Funding, startup traction and news from Latvia: December

1 exit, 1 funding round, 6 fresh dealflow projects, 8 traction reports and more. Stay on top of Latvian startup scene in one scroll:


Naco Technologies acquired by Schaeffler Group

Naco Technologies is a nano coating startup founded in Latvia in 2010 with the support of Commercialization Reactor Riga, an agency and marketing platform for science-based young businesses. Companies involved as investors and developers were Imprimatur Capital, ZGI Capital and Proks Capital. The deal sum is not disclosed, however it is reported that all investors have made positive return.

Find out more here.

Vortex Oil raises €500,000 to work with first clients

Vortex Oil is an oil service startup from Latvia with an idea born in the cold and harsh Siberia, also realized within Commercialization Reactor. The company offers a technology that increases the extracted oil amounts from oil fields and reduces the production of polluted water at the same time. Vortex Oil solution extends oil field utilization 5-6 times and is shown to work for 5 years straight without repairs at -40 to +40°C.

On 8th of December the team has officially closed a €500 000 funding round with a Polish fund – Startup Hub Poland, after 4 months of negotiations. In 2016 Vortex Oil is planning to work with their first clients and protect their intellectual property.

Find out more about Vortex Oil here.


Dealflow from LatBAN December session

6 projects were presented at December pitch session of Latvian business angel network. All of them are now in negotiations with potential investors. Companies seeking funding range from cost-saving software for oil&gas industry Adaplab to an online social writing platform

Find out more here.

Startup traction

Playgineering Systems demonstrate good traction

A patented single video analytic and multimedia system for professional sports Playgineering Systems has closed the year with positive results. The company reports successful additional international patent registration, growth in dealer network to representatives in 10 countries, covering sales in over 20 countries. Additionally, the team reveals that their sales leads exceed €1 million across multiple sports in South Korea, Austria, Germany, Belarus, Czech Republic, Slovakia, Russia, Kazakhstan, Finland, UAE and other countries.

The team is growing, has moved to a new office in Riga and is now looking for startup neighbors here.

Tactile Eyesight wins Global Startup Battle, Chal among finalists

Latvian book creation platform for visually impaired Tactile Eyesight has won the Global Startup Battle: Great in the making track. In over 60 countries across the world, thousands of startup-minded enthusiasts came together to participate in Global Startup Battle 2015. The final winner was selected based on audience voting online and jury decision. Another Latvian startup, social platform for turning small challenges into powerful movements Chal, was among global finalists.

Find out more here.

EazyBI featured on TechCrunch for making over $1 million on Atlassian

Atlassian Marketplace for third-party developers has now hit $120 million in direct sales and more than 15 developers have now generated more than $1 million in direct sales. Among those who have made more than a million dollars is reporting and charting service EazyOne created by Latvian startup EazyBI.

Read the full piece here.

European Space Agency to support Latvian startup’s Eventech project

Latvian startup Eventech is developing new satellite equipment, supported by European Space Agency. Project budget is €400,000 and CEO of Eventech Girts Ozolins reveals that if the project is successful, the company will have a valuable offer for global aerospace industry.

Find our more here. (in Russian)

AirDog ships their drones to beta testers, selling on Amazon Launchpad

The best drone of CES 2015 Latvian AirDog announced shipping to beta testers in December. Since AirDog’s Kickstarter campaign in July 2014 that raised over $1.3 million, followed by several seed rounds that brought in additional $2.4 million, AirDog has finally produced and shipped its products. Beta testers were the first to believe in AirDog, and, besides contributing to the Kickstarter campaign, they also agreed to help test the product before delivering it to everyone else.

The drone is now also available on Amazon. Retail pre-orders are on, with the product being rel
eased on Feb 19, 2016 at a $1599.00 price. AirDog is featured via Amazon Launchpad – Amazon’s program offering online shopping of products from startups, with a great selection of new technology, gadgets and more.

Check out AirdDog on Amazon Launchpad here.

Zoomcharts among best new startups at TechCrunch Disrupt

Latvian user interface SDK for graphic data exploration Zoomcharts has been listed among Best New Startups at TechCrunch Disrupt by ListHunt. The site’s assessment focuses on novel startup ideas with notable potential.

Second BitFury data centre opens in Tbilisi

Global Bitcoin Blockchain infrastructure provider and transaction processing company BitFury co-founded by Valery Vavilov from Riga has opened a data center equipped with an energy-efficient cooling system in Tbilisi. The BitFury data center is the first leaseholder of the Georgia Technology Park FIZ which was established for a 49-year term.

The opening event was attended by the Prime Minister of Georgia Irakli Garibashvili, the Minister of Economy and Sustainable Development, Dimitri Kumsishvili, the Minister of Finance, Nodar Khaduri, as well as representatives of the diplomatic corps and company officials.

Find our more here.

Garage photos from AirBoard prototype testing

World’s smallest manned aircraft AirBoard has released some photos from their garage in Liepaja. From what we can see, the work is going well, despite the cold & snow outside.

Other news

Monea donating 1 EUR for every new app user

App for sending cash to your phonebook contacts Monea has launched a giving campaign in affiliation with Latvian donation platform All funds will go to children rehabilitation centre “Poga”. The campaign is on all holidays, up until Jan 10. Find out more here.

TechHub Riga partners with Rietumu bank to strengthen Latvian fintech startup scene

Riga’s biggest and oldest coworking space TechHub Riga partners with Rietumu bank to support Latvian fintech startups. The collaboration includes a wide range of events letting tech entrepreneurs strengthen their knowledge, participate in business bootcamps and build new contacts both in Latvia and abroad.

Find out more here.

Nordic Club House opens its doors

A new co-working and events space has opened its doors in Riga old town. Nordic Club House is a modern business club, suitable for small business teams, freelancers and business travellers visiting Riga for a couple of days and looking for a place to work and network.

Find out more here.

Latvian startup highlights: Year 2015

While the fireworks lighted the sky above Daugava, we compiled the brightest startup highlights from each month of the passing year. 17 companies and events have shaped Latvian startup scene, including two notable data compilations, one profitable exit, several funding rounds and impressive startup traction with wider implications.

Find out how AirDog, Clusterpoint, FlyCap, Naco Technologies and others have shaped Latvian startup scene here.