The pulse of Latvian startup scene: week #20

#StartinLatvia receives support through grant program, five women selected for Latvian finals of Start Tel Aviv 2016, Latvian companies preparing for pitch competition in Estonia, and more.

Six entrepreneurs receive EUR 71,320 worth of support through grant program Atspēriens

The six winners of the grant program Atspēriens 2016 (Springboard), organized by the Riga City Council and Swedbank have been announced, who have been allocated EUR 71,320 worth of support for the implementation and development of their business ideas.

This year’s grant winners presented ideas and solutions for the information technology sector, as well as electronic devices. Grants were allocated to RobotNest Ltd. for the development of their SumoBoy robotics constructor, as well as Connection Codes Ltd., which offers their Moses multi-media and interactive solutions. 

Indiegogo campaign for solar charger GoSolar fails

Crowdfunding campaign on Indiegogo for the solar charger GoSolar, created by the Latvian technology startup OSC Technologies, has not been successful – only USD 230 has been raised, while the target was USD 45,000.

The company’s founders are now in talks on other possible sources of financing. Production of GoSolar will continue, but in the future, more attention will go to marketing and advertising, and work will continue to make the product even more innovative.

Five women selected to participate in Start Tel Aviv 2016 final

All applications for the Latvian finals of the Start Tel Aviv 2016 competition, organized by the Israeli Embassy in Latvia and the Latvian Startup Association, have been reviewed, and five women have been selected to present their startup projects at Birojnīca on May 24.

The five finalists are: Ksenija Rostova from inSelly, Ilze Zaharāne from CheeksUp, Gunita Kuļikovska from Go VR Studio, Sabīne Sipunova from Sorry as a Service, and Egija Gailuma from Poker Art.

They will present their projects to the public at the final pitch competition on May 24, and the winner will have the opportunity to participate in DLD Tel Aviv Innovation Festival in Israel.

Two Latvian startups to participate in Latitude59 conference

The Estonian capital city of Tallinn will host the Latitude59 conference on May 31 and June 1. Two startup projects from Latvia, Funderful and Nordigen, will participate in the pitching competition.

Funderful is a fundraising toolset for universities, while Nordigen, which won the startup conference TechChill Baltics this year, helps credit institutions categorize their client banking transactions.

Average loan amount issued by Capitalia per company – EUR 9,000

Joint-stock Capitalia, which helps finance small and medium-sized businesses, has allocated over EUR 3 million worth of financing to Baltic companies, of which EUR 2 million has been allocated to Latvian companies. 237 companies have utilized Capitalia financing, while the average loan amount issued by Capitalia per company is EUR 9,000, with an average repayment term of 12 months.