BalticVC

Latvian technology company Digmatix (formerly Digital Mind) has signed an agreement to acquire Croatian consulting company DignetSoftware . The transaction will be carried out in stages over the next two to three years. The cost of the transaction has not been disclosed.

Latvian company TestDevLab has become part of US-based Xoriant , a global provider of engineering and technology services.

Latvian BADideas.fund has invested in Polish technology startup Juo . Other participants in the €4 million round included Market One Capital , Peak , SMOK Ventures , FJ Labs , and Lakestar .

Objective and methodology of the survey The BalticVC media team conducted its second study of the Baltic startup ecosystem, the Baltic Startup Survey. The partner of the survey became Yellow Rocks! The study was conducted in the form of a survey of startup founders from Lithuania, Latvia, and Estonia.

The Ministry of Economy of Latvia, The Financial Industry Association and the development finance institution Altum in cooperation with pension managers have agreed on the development of a new investment instrument – the Fund “For growth and protection”. 

Yellow Rocks! , a venture fund based in San Francisco and Lisbon, is exploring the Baltic market and looking to invest in promising early-stage startups. The fund is ready to invest in Baltic companies at early stages (pre-seed, seed, as well as follow-on investments at the Series A stage) with a transparent global scaling strategy. 

Latvian company Mapon , part of the Draugiem Group, is expanding its business in Europe by acquiring 100% of the shares in Irish company Envirokind Limited, known under the brand name Fleet Data .

Latvian artificial intelligence startup Convershake has raised €150K in investment from Outlast Fund .

Latvian company Echoo Group , which specializes in building automation and energy efficiency solutions, has joined Nordomatic, a major independent provider of building management systems services that operates in eight countries and has over 1,200 employees. The amount of the transaction has not been disclosed.

Members of the Latvian Business Angels Network ( LatBAN ) invested €120K in traveltech startup Rebookify . Another €80K was invested in the company by venture capital fund 500 Global.

Latvian AI startup Desktop Commander has raised €1.1M in pre-seed round from BADideas. Fund and 42CAP . 

Lithuania’s development bank ILTE and Latvia’s ALTUM have established the Baltic Capital Markets Acceleration Fund under the management of 1 Asset Management with total capital of over €50M.

Latvian sports technology company Tournated has raised $750K from Scandiweb , Asian sports club Shijiazhuang Chaofeng Sports and an international padel organization.

Latvian Startup Association Startin.lv has a new CEO. Roberts Alhimionoks will now lead the association. The former CEO, Olga Barreto Goncalves, worked at Startin.lv for almost four years.

Latvian biotech startup Cellbox Labs has raised €3.3M to further develop its product portfolio. Part of this funding comes from government support as part of the Tech4Cure project.

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 .

Latvian BADideas.fund participated in the €1.2M round of Ukrainian mental health treatment platform Pleso Therapy . Other investors include TA Ventures , Vchasno.Group and Ukrainian world boxing champion Oleksandr Usik.

Members of the Latvian Business Angels Network ( LatBAN ) jointly invested €500K in two funds Buildit VC and Outlast Fund . 

The Latvian Investment and Development Agency ( LIAA ) will allocate more than €18.5M to finance a new program to support the digitization of local companies.

Lithuanian technology startup Traxlo has raised €1.6M from Coinvest Capital , Bad Ideas Fund, Plug and Play , NGL , DEPO Ventures , and existing investors. The funds will be used to expand the startup's infrastructure in Central and Eastern Europe.