Latvian startups raised €18,2M from January till September 2023

During first three quarters of this year Latvian startups raised €18,2 M. 13 deals were completed.

€10M were raised by Naco Technologies, which develops, produces and supplies nanocoating technologies to customers around the world. €2,3M of the funds received came in the form of a grant under the EIC Accelerator program of the European Innovation Council (EIC).

In-game advertising platform Monetizr and SaaS startup Trace.Space, which creates artificial intelligence-based tools for developing engineering products, raised €3,6M and €1,5M, respectively.

There were also several acquisitions in the first to third quarters of 2023. Latvian e-commerce platform Printful and fleet management platform Mapon have expanded with the acquisition of e-commerce company Snow Commerce and telematics company CarCops, respectively. Mobility service provider Sixt has acquired Latvian car subscription service Renti Plus. Local geospatial analytics provider for digital advertising Roibox has been acquired by Italian business consulting and services firm Jakala.