BalticVC

Latvian Telegram dating service Flirtu.io has raised investment from Riga-based theIntelligent VC . The amount of the investment is undisclosed.

Latvia has joined in the creation of the Drone Coalition common fund to provide military support to Ukraine in the form of weapons and to develop the drone industry. The fund was launched by members of the Drone Coalition - an organization, led by the United Kingdom and Latvia. The Drone Coalition consists of 16 countries, including Estonia and Lithuania. 

Latvian opportunity capital fund FlyCap   plans to raise €41.3M to invest in growth companies. €24.8M will come from the European Regional Development Fund (ERDF) and the state development finance institution ALTUM, and €16.5M will be raised from private investors who invest in the companies over five years. FlyCap will start investing when it receives 50% of the required funding from private investors.

Riga Investment and Tourism Agency (RITA) will allocate €450K for the development of a new startup hub in the Latvian capital during the next three years. The investment is a part of the Startup Houses Support Program , which aims to promote the operation of startup hubs in Riga.

Latvian broker of personalized loan products Jeff App has raised $2M in late-seed financing. The round was led by Czech Presto Ventures with participation from existing investors Estonian Business Angels Network (EstBAN) and Swedish VC J12. Some angel investors, including the founder of Latvian print-on-demand and dropshipping platform Printify James Janis Berdigans, and a venture partner of Finnish VC Superhero Ivo Remmelg, also participated in the deal.

Merito Management Target Fund II, managed by Latvian investment company Merito Partners, has acquired a majority stake in Latvian digital marketing company Adaptive Media . The amount of the deal was not disclosed.

Lithuanian repair marketplace Tiings has raised investments from Lithuanian accelerator Firstpick, Latvian BADideas.Fund and Czech PurposeTech. 

The majority stake in Estonian wellness marketplace Stebby   has been acquired by French payment solutions company Up Group. The previous majority owner was a Riga-based private equity fund Livonia Partners, which owned 50% of Stebby. The company's current management will continue working in the company with Up Group.

Latvian 4pm Ventures has launched a laboratory for startups Future Health Lab , which will run online from 12 June to 18 December.

Riga-based AI-powered competitor tracking startup RivalSense has raised an investment from Estonian lead investor Change Ventures with the participation of Hungarian Fiedler Capital and some Latvian business angels. The amount of the deal is undisclosed. 

According to the StartupBlink Global Startup Ecosystem Index 2024, the Baltic States ranked among the top 50 best countries to found a startup. Estonia became a leader in the Baltics, taking 12th place, moving up two places from last year. Lithuania also moved up one place to 16th in the ranking. Latvia has dropped eight places to 47th.

Latvian telemedicine platform  Medon   has raised €325K from Latvian investors. One of the investors is business angel Martins Singers.

The Baltic deeptech startups have raised over €164M in almost five months of 2024, while, in total, the Baltic startups across all the industries have raised €310M in the same period. Most of the investments for Baltic deeptech startups came from C rounds (€40-100M).

Latvian LongeVC is planning to raise a $250M fund to invest in Asian longevity and biotech startups. LongeVC also intends to raise investments for LongeVC's sister fund, Ani VC, which will focus on animal longevity and pet health.

Riga-based manufacturer of 3D-printed aircraft components AM Craft has raised €600K in a pre-seed round from Estonian Change Ventures and Latvian BADideas.fund.

Lithuanian educational toy subscription startup LILEDU  (known and operated under the brand name Žaislų klubas in Lithuania) has raised €500K in an oversubscribed round from Lithuanian fund and accelerator Firstpick, Latvian BADideas.Fund, Berlin-based VC Heartfelt,  and some business angels, whose names are undisclosed.

Latvian biotech Cellbox Labs , which develops industrial organ-on-chip technology, has raised €935K in a pre-seed round, led by Latvian Buildit VC, with participation from a syndicate of 12 LatBAN’s angels, managed by Girts Licis, Latvian investment fund ASP Asset Management AIFP, and its owner Ansis Spridzans.

Latvian LongeVC has invested in the US startup Catena Biosciences . The total amount of the extended seed round was $2.35M. Existing investors California Innovation Fund, the US Civilization Ventures and Pioneer Fund, and new investors Freeflow from the US, Californian Caffeinated Capital, and the BrightEdge - American Cancer Society participated in the round.

Latvian LongeVC has invested in the US AI-driven platform HelixNano , which allows to development of mRNA vaccines and therapies to boost the immune system’s power to fight infectious diseases, oncology, and other indications. 

US-based Payall Payment Systems , a full-cycle modular infrastructure provider for international payments, has acqhired the team of Latvian startup Huntli . The US company has also acquired Huntli's source code and re-signed Huntli's clients.