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 DigitalSAAS FOS
transportation / logistics & delivery;mobility
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
MintosA peer-to-peer lending marketplace for consumers seeking affordable loans and investors looking for attractive returns
fintech / mortgages & lending
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.
TwinoFinancial services company specialized in investments into buyback loans
fintech / financial management solutions
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.
PrintifyPrintify is a print on demand marketplace that connects e-commerce merchants and print on demand manufacturers
marketplace & ecommerce / ecommerce solutions
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.
JuroContract management platform
legal / enterprise software
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.
CenosDemocratising engineering simulation for production plants and SMBs
enterprise software / saas
Cenos produces 3D modelling and simulation software for induction heating applications — that’s crucial for engineers because it means simulating applications is easier.
HYGENOriginal decentralised refueling solutions for gaseous fuel powered vehicles
energy / transportation
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 SolutionsKedeon makes the food system more resource-efficient, secure, transparent and trusted.
food / logistics and delivery
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 AudioMusical instruments effect pedals
music / enterprise software
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.
LokaliseTranslation management system built for agile teams wanting to automate their localization processes
enterprise software / B2B
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 VisionOnline shop for prescription glasses
marketplace & ecommerce / fashion
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.
NordigenBuilding transaction analytics tools for banks and lenders
enterprise software / banking
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.
KoraRewards people and companies for performing a wide range of sustainable activities in order to fight climate change
energy / fintech
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.
Asyaasya — Practice Mindful Communication with an App
media / social media
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.
CastPrintOne-stop-shop solution fully integrated in hospital workflow, providing cutting-edge fracture treatment and saving doctor and hospital time by 15% on each fracture case
health / medical devices
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.
LongenesisUnlocking the power of life data without borders
biotech / data
Longenesis received a €40k grant from EIT Health in June 2020.
Sun FinanceConsumer lending company
fintech / mortgages & lending
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%.
TrustSearchSearch engine for trust
B2B / security
The Trust Search is a watchdog and security provider specifically focused on evaluating websites and identifying fake projects, phishers and scams.
VialetDigital finance management service and contactless VIALET Mastercard
fintech / mobile app
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.
VigoDigital rehabilitation tool for stroke recovery
health / biotech
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 BaltiaProviding waste collection and recycling management services
waste solutions / energy
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.”