Startup Ecosystem Latvia
Latvia Startup density
Latvia's startup ecosystem has been steadily evolving, marked by significant developments in global rankings, regional standings, and ecosystem valuation. The nation's focus on innovation, particularly in sectors like fintech, deep tech, artificial intelligence (AI), and health tech, has been instrumental in this progress.
Latvia Funding volume
In 2023, Latvia's startup ecosystem experienced notable developments in venture capital (VC) investments, reflecting both significant achievements and ongoing challenges. The year was marked by a record increase in investment activity, yet the country continued to face hurdles in matching the venture capital attraction levels of its Baltic neighbours.
Latvia Investment in key sectors
Latvia has made significant strides in fostering technological innovation and strengthening its education sector. Despite economic fluctuations, public and private investments in these areas have remained robust, highlighting a long-term commitment to economic development, digital transformation, and talent growth.
Latvia Innovation index
Innovation is a key driver of economic growth and technological advancement, and Latvia has been making notable strides in this area. Recent data indicates positive trends in both patent filings and research and development (R&D) investments, reflecting the country's commitment to fostering innovation.
Latvia Export/Import Ratio
In 2023, Latvia’s foreign trade experienced notable shifts, with exports totalling approximately €18.94 billion, a decrease of 11.2% from 2022, and imports amounting to €23.2 billion, down 12.5% from the previous year. This resulted in a trade deficit of about €4.26 billion, highlighting Latvia’s continued reliance on imports, particularly in the technology and machinery sectors.
