Report · Maintained

The Latvian Funding Round Tracker

Latvian startups publicly announced EUR 72.6M of equity investment in 2025, across 14 rounds, against EUR 11.6M in 2024. One round, Aerones’, was 75.1% of that. From 2019 to 2025 this tracker counts 80 announced rounds into 58 companies, worth EUR 475.6M, and the five largest rounds are 58.8% of the money. Every round is listed below with the announcement it came from.

How Much Do Latvian Startups Raise Each Year?

Latvian startups publicly announced EUR 72.6M of equity investment in 2025, across 14 rounds, against EUR 11.6M in 2024. The number of rounds hardly moves, between 8 and 14 a year since 2019, but the money swings with the largest few.

2021 reached EUR 236.3M, of which Printful’s round alone was EUR 106.5M. The five largest rounds since 2019 were Printful in 2021 (EUR 106.5M), Aerones in 2025 (EUR 54.5M), Lokalise in 2021 (EUR 44.2M), Printify in 2021 (EUR 38.0M), Aerones in 2022 (EUR 36.5M). So far in 2026, 5 rounds have been announced, worth EUR 11.6M.

How Does This Tracker Compare With Other Latvian Funding Totals?

Startin.LV and Labs of Latvia publish yearly totals built the same way, from public announcements, and this tracker is within 15% of theirs in 5 of 7 years. All three count only announced rounds, so none of them sees a round that was never published.

Close years include 2023 (EUR 18.4M against EUR 17.9M) and 2025 (EUR 72.6M against EUR 73.0M). It is well below in 2024, EUR 11.6M against EUR 25.0M. Headline figures are one reason totals differ: Origin Robotics’ announcement gives EUR 4M, of which EUR 1.6M was grants, and this tracker counts EUR 2.4M.

How Is Latvian Startup Funding Spread Across the Year?

Unevenly, because a single round can make a quarter. In 2025, Q2 2025 held EUR 54.6M, and the other three quarters EUR 18.0M between them. Rounds are placed in the quarter they were announced, which can be weeks or months after they closed.

How Big Are Startup Rounds in Latvia by Stage?

The median announced seed round is EUR 1.32M, with the middle half between EUR 745,769 and EUR 2.59M. The median pre-seed round is EUR 465,000, and only 5 Series A rounds were announced, with a median of EUR 25.86M.

Pre-seed rounds have a middle half between EUR 237,500 and EUR 976,250. 35 of the 85 announcements do not say what stage the round was, and a stage is recorded only when the announcement names one.

Where a stage is stated, it has moved earlier: 9 of 16 such rounds were pre-seed or seed in 2019 to 2021, 18 of 21 in 2022 to 2024, and 12 of 13 in 2025 to 2026.

Rounds of EUR 20M or more are 7 of the 82 with an amount, 8.5%, and 66.8% of the money.

Who Invests in Latvian Startups?

Change Ventures is named in more announced rounds than any other investor, 9 since 2019, followed by LatBAN with 7 and BADideas.fund with 6. Outlast Fund, first named in 2025, is already in 4. 56 of the 85 announcements name at least one investor, so these counts are a floor: an investor left out of a press release is not counted.

Do Announced Latvian Funding Rounds Show Up in Company Accounts?

Of the 57 rounds where the company’s accounts either side of the announcement are on file, 21 show equity rising by at least half the round within a year. In 17 more, the Latvian company’s only shareholder is a foreign company, so the money most likely went to a parent abroad.

Money invested in a Latvian company should show in that company’s own accounts as a rise in equity. The foreign-parent case is true of Giraffe360, Aerones, Lokalise, F3 and others, and those rounds carry 48.1% of the money that could be checked.

The other 19 show no such rise. That can mean a foreign parent that shares ownership with individuals, a company with no shareholder list in the register, money spent within the year, or an announcement larger than what was paid in. A further 15 rounds went to companies with no matching Latvian registration, and for 10 the accounts are not yet on file.

How Does Latvian Startup Funding Compare With Estonia and Lithuania?

For 2025, FIRSTPICK and Practica Capital, Baltic Startup Funding Report 2025 counts EUR 293.0M for Estonia, EUR 238.0M for Lithuania and EUR 76.0M for Latvia. Per resident that is EUR 214 in Estonia, EUR 82 in Lithuania and EUR 41 in Latvia, from the one report that counts all three the same way.

