STARTUP ECOSYSTEM
Latvia Startup density
Latvia’s Startup Ecosystem: Growth, Rankings, and Key Developments
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.
Global Startup Ecosystem Ranking
As of 2024, Latvia is ranked 47th globally in the Startup Ecosystem Index, reflecting a slight decline of eight positions from the previous year. Despite this, the country maintains a dynamic and fast-growing ecosystem, boasting over 500 active startups. Key strengths include fintech, deep tech, AI, and health tech sectors, underscoring Latvia’s commitment to innovation-driven enterprises.
Regional Ranking Reports
Within the Baltic region, Latvia is recognized as a developing ecosystem, currently positioned behind neighbouring Lithuania and Estonia. In 2023, the Latvian government invested over €4 million into its startup community, aiming to bolster growth in fintech, mobile applications, and AI sectors. This investment reflects a strategic effort to enhance the country’s regional standing and foster a more robust startup environment.
Total Number of Startups and Ecosystem Value
Latvia’s startup ecosystem comprises more than 500 startups, with a collective valuation of approximately €761.6 million. The landscape is predominantly characterized by early-stage startups, with smaller funding rounds constituting the majority of investments. Notably, Latvia is home to its first unicorn, Printful, and other high-potential companies such as Lokalise, Printify, and Aerones are on trajectories toward achieving unicorn status.
Recent Funding Highlights
- 2023: Naco secured €10 million in the largest funding round of the year, followed by Mycabin, which raised €1.6 million.
These developments underscore Latvia’s growing prominence in the global startup landscape and its ongoing commitment to fostering innovation and entrepreneurship.
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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 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.
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 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.
