BalticVC

Latvian developer of nano-coatings for green hydrogen systems Naco Technologies has raised €2.5M in the expanded pre-Series A from new investor Polish Radix Ventures and existing investors Hungarian Impact Ventures, Zurich-based Kendris Capital, and deep tech-focused fund The Untitled Ventures. Radix Ventures invested €1,5M.

Latvia will allocate €98.4M to entrepreneurs to create innovative products, including dual-use products. The money will come from European Union funds in the form of a state loan. €83.6M of this amount will come from the ERDF, and €14.8M will be allocated from the state budget. In addition, €71.4M will be provided by private investors.

UPD:  Gaming app Roam has raised less than $5M, according to founder Toms Černavskis. He declined to name the other investors or give details of the deal. Gaming app Roam , founded by 22-year-old Latvian Toms Černavskis, has raised $100K from Chinese Pico.com . The company was founded in autumn 2024 in San Francisco.

Latvian LongeVC  has invested in Canadian Proton Intelligence which develops non-invasive CKM for monitoring potassium levels in patients with kidney disease. The $6,95M round also included participation from Spanish We Venture Capital, Australian Tenmile and Trampoline Venture Partners, American SOSV and Exor Ventures, Japanese 15th Rock and others.

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.

UPD: After the merger, the companies will have a new name Fyul, which consists of the last two letters of each company's name: "fy" and "ul".    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.