The pulse of Latvian startup scene: Week #29

#StartinLatvia creates platform for those offering and looking for small jobs, finds new partners in Lithuania, and more

Altum allocates additional financing for investing in tech startups

The development finance institution  Altum has allocated an additional EUR 1.5 million to the venture capital fund Imprimatur Capital Seed Fund and has extended its investment period until June 30, 2017 in which the managers of the fund will be able to make early financial investments in startup companies.

As a result, those startups operating in the technology sector will be ensured the continued availability of financing with the aim of facilitating the launch and development of these companies.

Lithuania’s Kredito Garantas joins lending platform Mintos

Lithuania’s non-bank lender Kreditor Garantas, which offers loans guaranteed with real estate collateral in Lithuania’s largest cities, joined the peer-to-peer lending platform Mintos in July. With Kredito Garantas joining the platform, Mintos is now offering to finance loans granted by five non-bank lenders in Lithuania.

Kredito Garantas will offer low-risk loans via the Mintos platform. These loans will primarily range from EUR 1,500 to EUR 40,000, with repayment periods from 6 months to 10 years. The average net annual return is expected to be approximately 8%.


Work under way on the small jobs platform

A crowdfunding campaign has been raised on with the goal of raising EUR 2,000 for the development of the project. is an online platform coordinating those who are in need to have some task done and those able and willing to complete the task. The service provides an easy, secure and convenient virtual meeting place for both sides to share their resources (time, money and skills).

The testing of the platform within wider community has already started. The developers are looking for additional financing to build the final version of platform, which among other things will include convenient online payment system, text message communication system, as well as tools for checking identities of the users.

Riga to host invention and innovation exhibition in October

The Invention and Innovation Exhibition Minox 2016 will be held in Riga in October. Youth, inventors, scientists and businessmen are invited to apply for participation until August 15. So far, authors of 33 inventions and innovative projects have applied to participate in the exhibition. These include research institutes, schools and individual inventors.

The exhibition will be on October 7 and 8 at the Riga Technical University’s Design Center. The Invention and Innovation Exhibition Minox 2016 is organized by the CONNECT Latvia association and Latvian Inventors’ Association.