Dealflow, startup traction and news from Latvia: November

    2 funding rounds, 16 startups looking for funding, 8 notable traction reports. Stay on top of Latvian startup scene in one scroll:

    Funding rounds

    Monea raises €800k seed, joins top 10 Latvian startup deals

    P2P micropayment application Monea, which lets clients of Swedbank, SEB, Citadele and Nordea send money to their phone contacts, announced that it has raised another €800k seed round, bringing its total funding to €1,05 million – the 10th biggest disclosed startup investment in Latvia to date. More on here (in Latvian).

    See Top 10 Latvian startup deals here.

    PolyLabs brings total funding to €250k

    Chemical startup PolyLabs producing bio polyol systems from renewable materials has brought total funding to €250k. The company now has €200k from FlyCap and €50k from StarDust Capital. See more on here (in Latvian).

    Startup traction

    Sorry as a Service wins TechHub Riga Academy and SV2B pitch

    On Nov 6 TechHub Riga Academy gathered 10 best startups from Estonia to Egypt to be mentored by Silicon Valley experts. 5 best teams got a slot to pitch at Silicon Valley Comes to the Baltics on Nov 7.

    The winner is a solution for corporate apologies: Sorry as a Service, co-founded by Sabine Sipunova from Riga. They received the title of SV2B winner and 1000 EUR gift card from Lattelecom and Sorainen Latvia.

    Clusterpoint wins Young Bull Award at White Bull Summit in Spain

    Clusterpoint Database-As-A-Service (DBAAS) won the honorary Young Bull title at the 2015 Bully Award, honouring outstanding European media and telecommunications (TMT) companies as presented by White Bull Summits in Barcelona.

    Find out more here.

    Linkify gets TechHub Riga, Mill Riga and Darba Vieta as partners

    LinkedIn for creatives Linkify that is linking jobs with professionals struck quite a few new partnerships this month. Among them, Latvian co-working spaces TechHub Riga, Mill Riga and Darba Vieta. partners with HubSpot

    Latvian data visualization veteran has partnered with inbound marketing giant HubSpot. See their free practical ebook “How to generate leads with infographics” here.

    CheeksUp among the 9 finalists of Global Startup Nations Summit

    Intelligent face motion game for kids with disabilities CheeksUp has been pitching among world’s 9 most impactful early-stage startups at Global Startup Nations Summit in Mexico this month.

    Selected by our Facebook audience and independent jury from 4 continents, CheeksUp has fought against 28 fierce competitors and came out among the 9 finalists.

    BitFury ventures into fintech

    World’s leading blockchain infrastructure provider BitFury, co-founded by Valery Vavilov from Riga and co-funded by Riga-based iTech Capital , has opened an office in one of London’s fintech hubs – Level 39 accelerator.

    BitFury is launching a blockchain exploration program that offers transaction processing capabilities and a unique knowledge base for companies looking to explore the boundaries of this innovative technology.

    This is not their first step towards fintech. Find out more here.

    BranchTrack wins How To Web

    Flight simulation for salespeople BranchTrack was pronounced the best startup of How To Web competition, ahead of over 30 other finalists. BranchTrack was the only Baltic startup at the event. The team also received a $10,000 prize.

    Connection Codes close new deals after Creative Business Cup

    After winning the national selection, the interactive solution for fountains Connection Codes took part in Creative Business Cup global finals in Copenhagen. The event was a success – the team is now working with partners from Estonia, Finland, Austria and Denmark, with several new projects underway in 2016.

    See the full story here.


    1. MaxTraffic – a platform for e-commerce sites to help them turn abandoning visitors into customers.
    2. Conelum – makes mandatory milk tests in dairy industry 50x faster.
    3. InSelly – the easiest tool for mobile selling on Instagram.
    4. MAHYDY – a heavy metal startup developing a new technology of anti-corrosion treatment for structural steel. Reduces bath maintenance costs 6X, reduces payback period till 2-3 years, improves the environmental friendliness of production.
    5. Spatial Initiatives – Developing next generation precision rangefinders for 3D imaging and survey instruments using only recently available multi-pixel photon-counting detector technologies.
    6. CheeksUp – an interactive speech therapy game for kids with 3D face movement tracking in real-time.
    7. PranaJet – a gadget for stress management by breathing using unique biofeedback method.
    8. Trip.Center – building the most convenient and powerful travel planning tool in the world.
    9. BranchTrack – changing how corporate training works through an elaborate yet user-friendly customer simulations platform.
    10. Adaplab develops new generation software products for industrial controllers in oil, gas and wind farm industries. The technology works 3X faster and 2X more efficiently than competing solution, increasing process stability 5X.
    11. ET Tech – B2B SaaS platform for HR and recruiting, which assesses professional competence using person’s eyes’ movements.
    12. Koatum – a med-tech startup developing a unique medical implant coating method, which provides 100% rejection safety and up to 2x faster healing.
    13. DexLab – technology that allows to produce dextran from natural, cheap and widespread materials, one of which is considered chemical waste.
    14. Nano Ray-T – produces all types carbon nanotubes (CNTs) with extremely high purity in 99.5% and stable characteristics.
    15. Adiabatic Nano Technologies has developed a method for adiabatic compression of monosilane that can be used for production of nanoscale silicon compounds, of high purity and extremely low dispersion for various energy, electronics, medical and other applications.
    16. Nano 55 – a revolutionary simple, one-step nano carbon tubes production technology.


    Baltic startup scene in numbers

    Riga just hosted Silicon Valley Comes to the Baltics along with Riga Venture Summit – an initiative for Estonia, Latvia and Lithuania to cooperate more on startups. The excitement is high, but what about the numbers?

    As this year’s host of the event, Labs of Latvia took the initiative to gather some data for our common use. See the results here.