BalticVC

Latvian mobile app Dosty  which simplifies dog ownership by managing daily routines, providing expert advice and support on health and behaviour issues through a chat assistant, has received investment from Azerbaijan's Caucasus Ventures.

The founder of Riga-based theIntelligent VC Andrei Doktoroff has acquired an application for creating stores on Telegram Sellz . The investor plans to launch it as a startup next year with a new team. In the near future, the company will also focus on improving customer support, promoting the product, and raising an investment round.

Latvian Capitalia has invested in the Estonian VC  Siena Secondary Fund . The investment amount is undisclosed. The target size of Siena’s second fund is €50M.

Companies registered in Latvia will be able to use crypto assets to pay for their share capital, which is aligned with the European Union's Markets in Crypto-Assets (MiCA) regulation. The decision was made by the Latvian Parliament.  

Estonian security and logistics solutions provider GSMvalve has acquired Latvian logistics software development company Intelligent Systems SIA .

Latvian fund LongeVC  has invested in US-based Glyphic Biotechnologies , which is developing a protein sequencing platform.

Riga-based asset-backed investment platform Indemo , which means Investment Democracy, has raised €556K at a pre-money valuation of €7.5M from a mix of new and existing private investors from Ireland, Canada, Lithuania, and Latvia.

We want to share a podcast, made by Google AI-pilot. It consists of a short review of the Baltic Startups Survey 2024, revealing its main ideas in plain English. If you prefer to get information informally, you should listen to it.

Goals and methodology of the survey The BalticVC team studied the startup ecosystem in Estonia, Latvia, and Lithuania for its Baltic Startup Survey. We sent questionnaires to startup founders from these countries.

Latvian e-commerce design platform, known for creating clothing, accessories, and home goods Printful has merged with Latvian print-on-demand marketplace Printify. The merger is expected to be finalized in the coming weeks. Financial terms of the deal have not been disclosed.

Lithuanian accelerator Firstpick has invested in Finfra, founded by Latvian Reinis Simanovskis and Estonian Markus Prommik. The startup, which has developed a financial solution for underbanked companies in Southeast Asia, raised $2.5M in investments from Singapore-based Cento Ventures, US-based Accion Venture Lab, South Korea's Z Venture Capital, Silicon Valley-based Hustle Fund, and the founder of Polish fintech Avafin Matiss Ansviesulis. 

Riga-based defense technology startup Origin   has secured €4M to drive the development of its drone-launched precision-guided weapon systems. 

Lithuanian network of business angels and startup board members NGL   is launching its operations in Latvia. The organization will help business representatives and private investors invest in promising startups and contribute their knowledge to the management of such companies.

Latvian investment platform Mintos has raised €2M in debt financing from Latvian fund FlyCap .

Riga-based AI-powered context management platform THEO Growth has raised investment from Latvian theIntelligent VC . The amount of the investment was not disclosed. The fund's average ticket size per startup is up to $250K.

According to the Baltic startup funding report prepared by Lithuanian accelerator and venture capitalist Firstpick and Estonian Change Ventures, investments in Baltic startups grew by 82% in the first half of the year. Startups in the Baltics have raised €349.1M in H1 2024, comparing to H1 2023 when Baltic startups raised €192.3M.

Co-founder of Latvian e-commerce platform and producer of print-on-demand items Printful Davis Siksnans becomes the new CEO of Latvian fleet management solution provider Mapon . Davis Siksnans has been with Draugiem Group, the owner of Mapon, for 15 years. Following his new appointment, Siksnans will continue to be a member of the Mapon Management Board and head of Draugiem Capital, the investment arm of the Draugiem Group. He spent ten years as CEO of Latvia’s Printful, attracting significant investments. In 2022, the entrepreneur stepped down from his role as CEO at Printful. Mapon’s previous co-CEOs Ingus Rukys and Andris Dzudzilo, who have led the company for over seven years, will continue to work for Mapon. Rukys will assume the role of CTO, and Andris Dzudzilo will work as Sales Director. Under their leadership, Mapon has experienced growth, expanding into five new markets (Lithuania, Estonia, Finland, Denmark, and Spain) and achieving an annual growth rate of 30% over the last ...

Three Baltic fund managers have received €55.8M from the European Regional Development Fund (ERDF), or €18.6M per fund. The tender, announced in 2023, was won by Latvia's BADideas.fund, Nordic-Baltic venture studio Vntrs Consulting , Latvian VC and accelerator Buildit.  

Latvian ZGI Capital has exited from the Riga-based mobile payment system Mobilly , in which it previously held a 9.17% stake. Other shareholders such as Riga-based bank Citadele (owned 12.5%), Latvian charity and support fund Vitolu Fund (3.18%), Uldis Paberzis (20.32%), and Girts Slavins (4.7%) also sold their shares. The amount of the deal was not disclosed.

Riga-based theIntelligent VC has invested in gambling and betting data analytics platform Blask . The amount of the investment is undisclosed. The fund's average ticket size per startup is up to $250K.