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Jun
06
2016

The pulse of Latvian startup scene: Week #22

#StartinLatvia secures EUR 100,000 investment in Finland, ranked among the best startups, suffers an unsuccessful Indiegogo campaign, and more.

EUR 100,000 investment for Latvian startup Dripit in Finland

Latvian startup project Dripit.io has been named a Superhero at the Startup Sauna accelerator, winning EUR 100,000 investment from the Finnish venture capital fund Superhero Capital.

According to the Dienas Bizness newspaper, Dripit.io is a solution that helps e-commerce business owners understand which marketing solutions will produce long-term benefits or high customer lifecycle value.  This is achieved with the help of game theory and mathematics – as a result, marketing budget waste can be reduced by up to 75 percent.

Eho Textiles named the most promising startup in Finland

Smart textile company EHO Textiles, established by the Riga Technical University, has won the award for the most promising startup at the Finnish startup festival Upgraded Life Festival. EHO Textiles uses special technology for making smart garments to produce wearables meant for people with movement disability – for body motion monitoring and more successful exercise and rehabilitation process.

Pilot Automotive Labs a top pick from CES Asia

Visiting the CES Asia tech show, tech reviewer June Lai selected five startups that sparked her interest most. One of these was Rihards Gailums’ Pilot Automotive Labs.  The writer describes Pilot as a connected plugin device for cars that allows the car to drive for you – a vision straight out of Disney’s Tomorrow Land.

Moodberries string lights campaign on Indiegogo not successful

Indiegogo.com crowdfunding campaign for the Moodberries LED string lights project, which aimed to raise USD 26,000 (EUR 22,996) in total, has closed unsuccessfully with USD 350 (EUR 313) contributed by nine supporters.  A new campaign will start in the near future on another crowdfunding platform – Kickstarter.

B2B startups invited to apply for startup accelerator program

From June 1, B2B startups are invited to apply for the first startup accelerator program in Latvia – Startup Wise Guys Riga powered by Lattelecom.  Comprehensive 3-month program will take place starting September and will provide kick-start to young business people, who are ready to go all-in and execute.

The accelerator is managed by international and experienced team combining Latvian, Baltic and global expertise and powered by Lattelecom.