Each Baltic country’s own agency publishes a yearly total on its own definition, which is why only that report is used here.

That report also draws on rounds it learned of in confidence. This tracker’s EUR 72.6M for Latvia, from public announcements only, is EUR 39 per resident, so public announcements account for most of what the report finds in Latvia, and the gap to the neighbours is not an artefact of counting only what is announced.

Every round

Newest first. Amounts are shown as announced and in euros. The list is also a CSV, with registration numbers and exchange rates.

Considered and left out

• CENOS, 2020. The announcement gives no investment amount.
• Kedeon. A programme award, not an investment.
• KPI Berry. Not described as Latvian, and no matching Latvian company.
• SPARQ. Incorporated in Tallinn.
• Material Mapper. A Norwegian company with a Latvian co-founder.
• Avokaado. Based in Estonia.
• TrustLynx. Based in Estonia.
• 1MT Nation. Based in Estonia.
• Finfra. Based in Indonesia.
• Morty. Not described as Latvian, and no matching Latvian company.
• Salesforge. Not described as Latvian, and no matching Latvian company.
• Saltz. Not described as Latvian, and no matching Latvian company.
• OX Drive. A bank loan.
• Viangoo. Loans from Altum and Swedbank.
• Aioo. Private equity in a retailer, not a startup round.
• Riga TechGirls. A grant.
• Printify, 2021 employee share sale. Shares bought from employees, which put no money into the company.

What Can the Latvian Funding Round Tracker Not Tell You?

Rounds nobody announced, since many small rounds are never published; valuations and terms, which announcements rarely give; when the money arrived, because a round is dated by its announcement; and investment that never appears in a press release, which the share capital report approaches from the register instead.

• Rounds nobody announced. Many rounds, especially small ones, are never published, and they are not here.
• Valuations and terms. Announcements rarely give either, and this list records neither.
• When the money arrived. A round is dated by its announcement, which can come well after the round closed.
• Investment that never shows in a press release. The share capital report covers what the register itself records.

Method

• Rule 1. An equity investment in a startup, including convertible instruments and equity crowdfunding. Grants, loans, bonds, credit lines and public co-financing are not counted, and where a source reports them together with equity only the equity part is used.
• Rule 2. The company is described as Latvian or based in Latvia by the source or by the Startin.LV annual review, or is on this map with a Latvian registered company.
• Rule 3. The round was publicly announced, and every round links to the announcement it was taken from.
• Rule 4. Amounts are as announced. Rounds with no disclosed amount are listed and counted as rounds, but add nothing to totals.
• Sources read. Labs of Latvia news, English and Latvian, 2019 onwards (Financing, Risk Capital and Startup categories); Invest in Latvia news archive, 2020 onwards; EU-Startups coverage of Latvian companies; Startin.LV Latvian Startup Reports for 2022, 2023 and 2024; Baltic VC Pulse, November 2024 to April 2025.
• Currency. Amounts in US dollars or pounds are converted at the European Central Bank reference rate on the day of the announcement, or the last business day before it.
• Stage. As the announcement describes it. A pre-Series A round is counted as seed.
• The accounts check. Balance-sheet equity in the company’s own annual accounts, from the year before the announcement to the year of it, or from that year to the next. A rise of at least half the round counts as observed. Losses also reduce equity, and a rise can match two rounds from one company in consecutive years.
• Medians. None is given for fewer than 5 rounds. The site’s usual minimum group sizes protect people in register data; every round here is a named public announcement, listed in full.

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

Sources

• Labs of Latvia, Invest in Latvia and EU-Startups, for the announcements linked above.
• Startin.LV, Latvian Startup Report 2023. Publicly announced equity investment in Latvia-based startups; debt, grants and ICOs excluded.
• Labs of Latvia, via the Investment and Development Agency of Latvia, 30 December 2025. Publicly announced investment; the agency notes unannounced rounds could add up to EUR 7M to 2025.
• FIRSTPICK and Practica Capital, Baltic Startup Funding Report 2025. Tech and venture-backed rounds at every stage, from public sources and confidential founder and investor input, including startups with their main operations in a Baltic country and a head office elsewhere.
• European Central Bank, euro foreign exchange reference rates.
• Uzņēmumu reģistrs, annual report financial data, extract of 7 September 2026, and the company register, extract of 10 September 2026.
• Eurostat, population on 1 January (demo_pjan), updated 14 August 2026.