The Startup Ecosystem of Latvia

Latvia has 1 city in the top 1000 and is one of Eastern Europe’s best countries for setting up a startup.


Latvia’s startup scene saw an increase in 2023 and jumped 4 spots from the previous year, outranking Colombia.



Regional Ranking

In Eastern Europe

Global Ranking



Startup Ecosystem Overview

aerial photo of city under cloudy sky
Latvia’s startup ecosystem has the potential to become one of the country’s core economic engines. With easy access to Europe, an availability of skilled IT talent, a multilingual population, and an affordable cost of living, the potential of Latvia’s startup ecosystem is clear. However, it is also clear that Latvia’s public sector has not caught up yet with its successful Baltic neighbors. Led by the rise of Estonia, Lithuania’s public sector is heavily investing in targeted startup ecosystem growth. The Latvian response to the increasing gap from the two other Baltic countries has been underwhelming so far. The country’s top policy makers have yet to equip public sector ecosystem developers with policies that will positively affect Latvia’s economic growth in the long term.

Although the pace is slow, the country is starting to benefit from a number of public sector initiatives that make the location attractive, such as innovation vouchers and a startup-friendly regulatory system. Latvia has also launched a Startup visa program aimed at attracting foreign entrepreneurs. A key public sector organization that supports the ecosystem, Magnetic Latvia, operates under the Investment and Development Agency of Latvia (LIAA) and provides a one-stop-shop service for foreign founders looking to start a business in Latvia. More resource allocation will be needed to allow Latvia’s public sector developers to make a real difference.

The ecosystem also boasts several private sector organizations that contribute to the development of the ecosystem, such as BuildIt Latvia, an accelerator that helps hardware and IoT startups. The program was launched in Estonia but continues in Latvia, signaling the promising potential of the ecosystem. Venture capital investments are much needed to produce scalable startups. One organization furthering this goal is The Latvian Private Equity and Venture Capital Association (LVCA). The organization has a mission to promote the development of the venture capital industry in Latvia and the Baltic region.

A critical challenge for Latvia is brain drain, as qualified workers emigrate to other EU countries; the public sector should do more to demonstrate the benefits of staying in Latvia. The government should also continue to cooperate with the private sector in devising new strategies, such as the stock option policies that were amended in 2020. This type of cooperation could allow the Latvian startup scene to close the gap with its more successful Baltic neighbors.


Latvia Top Startup Industries

Edtech icon
#25 worldwide

34 startups

Hardware & IoT icon
Hardware & IoT
#27 worldwide

17 startups

Ecommerce & Retail icon
Ecommerce & Retail
#37 worldwide

17 startups

Ecosystem HealthCheck

Latvia Ecosystem Health Check

The health check tables allow you to look at the performance Latvia has in each of the parameters that are part of StartupBlink's ranking algorithm. There are five tables, corresponding to the three subscores, the subscore analysis and industry ana...

  • Overperformance
  • Performance equal to global ranking
  • Underperformance
ParameterParameter Global rankParameter rank change since 2022ResultContribution to total scoreRank gain / loss due to parameter
Total Score3945.611100%0
Quantity Score3301.75831.33%7
Sample size of startups56112316.06%8
Sample size of accelerators63-66-562.35%1
Sample size of coworking spaces6324310.11%6
Community Score23N/A0.0480.86%0


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The Startup Ecosystem in Latvia

In 2023, Latvia register a rise in Edtech startups. Some of the most notable success stories in this industry are those of , Lokalise.

Global Rank

Latvia is ranked within the top 40 startup ecosystems globally.

Top Industries

Latvia’s startup scene is best represented in Edtech, Hardware & IoT, and in Ecommerce & and Retail.

Top Cities for Startups in Latvia - Ranked by StartupBlink
StartupBlink ranks the startup ecosystems of 100 countries and 1,000 cities. Download our latest Global Startup Ecosystem Report.
2023 National Rank & Change ▲
2023 National Rank & Change City
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Global Rank & ChangeTotal Score
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Quantity Score
Quality ScoreBusiness Score
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Notable Startups in Latvia
Lokalise startup icon
Mintos startup icon
Sonarworks startup icon


Successful Edtech startups in Latvia
Edurio startup icon
Anatomy Next startup icon
Anatomy Next
Allatherm startup icon

Featured Startup Ecosystems

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