Nordigen, the startup disrupting the credit issuing scene, has become the second startup to receive support under the Latvian Startup Law.
The Baltic emerging fintech startup Nordigen is the second startup registered in Latvia to receive government financing for attracting highly qualified employees. The programme is initiated by the Investment and Development Agency of Latvia (LIAA) and the Ministry of Economics with the aim of facilitating startup development.
The programme is part of Latvia's innovative Startup Law, which came into force on January 1, 2018. The purpose of the law is to promote the establishment of start-up companies in Latvia, stimulate research as well as the use of innovative ideas, products or processes in the economic activity (commercialization of research products).
Nordigen is the second startup to be approved for the financing programme, the first being Dripit. The law was initiated and refined by several local startup organizations, including Latvian Startup Association Startin.lv, community coworking space Techhub Riga, Baltic's biggest tech conference Techchill and other industry players.
The total programme budget to be split amongst applicants is 1.2 million EUR, co-financed by the European Regional Development Fund. The programme provisions the reimbursement of up to 45% of expenses generated by highly qualified and specialized employees, including both salary and paid taxes. A key financing qualification criterion requires previous funding - startups aiming to benefit from the programme must have received a certified risk capital equity investment of at least 30 000 EUR, which validates the company's longevity.
Nordigen recently raised $700,000 from Finland's risk capital fund Inventure and Europes leading seed investors Seedcamp, bringing the total amount raised to $1 million since its inception. This is Nordigen's largest investment to date. Previous deals include a 150 000 investment from Change Ventures.
“We feel that Nordigen's journey is just beginning,“ comments Ieva Grabe, Nordigen's COO. “Our enormous potential has been validated by our client successes, industry recognition and the team's relentless efforts. We are rapidly expanding and are currently looking for talented professionals who would like to join an ambitious global company.”
Nordigen will use the support to further expand across existing markets, as well as enter new markets, such as Brazil, South Africa, the U.S., and the U.K. Nordigen Solutions was founded in 2016 in Riga. The company is owned by Roberts Bernāns, Rolands Mesters, Change Ventures, Inventure, and Seedcamp.