top of one another. The startup’s second product, launched last year, was the Plasma Pedal. This uses high voltage electrical discharge to make a radically new kind of noise distortion.
Lokalise
Translation management system built for agile teams wanting to automate their localization processesenterprise software / B2B
lokalise.com
Riga, Latvia
A step up from automated Google Translate (unless small businesses don’t have in-house translation), Lokalise is a translation management and localisation system which allows companies to offer translation tools on websites, apps and video games.
Smart Vision
Online shop for prescription glassesmarketplace & ecommerce / fashion
smartvision.lv
Riga, Latvia
Latvia’s answer to Ace & Tate and Cubitts comes in the form of Smart Vision. It’s aim is to provide high quality glasses and brands at affordable price points.
Nordigen
Building transaction analytics tools for banks and lendersenterprise software / banking
nordigen.com
Riga, Latvia
When you think of Latvian startups, Nordigen is one of the key startups that comes to mind. It counts 300 European banks amongst its customers, providing an all-in-one dashboard that provides bank data analytics on fintechs and banks.
Kora
Rewards people and companies for performing a wide range of sustainable activities in order to fight climate changeenergy / fintech
kora.app
Riga, Latvia
The Kora app is certainly one to watch for anyone interested in sustainability and fintech. The idea is simple: as well as helping businesses offset their carbon emissions (through Eden Reforestation), the startup rewards and even pays users for “reducing their carbon footprint”. That might be switching from using your car to biking to work.
Asya
asya — Practice Mindful Communication with an Appmedia / social media
asya.ai
Riga, Latvia
Going long distance? Or perhaps you’re feeling like you need some distance from your partner? The Asya app, founded in 2018, exists to alleviate potential relationship problems as a low-cost alternative to a relationship counsellor.
CastPrint
One-stop-shop solution fully integrated in hospital workflow, providing cutting-edge fracture treatment and saving doctor and hospital time by 15% on each fracture casehealth / medical devices
castprint.co
Riga, Latvia
Founded in 2016, CastPrint is one of Latvia’s most successful and innovative startups. The idea came after cofounder Janis Olins slipped on ice and had to go through eight physiotherapy sessions.
Longenesis
Unlocking the power of life data without bordersbiotech / data
longenesis.com
Riga, Latvia
Longenesis received a €40k grant from EIT Health in June 2020.
Sun Finance
Consumer lending companyfintech / mortgages & lending
sunfinance.group
Riga, Latvia
Sun Finance should have popped onto your radar by now, placing second in the FT 1000 ranking in 2021. That makes it the second fastest growing company in Europe, with a compound growth rate of 752%.
TrustSearch
Search engine for trustB2B / security
thetrustsearch.com
Riga, Latvia
The Trust Search is a watchdog and security provider specifically focused on evaluating websites and identifying fake projects, phishers and scams.
Vialet
Digital finance management service and contactless VIALET Mastercardfintech / mobile app
vialet.eu
Riga, Latvia
Vialet hopped on the scene of clean, Gen-Z-friendly fintechs in 2017. Offering a current account and contactless MasterCard, Vialet is one of the top mobile banks in Europe.
Vigo
Digital rehabilitation tool for stroke recoveryhealth / biotech
vigo.health
Riga, Latvia
Vigo is an AI-based app that provides support both to stroke patients and their families. Indeed, about 7-8k Latvians are hospitalised annually due to strokes.
Eco Baltia
Providing waste collection and recycling management serviceswaste solutions / energy
ekobaltija.lv
Riga, Latvia
It claims to be the Baltics’ largest environmental management group, recycling plastic and collecting waste.
In 2020, the Baltic Sea Growth Fund bought a 50% stake in the startup, stating it’s “a clear market leader of the circular economy in the Baltic region.”
Sourse: sifted.eu
