Riga Investment and Tourism Agency will allocate €450K for development of a new startup hub

Riga Investment and Tourism Agency (RITA) will allocate €450K for the development of a new startup hub in the Latvian capital during the next three years. The investment is a part of the Startup Houses Support Program, which aims to promote the operation of startup hubs in Riga.

The agency will select a developer of the startup hub, considering its previous experience with startups, references, choice of premises, proposed strategy and implementation plan, and the number of startups attracted to date. RITA will sign a contract with the developer for 36 months (three years or three periods) and will provide €150K for the implementation of this project in the first year.

During the first year, the developer is supposed to support at least ten startups and direct most of the funding to establishing or improving the hub. 

In the second year, it will support at least 15 startups and the same amount in the third year. During this period, the new startup hub will support startups mainly with financing, providing each of them up to €10K.

The Riga Investment and Tourism Agency (RITA) was established in 2021 to ensure investment and tourism promotion, bringing together investors, businesses, tourists, and residents. The managing director of RITA is Fredis Bikovs.