The Latvian startups and scaleups to watch in 2021

Latvia has some real startup success stories in recent years. But who are they? And who are next generation startups to watch?

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!

(P.S The data is from our partners at Dealroom.co. If there is anyone missing from this list, or anything is wrong, please let us know by email at ([email protected]).

Key

Year founded

Amount raised

Last funding round

Valuation

Employees

Edurio's logo

Edurio

An online survey, data analytics and reporting tools for improving teaching and learning in schools

education / enterprise software

edurio.com

Riga, Latvia

2015

€3m

SEED

€2-3m

10-50

Solfeg.io's logo

Solfeg.io

An interactive app for learning and teaching music

music / saas

solfeg.io

Riga, Latvia

2017

€0m

LATE VC

€200-300k

10-50

Advertisement
Lokalise's logo

Lokalise

Translation management system built for agile teams wanting to automate their localization processes

enterprise software / B2B

lokalise.com

Riga, Latvia

2016

€6m

SERIES A

€22-33m

50-100

Sifted Take

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.

Though niche, it’s a product that is aimed at increasing efficiency in global operations — indeed, it’s serving Revolut, Notion, Virgin Mobile and Yelp.

In 2020, it had the second largest funding round in the nation, raising €6m from a bunch of angels and 3VC in its Series A. It intends to use the funds to make big hires.

Smart Vision's logo

Smart Vision

Online shop for prescription glasses

marketplace & ecommerce / fashion

smartvision.lv

Riga, Latvia

2018

€0m

SEED

€2m

1-10

Sifted Take

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.

The startup has its online front alongside a few physical stores across Europe, allowing customers to order glasses to try on at home or visit in-store — crucial during the pandemic era. Now, it says, 60% of all vision tests are now performed remotely, and Smart Vision uses 3D tech to fit eyeglass frames.

Its parent company Vision Technologies received €200k from Open Circle Capital as well as an additional €400k in 2020.

Monea's logo

Monea

Enables P2P money transfers through a mobile app

fintech / payments

monea.me

Riga, Latvia

2013

€1m

SEED

€2m

1-10

Nordigen's logo

Nordigen

Building transaction analytics tools for banks and lenders

enterprise software / banking

nordigen.com

Riga, Latvia

2016

€3m

SEED

€3-4m

10-50

Sifted Take

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.

Launched in 2016, the company has raised almost €1m, initially in Nordea’s accelerator, then Change Ventures, Seedcamp and Inventure.

A fintech first came in December 2020 when it announced both a move to a ‘freemium’ model and the introduction of a free open banking API, challenging the paid APIs released by Think and Plaid. “We’re at the very beginning, but we’re excited. Free banking data shouldn’t be expensive, and it’s expensive today,” Rolands Mesters, Nordigen’s chief executive and cofounder, told Sifted at the time.

However, it’s offering paid financial data analytics, for which it currently has 50 clients.

Read more of our coverage of the recent move here.

Kora's logo

Kora

Rewards people and companies for performing a wide range of sustainable activities in order to fight climate change

energy / fintech

kora.app

Riga, Latvia

2018

€1m

SEED

€3-5m

10-50

Sifted Take

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.

Companies can also list their products and services on Kora’s Marketplace, and its marketplace partners include Nike, KeepCup and Little Sun. GitHub cofounder Tom Preston-Werner is its lead investor.

ALINA's logo

ALINA

ALINA uses innovative production technology to manufacture montmorillonite mineral materials, available for building product manufacturers to substitute for toxic chemicals and heavy metals.

biotech / cleantech

alina-premium.com

Riga, Latvia

2015

€0m

SEED

€3m

1-10

Asya's logo

Asya

asya — Practice Mindful Communication with an App

media / social media

asya.ai

Riga, Latvia

2018

€0m

SEED

€480-720k

1-10

Sifted Take

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.

Based in Riga and Manchester, the AI-based app was Change Ventures’ first consumer investment — and it led its 2019 seed round which raised a total of €120k.

Advertisement
Aerones's logo

Aerones

Industrial heavy lifting drones

robotics / energy

aerones.com

Riga, Latvia

2015

€7m

SEED

€6-9m

10-50

Playgineering's logo

Playgineering

Real-time tagless tracking and analytics with machine learning for team sports including ice hockey, basketball and football (soccer)

sports / content production

playgineering.com

Riga, Latvia

2015

€1m

SEED

€600-900k

1-10

Jeff's logo

Jeff

Personalised matchmaker for people and loans

fintech / lending

jeff-app.com

Riga, Latvia

2019

€1m

SEED

€608-912k

1-10

ApexQubit's logo

ApexQubit

2nd generation platform for drug design powered by quantum computing and artificial intelligence

health / AI

apexqubit.com

Riga, Latvia

2019

€0m

SEED

€61-91k

1-10

DoFinance's logo

DoFinance

Peer to peer lending platform for easy and smart investing

marketplace & ecommerce / fintech

dofinance.eu

Riga, Latvia

2016

€2m

SEED

€8-12m

1-10

CastPrint's logo

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 case

health / medical devices

castprint.co

Riga, Latvia

2016

€0m

SEED

€80-120k

1-10

Sifted Take

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.

Backed by Startup Wise Guys, CastPrint 3D-prints personalised and lightweight medical casts that are designed to be more comfortable — and can be taken on and off, allowing for earlier rehabilitation and faster recovery times.

Sifted interviewed the founding duo back in 2019.

It’s predicted that by 2024 the global medical 3D printing market will be worth around $1.2bn.

Lovat's logo

Lovat

A tax compliance platform for digital companies

fintech / legal

vatcompliance.net

Riga, Latvia

2018

€0m

SEED

€800k-1m

1-10

Overly's logo

Overly

Augmented reality for business and events

AR / retail

overly.lv

Riga, Latvia

2014

€0m

N/A

N/A

1-10

Sellfy's logo

Sellfy

Ecommerce platform for digilat products

marketplace & ecommerce / media

sellfy.com

Riga, Latvia

2014

€0m

SEED

N/A

10-50

Longenesis's logo

Longenesis

Unlocking the power of life data without borders

biotech / data

longenesis.com

Riga, Latvia

2019

€1m

SEED

N/A

10-50

Sifted Take

Longenesis received a €40k grant from EIT Health in June 2020.

Digas's logo

Digas

Digas designs a game changing product for high horsepower diesel engine applications

energy / oil & gas

digasgroup.com

Jūrmala, Latvia

2012

€1m

GRANT

N/A

10-50

Logos provided by Clearbit