Latvia startup funding report

Pre-seed

The busiest stage: 19 rounds in 2024 and 15 in 2025, at a typical €0.13m and €0.23m. Two so far in 2026, Deep Space Energy and Spotwise.

Seed

16 seed rounds in 2024 and eight in 2025, with the typical seed round at about €1.3m both years. BirdyChat's €1.7m in May is the only seed round of 2026.

Series A

One Series A a year: Canyon Network in 2024 and TAC in 2025, both about €5m. None in 2026.

Growth

Two growth rounds in three years: Aerones' €56m in 2025 and Giraffe360's €9.1m in 2026.

Whether rounds come back

Four rounds in nine months, and none recorded since May, after 25 in 2025. Part of any recent drop is late recording. The next edition measures how many 2026 rounds surfaced late, and shows whether the quiet second and third quarters hold.

One round sets the year

Aerones was 70% of 2025's capital and Giraffe360 is 79% of 2026's. Without its largest round, Latvia raised €24m in 2025 and €2.4m so far in 2026. That is the number to watch.

Few hands write the first cheques

Five investors joined 17 of 26 early rounds since 2025, and the angel network led four. A Latvian founder raising pre-seed meets most of the active local money in a handful of meetings. Watch whether new early-stage funds start investing here.

Latvia trails its neighbours per person

€43 per person in 2025 against €75 in Lithuania and €258 in Estonia, and €6 so far in 2026. Watch whether the gap narrows when Q4 is added.

What the report covers

Period: January 2024 to September 2026. Past years are shown in full. The current year runs to the end of the last complete quarter.

Companies: startups headquartered in Latvia, and startups that began in Latvia or keep their main team here and later moved their headquarters abroad. Every kind of startup is included: software and hardware, business and consumer.

Events: venture funding rounds, and exits (acquisitions, buyouts and stock market listings).

Sources: public sources only, namely startup databases, company, investor and angel network announcements, and the press, in Latvian and English.

Every round and exit named in the report links to its announcement. Totals, changes and charts are built from all rounds and are not linked.

This edition covers 65 venture rounds (56 with a disclosed amount) at 60 companies, and 1 exits. Next update: January 2027, adding Q4 2026.

Stages

Stages are the label the company announced or the source assigned. Where a label clearly does not fit the size of the round, such as a very large round called seed, the round is placed by its size. Where there is no label, round type and size decide.

How it is counted

• Funding rounds are equity and convertible venture rounds, including angel network rounds. Grants, loans, state support programmes, crowdlending, secondary sales and investments after a listing are not counted. Where an announcement adds grants to an equity round, only the equity is counted.
• Amounts are in euros, converted at about 1.10 US dollars to the euro. Rounds without a disclosed amount count toward the number of rounds but not toward capital.
• Companies that are not startups are left out even when they raise venture money, such as established manufacturers, service firms and lenders.
• Rounds and exits are cross-referenced against company, investor and press announcements where possible.

Limits

• Public data does not capture every round, so counts are a floor. Small angel rounds are the most likely to be missing.
• Some rounds are recorded months after they happen. Each update adds them to the month they happened in, so recent quarters, the latest above all, will rise.
• The record includes our own search of Latvian press, investor portfolios and companies based abroad (October 2026), which added rounds the startup databases had missed. The CEE report uses the same record.
• With a few dozen rounds a year, one round can move a total by more than half. Read changes in capital with the largest round in mind.