Latvia’s tech ecosystem is expanding rapidly, with fintech, AI, and health tech among its key sectors. In 2024, Latvian tech companies raised approximately €34.9 million. While total funding has declined since 2021, strong collaborations with universities and industry leaders continue to drive growth, with the ecosystem valued at €2.3 billion.
According to the Latvian Startup Report 2024, the country is home to over 500 startups, with Riga as the primary hub.
The Latvian government plays a vital role in fostering innovation through strategic initiatives such as startup funding, tax benefits, innovation vouchers, and the Startup Visa program, which attracts international talent. Latvia also offers a fully digitalized business environment, enabling entrepreneurs to launch a company online in just 10 minutes, with e-signatures and digital tax filing streamlining operations.
Recognized as one of the most startup-friendly countries, Latvia ranked second among OECD nations in 2024 for tax competitiveness, offering significant tax reductions in special economic zones, making it an attractive destination for entrepreneurs and investors.
Here are ten companies to watch in 2025.
Origin Robotics
Amount raised in 2024: €8.5M
Origin Robotics is a defence technology company dedicated to advancing unmanned aerial systems for enhanced security. The company specializes in developing advanced autonomous systems to bolster the capabilities of Europe and NATO allies.
Their flagship product, BEAK, is a man-portable, drone-launched precision-guided weapon system with a range of up to 15 km. Notably cost-effective, BEAK offers a per-strike cost 20 times lower than alternatives, making it one of the most economical jamming-resistant precision-guided systems available.
The company’s mission is to provide future-proof solutions that strengthen defence capabilities in an evolving security landscape.
Over two rounds, the company raised €8.5 million in 2024, aimed for the development of a man-portable ISTAR drone (intelligence, surveillance, target acquisition, and reconnaissance) with target laser designation capability.
Aerones
Amount raised in 2024: €4.4M
Aerones is a leading provider of robotic wind turbine maintenance and inspection services, utilizing proprietary technology to deliver faster, safer, and more efficient solutions.
Their services include lightning protection system inspections, internal blade inspections, drone inspections, drainage hole cleaning, blade cleaning, tower cleaning, leading edge repair, painting, and ice-phobic coating applications.
The company secured a €4.4 million grant from the EU Innovation Fund in 2024 which will support the development and deployment of the world's first robotic system for wind turbine blade leading edge repairs.
Mintos
Amount raised in 2024: €3.1M
Mintos is a European investment platform offering retail investors access to a diversified portfolio of traditional and alternative assets, including loans, bonds, and ETFs.
Founded in 2014 the company has grown to over 500,000 registered users and manages assets exceeding €600 million.
Mintos' mission is to democratize investing by providing easy access to a diverse range of investment opportunities, enabling users to build wealth through long-term, passive income strategies.
In 2024, the company raised €3.1 million through a 14-day crowdfunding campaign to support its expansion into new European Union markets and the launch of new products.
Mapon
Amount raised in 2024: €3M
Mapon is a company specializing in professional fleet management and asset tracking solutions. Their platform offers a range of services, including GPS tracking, fuel control, driver behaviour analysis, and cold chain monitoring, catering to industries such as transport and logistics, construction, courier and delivery, agriculture, and waste management.
Mapon's solutions are designed to enhance operational efficiency, reduce costs, and improve overall fleet performance. As part of the Draugiem Group, an international IT company association from Latvia, Mapon operates globally with branches and partners, ensuring comprehensive support for clients across various regions.
In 2024, the company secured €3 million in funding through a bond issuance that attracted both private and institutional investors.
Jeff App
Amount raised in 2024: $2M
Jeff App is a financial technology company dedicated to enhancing financial inclusion in emerging markets by connecting underbanked individuals with suitable financial products.
The platform leverages alternative data sources, such as digital footprints, to assess creditworthiness, thereby opening new market opportunities for banks and lenders. Jeff App offers services like lead generation, data APIs, and partnerships across various industries, including banking, telecommunications, insurance, e-commerce, and mobility.
The company has raised nearly $5 million in funding and has been recognized as one of the fastest-growing tech companies in Central Europe by Deloitte.
In 2024, Jeff App secured $2 million in late-seed funding to expand commercially into India and other emerging markets across Asia and beyond. The company will also use funds to attract top tech talent and enhance its marketplace by developing a broader range of financial services and products, including credit offerings.
Electrify
Amount raised in 2024: €1.5M
Electrify is a company specializing in retrofitting medium-sized electric buses, vans, and minibuses for the European market. The company handles the entire process—from design and manufacturing to certification—ensuring seamless integration of electric mobility solutions.
Their offerings include passenger electric minibuses with features like low-floor entrances, disabled passenger ramps, and interactive displays. The company has delivered over 20 electric passenger minibuses to European clients, aiming to enhance public transport with sustainable options.
The company secured a €1.5 million investment in 2024, which will be used to increase production capacity and take advantage of the expected rise in demand for electric minibuses in Norway.
Sorsera
Amount raised in 2024: €1.27M
Sorsera is an AI-driven platform that enhances the tendering process by connecting buyers, suppliers, and collaborators. It offers advanced intelligence and collaboration tools to streamline procurement activities.
Sorsera offers a comprehensive solution for all participants in the bidding process, providing essential tools to enhance procurement success. Its platform enables tendering and collaboration across the EU, simplifies bid management, delivers precise customer data, and offers deep market and supplier insights. Additionally, Sorsera streamlines internal collaboration, making it easier to prepare RFPs, tenders, and RFIs efficiently across various sectors.
In 2024, the company raised €1.27 million in funding, including over €950,000 from the European Union, to develop AI-driven solutions for the supply chain and procurement industries.
Cellbox Labs
Amount raised in 2024: €935K
Cellbox Labs is a company that specializes in developing advanced organ-on-a-chip technologies—miniature organ replicas outside the human body.
These microphysiological systems are designed to enhance drug discovery processes by providing more precise and human-relevant models. The company's platform integrates both hardware and software, allowing for flexible experiment design and significantly reducing hands-on time.
Cellbox Labs focuses on various applications, including microbiome research and cancer diagnostics, aiming to improve precision medicine.
The company secured €935,000 in a pre-seed funding round in 2024 to finalize the first version of its device and initiate sales.
inGain
Amount raised in 2024: €650K
inGain is a company offering a no-code SaaS loan management system designed to streamline financial operations for businesses across various industries.
Their platform enables companies to focus on core activities by automating processes such as loan origination, servicing, collateral management, and debt collection, all without the need for extensive IT involvement. This flexibility allows businesses to launch new financial products, enter new markets, and embed fintech solutions into their customer journeys quickly and cost-effectively.
In 2024, inGain secured €650,000 in funding to further enhance its no-code SaaS loan management system.
BeTriton
Amount raised in 2024: €80K
BeTriton is a company that has developed an innovative, fully electric amphibious recreational vehicle that seamlessly integrates three functionalities: a hard-top motorboat, a cargo tricycle, and a compact camper accommodating two people.
This unique 3-in-1 design offers users an immersive outdoor experience, enabling seamless travel over both land and water. The concept for BeTRITON originated from co-founder and CEO Aigars' remarkable 30,000-kilometer cycling journey from London to Tokyo, during which the idea of amphibious campers was conceived.
Since the launch of its Alpha prototype in 2020, BeTRITON has garnered significant global media attention, reflecting its commitment to revolutionizing sustainable travel.
In 2024, the company raised €80,000 from 150 investors through an equity crowdfunding campaign on Crowdcube. The funds will be used to expand production for building a rental fleet, generating revenue by charging businesses and individuals, as well as selling units to other rental companies.
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