The Latvian Start-up Report 2024: a year of transformation and promise

The Latvian start-up ecosystem keeps evolving, and the Latvian Start-up Report 2024 offers a deep dive into the current state, trends, and future opportunities for start-ups in the country. Published by the Latvian Start-up Association Startin.LV, this report is a must-read for current and future entrepreneurs, investors, policymakers, and anyone interested in the dynamic world start-ups. It provides an overview of the ecosystem’s performance and highlights success stories, challenges, and expert insights.

The 2024 report reveals a year of steady growth and transformation. While the number of start-ups has remained stable, investment levels and turnover has moderately increased – but not nearly enough to be considered remarkable by start-up environment standards. However, the real story lies beyond the numbers. This year has been marked by significant events that serve as a sign for a promising year 2025. Among the highlights are €62 million in new venture capital funding available for early-stage start-ups, the landmark merger of Printful and Printify, and the continued success of Start-up House Riga as a hub for collaboration. Yet, challenges remain, particularly in accessing growth-stage capital, underscoring the need for international investment.

The Rīga Stradiņš University Innovation Centre: a new feature in the report

For the first time, the Startin.LV Annual Latvian Start-up Report 2024 features the Rīga Stradiņš University (RSU) Innovation Centre, which has made a debut in its first year of operations. The Innovation Centre has become a cornerstone for fostering innovation, collaboration, and entrepreneurship within the RSU and beyond.

At the heart of the Innovation Centre’s mission is the support it provides to students, researchers, and innovators in transforming their ideas into market-ready solutions. The Centre is home to the RSU business incubator B-Space and the EIT Health RIS Hub in Latvia, making it a space for learning and growth.

Highlights from the Innovation Centre’s first year

The Innovation Centre’s achievements in 2024 are a testament to its impact on both RSU’s innovation environment and the Latvian start-up ecosystem. Over the past year, Innovation Centre has facilitated the development of 11 prototypes for new products or services and hosted 12 training sessions for students and researchers to foster innovation. With over 1,000 visitors, the centre has become a hub of activity and business development.

B-Space, which operates under the Innovation Centre, has also seen remarkable success. In 2024, it supported 7 teams in its incubation program and received 110 applications for its pre-incubation program. Additionally, B-Space organised more than 25 events and collaborated with over 30 mentors, who have been driving force in guiding start-ups and nurturing business ideas.

The EIT Health RIS Hub has also made significant strides. It co-organised 2 hackathons and engaged more than 1,200 participants across 9 events. These accomplishments highlight Innovation Centre’s commitment to driving innovation and creating opportunities for aspiring entrepreneurs.

A glimpse into the future

The inclusion of the RSU Innovation Centre in the Latvian Start-up Report 2024 is a recognition of its rapid growth and potential to shape the future of Latvia’s start-up ecosystem. As the centre continues to expand its programs and partnerships, it is poised to play an even greater role in fostering innovation and entrepreneurship in the years to come.

The 2024 report not only reflects on the past year but also sets the stage for an exciting future. With new funding opportunities, strategic mergers, and the emergence of dynamic hubs, the Latvian start-up ecosystem is brimming with potential.

To explore the full insights, trends, and success stories from the Latvian start-up scene, we encourage you to read the Latvian Start-up Report 2024. Discover how Latvia’s start-ups are shaping the future and why 2025 is set to be a year of unprecedented possibilities.

Latvian Start-up Report in full

Whether you’re an entrepreneur, student, researcher, or simply curious about the start-up world, this report is your gateway to understanding the vibrant and ever-evolving Latvian start-up ecosystem.