Annual Latvian Startup Report published

The Latvian Startup Association, Startin.LV, has published a Latvian Startup Report 2023.

It is the third time in a row the digitally publication has been available and provides a useful look at the latest investment, tax payment, and turnover data of the local startup scene, as well as acquainting readers with the most important players in the industry.

This year's edition is considerably expanded, coming in around three times as long as last year's report.

"A review of the available financial data of the last decade reveals an undeniable trend: many start-ups that are able to 'survive' the first five years then experience rapid growth both in terms of the number of employees and turnover, thereby significantly supplementing the state budget. Therefore, the investments and state support instruments attracted in the first years of operation are of greater importance," says a summary of the content.

Eduards Ritums, the Project Manager of Startin.LV and the author of the report, said:

"The Latvian startup ecosystem is still comparatively young and needs that nurturing. It has been three years since Startin.LV started putting a lot of effort into carefully looking for and manually validating data about Latvian startups. There is still a lot of work to do as we believe we have not yet identified all the startups in Latvia, but it is a good feeling to say that our data has really become representative of the ecosystem."

Taking into account world events of the last year, there is a serious decrease in global venture capital
funding. Latvia is no exception, and in 2023, a significant drop was experienced both in terms of the capital raised and the number of transactions (€90.8M in 2022, €17.9M in 2023).

You can download the report for free here.

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