Business
Mapon, a Latvia-founded fleet management solution provider with a workforce of 180 people, has attracted private and institutional investors who have invested €3 million into the company's bonds. The funding will be used to finance company acquisitions and further expand Mapon's operations in Europe, the company said in a relase March 11.
Latraps Agricultural Services Cooperative has signed an investment agreement with Pfeifer & Langen International B.V., one of the European leaders in the food industry, on the development of a pea protein isolate plant in Jelgava, "Latraps" Communications Manager Zane Berķe told LSM.lv on March 7.
A case has been brought before the Constitutional Court that may affect Latvia's progress towards transparency in the business environment in recent years. By July 1 this year all joint stock companies must disclose their owners to the Enterprise Registry, which publishes the shareholder lists on its information portal. However, several shareholders of "Latvijas finieris" have appealed to the Constitutional Court, Latvian Television's De Facto reported March 3.
German retail giant Lidl opened its 30th store on February 29, two and a half years after entering the Latvian market, with representatives of the German Embassy in Latvia and German-Baltic Chamber of Commerce in attendance. It is already the 30th Lidl store in Latvia and the 16th Lidl store in capital city Rīga.
Under the "Prototech" program of the Technology Business Center of the Investment and Development Agency of Latvia (LIAA), 30 entrepreneurs and authors of ideas have received support for the development of a prototype. More than a third of the prototypes were developed in the field of bioeconomy, biomedicine and biopharmaceuticals, reports LIAA.
In 2022, 22.9% of EU enterprises conducted online sales, which was 0.1 percentage point (pp) higher compared with 2021 (22.8%) and 6.5 pp higher compared with 2012 (16.4%).
Likely to be of interest to anyone looking to grow their startup business is the new Baltic Startup Funding Report by FIRSTPICK and Change Ventures, reports Labs of Latvia.
Compared to 2022, foreign investment volume in Latvia has increased by 30%. Data from the Investment and Development Agency of Latvia (LIAA) show that 46 investment projects were implemented last year and foreign investments were attracted in the amount of nearly 619 million euros, and 2500 new jobs were created, Latvian Radio reported on February 12.
The International Centre for the Settlement of Investment Disputes (ICSID) has decided, after a three-year trial, to reject the claim of SIA “North Star LTD” and owner Pēteris Pildegovičs to recognize the damage caused by Norway to the company in snow crab fishing, according to information published by ICSID on February 8.
The Latvian Startup Association has announced the composition of its new board, according to Labs of Latvia February 1.
Latvian translation company Nordtext has acquired Finland's Transfluent in a deal finalised in January 2024, the company announced on social media. Nordtext has purchased the entire share capital of Transfluent Oy.
Data of business tendency surveys published January 31 by the Central Statistical Bureau (CSB) show that in January 2024 business environment was positive in retail trade and services sector, but, compared to the previous month, it has slightly worsened.