Known for its picturesque landscapes, which include vast forests, serene lakes, and the white sandy beaches of Jurmala, Latvia offers a rich cultural heritage and a commitment to preserving its natural beauty. At the same time, its capital, Riga, showcases a unique mix of medieval charm and modern energy, with Art Nouveau architecture standing proudly alongside cutting-edge developments.
Over the past decade, Latvia’s startup scene has flourished, particularly in Riga, which has become a key hub for innovation in the region. With strong government support, a talented workforce, and growing investor interest, Latvia is producing startups that are making waves across Europe and beyond. Events like TechChill have brought international attention to the country’s entrepreneurial ecosystem, highlighting its strength in areas like technology, gaming, and sustainability.
In this article, we highlight 10 of the most promising startups in the country, all founded between 2020 and 2024. These companies drive innovation and reinforce Latvia’s position as an emerging player on the global startup stage. Interestingly, after making our selection, we noticed that all of these startups are based in Riga, further cementing the city’s reputation as the heart of Latvia’s entrepreneurial ecosystem. Let’s take a closer look at the businesses making Riga a city to watch:
Cellbox Labs: This company specialises in industrial organ-on-chip technology, and offers a vascularised gut-on-chip platform to improve drug discovery. Founded in 2020, the company develops plug-and-play devices that operate independently, combining hardware and software to simplify experiments and reduce hands-on time. With €935K in funding and recognition through multiple awards, Cellbox Labs collaborates with mentors and stakeholders across the Nordic and global innovation ecosystems.
Fluxy.One: This startup provides Digital Product Passports (DPP) and GS1 Digital Links to support manufacturers in industries such as electronics, textiles, and consumer goods. Their platform helps businesses manage product data, streamline QR code integration, and prepare for digital transformation in the EU market while aligning with sustainability and ESG goals. Founded in 2024, Fluxy.One has raised €750K.
Handwave: A pioneering biometrics-as-a-service company, offers palm-based payment and authentication solutions designed to simplify daily transactions and identification. Their platform replaces traditional cards, tickets, and devices with a secure palm scan, providing enhanced convenience, security, and seamless integration with loyalty programmes and services. Founded in 2021, Handwave has raised €600K to drive innovation in authentication technology.
Hyperscan: an AI-powered platform that simplifies lead research by extracting and enriching data from LinkedIn, Apollo, and other sources, eliminating the need for manual sorting. The tool allows users to filter, rank, and analyse profiles based on specific criteria, making it ideal for recruiters, salespeople, and investors. Founded in 2021 they have raised €559K and continue to streamline sourcing processes with advanced AI technology.
Indemo: an investment platform specialising in discounted debt investments and mortgage loans, primarily focused on the Spanish real estate market. With a minimum investment of €10, it provides retail investors access to opportunities traditionally reserved for institutional players, helping to diversify portfolios and reduce volatility. Founded in 2022, Indemo has raised over €1 million and operates under full EU regulation, ensuring compliance and investor protection.
Naco: This company dedicated to advancing the green hydrogen revolution, develops specialised nano-coatings and materials for hydrogen system producers. Their solutions include anti-corrosion, electrical stability, and catalyst coatings for electrolyzers and fuel cells, enabling efficient and sustainable hydrogen production. Founded in 2020, Naco has secured over €15 million and offers a full spectrum of services, from solution development to the delivery of coated components.
Origin Robotics: a defence technology company specialising in advanced autonomous systems, that develops innovative solutions to address modern security challenges. Their flagship product, BEAK, is a cost-effective, battlefield-proven, mid-range precision-guided weapon system with a reach of up to 15 km. Founded in 2022, Origin Robotics has raised €8.5 million to advance its mission of enhancing defence capabilities.
Sabre Games: an award-winning AAA game development studio, is at the forefront of innovation in the gaming industry, focusing on evolving the Web3 gaming space. Led by experienced game designers, blockchain experts, and digital marketers, the studio creates immersive gaming experiences, including the MMORTS play-to-earn title Legends At War. Founded in 2021, Sabre Games has raised €2.5 million to push the boundaries of blockchain and gaming technology.
Selfnamed: a self-service platform for creating private-label cosmetics, that offers a seamless way for individuals and businesses to launch their own skincare brand. With no minimum order requirements and over 100 organic, vegan, and sustainable products, it simplifies the process of customising and selling high-quality cosmetics. Founded in 2020, Selfnamed has raised €350K and supports clients from boutique owners to large retailers.
Swotzy: a shipping platform designed to help e-commerce retailers streamline their last-mile delivery operations and reduce costs. The platform consolidates multiple carriers into one system, ensuring each package is paired with the most efficient and cost-effective option. Founded in 2022, Swotzy has raised €890K and enables businesses of all sizes to optimise shipping with ease.
By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!
Read the orginal article: https://www.eu-startups.com/2025/02/innovation-in-the-baltics-10-promising-latvian-startups-to-keep-an-eye-on-in-2025/
