Report · One-off

Capital Increases in the Latvian Register

Between 30 April 2025 and 4 September 2026, 3,959 Latvian limited companies raised their registered share capital, 3.1% of those registered throughout. Many were reaching the EUR 2,800 standard minimum: 43.7% ended on exactly that figure, the median increase is EUR 2,799, and 2,284 companies left the reduced-capital regime. Companies that raised capital were far more likely to have taken on a new shareholder, 43.0% against 8.2% of those that did not.

How Can Capital Increases Be Measured in the Latvian Register?

By comparing two copies of it. The register keeps no earlier capital figure and annual accounts have no share capital line, so this report sets the Register’s capital file as it stood on 30 April 2025, kept by the Internet Archive, beside today’s, which shows exactly which companies changed their capital in the 16.2 months between.

Of the 133,367 limited companies in the earlier file, 126,759 are still registered and 6,608 have closed, and every figure below is about the ones still registered. The report is a single window, not a trend. The share capital report describes where capital stands today.

How Many Latvian Companies Raise Their Share Capital?

Few. Between 30 April 2025 and 4 September 2026, 3,959 Latvian limited companies raised their capital, 3.1% of those registered throughout, and 442 cut it; the other 122,358 did not change it at all. 9.2% of AS raised capital, against 3.1% of SIA.

Increases took effect at a steady 205 to 278 a month, with one exception: Dec 2025, when 431 did, against 278 in the next busiest month.

How Large Are Capital Increases in Latvia?

Mostly small. 53.7% of increases were under EUR 2,800, the median was EUR 2,799, and 1,732 companies, 43.7%, ended on exactly EUR 2,800. At the other end, 284 raised capital by EUR 1M or more.

Together the increases add EUR 3.39bn of registered capital, but the ten largest are 54.7% of that, so the total describes a handful of large companies rather than the register.

How Many Latvian Companies Leave the Reduced-Capital Regime?

38,353 SIA had capital below EUR 2,800 on 30 April 2025. By 4 September 2026, 2,284 of them, 6.0%, had EUR 2,800 or more, and 1,732 went to exactly EUR 2,800. Most raised capital with the same owners, rather than because a company or a fund had joined.

A SIA may register with less than EUR 2,800 if its shareholders are natural persons, no more than five, each holding shares in only one such company, as the guide to registering a SIA sets out with its sources. Once a company stops meeting those conditions it has three months to raise its capital to EUR 2,800.

Young companies moved most: 11.2% of those registered in 2024 and 2025 left the regime, against 3.7% of those registered before 2017. How little a company started with made less difference, between 5.2% and 7.0% whatever the starting band.

A company or a fund joining is not what usually does it. Of the 1,611 companies that left the regime and can be compared with the earlier shareholder file, 39.1% took on any new shareholder and 8.0% a company shareholder. Most raised capital with the same owners.

Do Capital Increases in Latvia Bring New Shareholders?

Often. Among SIA that raised capital, 43.0% took on a new shareholder, against 8.2% of companies whose capital did not change. For increases of EUR 100,000 or more, a new company shareholder joined 34.6% of them, and a foreign company 13.8%.

The Register’s shareholder file as it stood on 5 July 2024 is archived as well, so for SIA registered before 2024 it shows who has joined since. A new company shareholder, a fund, holding company or other business, joined 16.9% of those that raised capital and 1.7% of the rest.

That is the closest the register comes to counting investment. 499 SIA raised capital and took on a new company shareholder in the window, 224 of them with an increase of EUR 100,000 or more. Not every one is an outside investor, because a founder moving shares into a holding company looks the same, but it is the largest set of companies the register can point to.

Does Registered Capital Show How Much a Latvian Startup Raised?

No. The register shows the nominal value of a company’s shares, not what investors paid for them. Of the 10 announced rounds into companies registered in both files, 6 left registered capital exactly where it was and 3 raised it by less than EUR 10,000.

The funding round tracker lists 15 rounds announced in the same window, and the gap is plain. Handwave’s capital rose by EUR 133.35 after a round of EUR 3,682,918. The one large rise, Aerones’ EUR 25,061,872, came with a new company entry in its shareholder list. What the register does record is who arrived: several of these companies gained new fund or company entries in their shareholder list. So registered capital misses many rounds entirely, and where it does move, the size of the increase says nothing about how much was raised.

How Many Startups on This Map Raised Their Share Capital?

62 of the 522 startups and scaleups on this map raised their capital in the window, 11.9%, against 3.1% across the register, and 24 of them took on a new company shareholder at the same time. 86 mapped companies were below EUR 2,800 at the start, too few to give a rate for leaving the regime.

What Can Latvian Capital Increase Data Not Tell You?

Increases before 30 April 2025 or any trend, because no earlier complete copy of the capital file survives; how much was invested, since registered capital is the nominal value of shares; the 6,608 companies that closed in the window, whose capital the register drops; and a second change to capital within the window.

• Increases before 30 April 2025, or a trend. No earlier complete copy of the capital file survives, so this is one window of 16.2 months.
• How much was invested. Registered capital is the nominal value of shares. What investors pay above it does not appear in the register.
• Companies that closed. The register drops the capital of a company once it is gone, so the 6,608 that closed in the window are left out.
• A second change in the window. A company that changed its capital twice is compared on the two files only.

Method

• The two capital files. The Register’s equity capital file with changes to 30 April 2025, captured by the Internet Archive on 2 May 2025, and the current file, with changes to 4 September 2026. The compute checks that the archived copy is complete before using it.
• Capital. Registered capital where the register gives it, otherwise paid up capital, in euros, as the share capital report reads it. Paying in capital already registered is not an increase.
• Population. SIA and AS with a euro capital figure in both files.
• New shareholders. The shareholder file captured on 10 July 2024 against today’s, for SIA registered before 2024. A shareholder counts as new if their entry was not there before. Names are compared in memory and never stored. That window starts earlier than the capital window.
• Withheld figures. A count from 1 to 19 is shown as fewer than 20, and no share or median is published over fewer than 200 companies or where its count is withheld.

Definitions are frozen at version 4. The full set is on the methodology page.

Sources

• Uzņēmumu reģistrs, equity capital data, current file with changes to 4 September 2026, and the Internet Archive copy with changes to 30 April 2025.
• Uzņēmumu reģistrs, SIA shareholders, current file, and the Internet Archive copy of 5 July 2024.
• Uzņēmumu reģistrs open data, the company register.