Capital raising services in Latvia
Latvia's venture market is growing steadily, with Riga emerging as an active deal hub and Pan-Baltic funds increasingly anchoring Latvian rounds alongside Nordic and European co-investors.
Printful, Printify and Lokalise have demonstrated that Latvian companies can build globally competitive B2B platforms and attract growth capital at scale, creating a reference point for international investors evaluating the market.
Flow works with mid- to late-stage Latvian companies raising growth capital on the best available terms - providing an extensive VC investor network, fundraise preparation and pitch deck building, financial and operating model construction, and full end-to-end process management through to close.
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VC rounds raised in the last 12 months in Latvia
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Median VC valuation (across all stages) in Latvia
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Median VC revenue multiple (across all stages) in Latvia
$10M
Largest VC round raised in Latvia in the last 12 months
Raising venture capital in Latvia
Latvia's VC market is small but growing, with Riga as the centre. Pan-Baltic and Nordic funds dominate; cross-border participation from European and US investors is common at growth stage.
Latvian VC conventions
Latvian venture rounds typically use documentation aligned with broader Baltic and European venture conventions. Pre-seed and seed rounds use simplified Baltic-standard templates; Series A and later rounds adapt to Latvian SIA (limited liability) or AS (joint-stock) structures.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Latvia. SAFEs are used where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is standard. Latvian SIA and AS structures require shareholder resolutions plus Enterprise Register filings for share issues.
Altum co-investment
Altum anchors several venture capital funds and co-invests at seed and Series A via partner funds. Its preference structures and reporting requirements are well-defined and routinely accommodated in round documents.
Foreign investment screening
Latvia operates EU-aligned FDI screening with notification required for non-EU investors taking qualifying stakes in Latvian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions.
Closing mechanics
Capital increases and share transfers in Latvian SIA and AS companies require Enterprise Register filings. Closings are typically same-day signing and funding with documents executed via DocuSign for non-notarial elements.
Startups who recently raised money in Latvia
Largest VC round raised recently in Latvia was a $10M Strategic investment of Ammunity in December 2025.
See all VC rounds in Latvia| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Ammunity | | Ammunity is a manufacturer of small-caliber ammunition for civilian, law enforcement, and military applications in Latvia. Riga-based, the company produces 9mm, .22LR, and 5.56mm rounds using polymer-cased designs for reduced weight. Ammunity operates a 20,000-square-meter facility compliant with NATO standards. It exports to 25 European countries and supplies training ammo to Baltic defense forces. Founded in 2019, the firm has capacity for 100 million rounds annually. | Scandinavian Astor Gr | $10M | - | Strategic investment | |
Mar-26 | Spotwise.ai | | Spotwise.ai is an AI platform that monitors competitor ads on live radio streams for broadcasters and media sales teams. The service detects ads, captures advertiser details such as name, frequency, and station, and delivers instant alerts on new campaigns. Spotwise.ai maintains a searchable library of audio clips and AI transcripts alongside analytics on ad volume, duration, and market share, with CRM integration for lead generation. | 500 GlobalBADideas.fund+1 | $500K | - | Pre-seed | |
May-26 | BirdyChat | | BirdyChat is a chat application developer building tools for work professionals to communicate efficiently. | Change VenturesCharlie Songhurst+6 | - | - | Seed |
Top VCs and strategic investors in Latvia
BADideas.fund, FIRSTPICK, Latvian Business Angel Network and Outlast Fund funded the most startups in Latvia in the last 12 months.
