BalticVC

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.

Viangoo , a Latvian digitization and bulk delivery platform, has received €550K from Swedbank . The company received part of the funds from the Latvian development finance institution ALTUM . Viangoo will use the funds to provide working capital, fund development and expand the functionality of the app.

Latvian company Aerones , a provider of robots for wind turbine maintenance and diagnostics, has raised $62M in investment. The round was led by venture funds Activate Capital and S2G , with participation from Carbon Equity and Overlap Holdings . Aerones' existing investors also participated in the investment round.

Exonicus , a Latvian company developing augmented reality trauma training for defense and emergency medical services, has raised an investment of €85K from the Latvian Business Angels Network ( LatBAN ). This is LatBAN's first investment in a dual-use company.

Fintech startup POSfinance has raised €140K in an expanded pre-investment round from Latvian business angel network LatBAN .

Latvian construction technology startup Adventum Tech , will receive an investment of €250K from the Latvian Business Angels Network ( LatBAN ) and angel investors. Lithuanian defense technology company Luna Robotics will receive up to €250K from the Lithuanian Business Angel Network ( LitBAN ), Estonian developer of green energy solutions MarkeDroid will receive €175K from the Estonian Business Angel Network ( EstBAN ).

According the annual survey of Baltic Private Equity and Venture Capital Market Overview 2024 from KPMG , fundraising activity decreased to €265M (down 67% year-on-year). This is after two outstanding fundraising years in 2022 and 2023, when Baltic fund managers raised more than €1.5B.