Latvian Handwave raises $4.2M

Latvian next-generation biometric startup Handwave has raised $4.2M. The funding round was led by investment firm Practica Capital and with support from FirstPick, Outlast Fund and Inovo.vc.

Handwave is a biometric startup that offers payment and authentication solutions based on palm scanning. The company's goal is to simplify everyday transactions and identification. The platform developed by Handwave replaces traditional cards, tickets and devices with a simple palm scan. In the summer of 2025, the startup signed an agreement with Visa that could accelerate the implementation of Handwave's solution in any country. The company was founded in 2021 in Latvia. Handwave’s cofounders, CEO Janis Stirna and Sandis Osmanis-Usmanis, previously worked for one of the world’s largest global payment providers, Worldline.

Handwave will use the funds raised from investors to launch its palm-based payment and identity platform in Europe and the US.

Practica Capital is a venture capital company that primarily supports technology startups in the Baltic States, providing them with practical assistance at all stages of development. The fund was founded in Lithuania in 2011.

Firstpick is a venture capital firm and accelerator founded by the former team of the Estonian accelerator StartupWiseGuys, which operated in Lithuania. The company invests in Lithuanian-based startups in a wide range of sectors, from enterprise applications to consumer and retail. The partners of Firstpick are Jone Vaituleviciute, Marijus Andrijauskas, Andra Bagdonaite.

Outlast Fund is a venture company focused on early stage startups in the Nordic and Baltic regions. Outlast Fund focuses on investments in B2B software-based startups at pre-seed and seed stages. The fund was founded in 2024 in Latvia. Founders: Egita Polanska, Marija Ručevska, Kristaps Prusis and Mikaela Pedersen.

Inovo VC is a venture capital fund founded in 2011 and based in Warsaw, Poland. The company specializes in investing in pre-seed, seed and Series A startups, focusing on technology companies in Central and Eastern Europe.