See all VCs in Latvia| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
BADideas.fund | | BADideas.fund is a syndicate-led investment vehicle that deploys €50,000 to €250,000 tickets into early-stage startups from Central and Eastern Europe with global ambitions. Backed by a €22 million fund, it bridges funding gaps for portfolio companies through its network of founders and operators from Wise, Veriff, Vimeo, Printify, PandaDoc, Pipedrive, Bolt, Apollo.io, Bird, Shopify, Whimsical, Lokalise, Deel, Printful, Twilio, and Interactio. Operating remotely across CEE countries like Estonia, Latvia, and Lithuania, BADideas.fund accelerates product-market fit and scalable growth engines for its investments. | Spotwise.aiDesktop CommanderHopted+2 | 4 | Pre-seed | |
FIRSTPICK | | FIRSTPICK is a venture capital fund and accelerator targeting early-stage tech startups across the Baltic states. It deploys initial investments ranging from €50,000 to €250,000 in sectors including fintech, SaaS, deeptech, and consumer marketplaces, with potential follow-on funding up to €1 million per company. Equity-free grants support idea-stage ventures, complemented by pre-acceleration and acceleration programs that deliver market access, partnerships, and expertise from ideation through growth. Operating from Tallinn, Estonia, FIRSTPICK equips founders with hands-on coaching and connects portfolio companies to regional networks in Lithuania, Latvia, and Estonia. | BirdyChatHandwaveHopted+1 | 4 | Pre-seed | |
Latvian Business Angel Network | | Latvian Business Angel Network is an association connecting accredited investors with early-stage startups in Latvia. It facilitates deal flow through pitch events, due diligence, and co-investment syndicates focusing on tech, biotech, and cleantech sectors. Riga-based, LatBAN counts over 100 members who have deployed millions in funding to local ventures like Printful and Aerones since its 2011 establishment. | POSfinanceAdventum TechCellbox Labs | 3 | Pre-seed | |
Change Ventures | | Change Ventures is a pre-seed venture capital fund targeting founders in Estonia, Latvia, Lithuania, and the Baltic diaspora. Investments range from €100,000 to €500,000 with rapid decision processes. The Tallinn-based firm aids portfolio companies in achieving product-market fit and securing follow-on funding through its investor network. | BirdyChatOrigin RoboticsAM Craft+1 | 3 | Pre-seed | |
Outlast Fund | | Outlast Fund is a San Francisco-based venture capital firm investing in enduring technology concepts across early-stage startups. The portfolio targets sectors like climate tech, biotech, and AI infrastructure with theses on long-term impact. Backed by institutional limited partners, it provides capital and guidance to founders building scalable platforms. Notable investments include companies advancing renewable energy storage and genomic sequencing. | Spotwise.aiHandwavePrenew+1 | 2 | Pre-seed | |
Tiny Supercomputer Investment Company | | Tiny Supercomputer Investment Company is a London-based micro venture capital firm specializing in early-stage investments across Europe. Founded in 2016 by Andy Davis, it deploys small tickets of €100,000 to €250,000 into pre-seed and seed-stage SaaS, fintech, and climate tech startups. With a portfolio exceeding 100 companies including unicorns like Grover and N26, Tiny emphasizes founder-friendly terms and hands-on support through its Tiny Foundation accelerator program. | BirdyChatGRAIStarcloud+1 | 1 | Seed | |
Tesonet | | Tesonet is a Vilnius-based venture builder and investor nurturing tech companies in the Baltic region. Started in 2008, it houses subsidiaries like Nord Security, Surfshark, Oxylabs, Hostinger, and nexos.ai, employing over 3,500 staff. Since 2018, it has funded external ventures including CAST AI, Eneba, and Šiaulių Bankas, accelerating global tech disruption across cybersecurity, hosting, and AI. | BirdyChatFrame SecurityFinbee+1 | 1 | Seed | |
M | Markus Villig | | Markus Villig is founder and CEO of Bolt in Tallinn, Harjumaa. A University of Tartu student, he received Estonia’s Best Young Entrepreneur award. | BirdyChat | 1 | Seed |
4 | 42CAP | | 42CAP is a Munich-based seed-stage venture capital firm investing €0.5-1.5 million in European tech and data-driven companies. Founded by eCircle alumni, it previously built and sold a major SaaS business to Teradata in 2012, targeting scalable platforms with global potential. | Desktop Commandercognee incLeanspace+1 | 1 | Pre-seed |
Z | Ziuljenas Galeckas | | - | POSfinance | 1 | Pre-seed |
What if not VC? Non-equity funding in Latvia
Latvia's non-dilutive funding stack is moderate by European standards - the deferred corporate tax system, R&D super-deduction, Altum lending and EU funding access provide the main non-VC capital paths.
Deferred corporate tax
Latvian corporate tax (20%) is only payable on dividend distributions. Retained earnings can be reinvested indefinitely without taxation - effectively a perpetual deferral for growth-focused companies.
Altum lending and equity
Altum provides loans, guarantees and equity investments via multiple programmes. Often the first institutional capital in Latvian tech rounds and a recurring source of growth financing.
R&D super-deduction
Latvian companies can claim additional deductions on qualifying R&D expenditure. Combined with the deferred corporate tax system, materially reduces the post-tax cost of R&D.
EU funding access
Latvian companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Plus structural EU funding for R&D and digital transformation administered by LIAA.
Latvian and Baltic angel ecosystem
Latvia's angel scene anchors around Mintos, Printful and other Latvian tech alumni. Tickets typically €25k-200k per investor; structured rounds often syndicated across 5-15 angels. Cross-border participation from broader Baltic angel networks is common.
Cross-border venture debt
Kreos Capital, Claret Capital Partners and HSBC Innovation Banking operate in Latvia via Baltic and Nordic lending arms. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Latvia and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Latvia.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Latvia
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
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We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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