In 2025, Latvian start-ups have attracted more than €73 million

This year, Latvian start-ups have attracted approximately €73 million in investments. However, several companies have not publicly announced the investments they have attracted, so the actual amount could be as much as €7 million higher.

This year stands out in terms of investments attracted, as Latvian start-ups have attracted much more funding than in 2024. Last year, the amount of investments attracted was 25 million euros, according to Labs of Latvia.

At least 18 start-ups have attracted funding this year

The lion's share of the funding attracted this year has gone to one company – Aerones, a provider of wind turbine maintenance and diagnostic robot manufacturing and services, which received €53 million ($62 million) in investments this year. The funds raised will be used to scale up the company's market, research and development in the field of artificial intelligence and robotics, scale up production, and improve predictive maintenance in the wind energy industry, wrote Labs of Latvia.

All other investments are smaller in scale, but this is logical, as all other start-ups are at an earlier stage of development.

• Among the companies that have attracted the most funding this year is Latvian biometric technology startup Handwave, which attracted €3.6 million ($4.2 million) in seed investment. This funding is intended to launch its payment and identity platform in Europe and the US, wrote Labs of Latvia.
• Trace.Space attracted €3.43 million ($4 million) in seed investment. The company is developing an AI-enhanced requirements management platform for engineers who develop industrial products. This funding will facilitate product development and market entry, wrote Labs of Latvia.
• Biotechnology start-up Cellbox Labs attracted €3.3 million in funding this year for the development of four products. Part of this funding is state support for Tech4Cure, a project of common interest to Europe in the healthcare sector, wrote Labs of Latvia.
• Nanocoating start-up Naco Technologies raised €2.5 million in 2025. This was a new round of funding before the next level – Series A – investment attraction. This investment is intended for Naco Technologies' international growth and to prepare for the establishment of a high-capacity production facility in Poland, wrote Labs of Latvia.
• Nodu, a stable cryptocurrency infrastructure startup that enables digital assets to operate in the traditional financial environment, raised €1.23 million ($1.45 million) in pre-seed funding at the end of the year. Nodu's long-term vision is to connect more than 170 countries in a single payment network, where stable cryptocurrencies act as a universal bridge between currencies and economies, wrote Labs of Latvia.
• To expand its operations in the Baltic states, the Latvian-based mental health platform Pleso Therapy raised €1.2 million, including from the Latvian investment fund BADideas.fund, wrote Labs of Latvia.
• To facilitate product development and process automation on the user's computer with artificial intelligence, Latvian start-up Desktop Commander raised €1.1 million in pre-seed investment this year, including from the local BADideas Fund, wrote Labs of Latvia.

Funding was also raised this year by sports technology startup Tournated, financial technology startup Bonusukarte, artificial intelligence startup Theo, startup Hopted, energy startup Engycell, financial technology startup POSfinance, construction technology startup Adventum Tech, tourism technology startup artificial intelligence startup Rebookify, artificial intelligence startup Convershake, and science-intensive startup ProtiumTech.

This year, we are seeing a trend of new players entering the industry and we are getting to know new companies. Of course, many of them work in the field of artificial intelligence. There is also a trend of brand new companies attracting funding, such as Desktop Commander, which was founded just this year.

Growing and developing

Financial data for 2025 is not yet available, but information for 2024 shows that Latvian start-ups have continued to develop. Their total turnover in 2024 reached €602.2 million, which is 10% more than the previous year, according to Startup Radar data.

More than half of the sector's total turnover is generated by the 10 largest start-ups. Their total turnover is €335 million.

However, overall, more than 60 start-ups had a turnover of over €1 million in 2024.

Looking at taxes paid, the amount of taxes paid by Latvian startups in 2024 increased by 22%, exceeding €86 million. The 10 largest taxpayers in the start-up sector paid 48.2 million euros in taxes last year, which is more than half of the total taxes paid by the entire sector.

The writing of this article was financed by the European Regional Development Fund's SME Innovative Business Development Project.