The pulse of Latvian startup scene: Week #31

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#StartinLatvia amongst 500 Startups, actively applying for Latvian accelerator and more.

Fragmentic joins venture capital fund 500 Startups

Artificial intelligence software developer Fragmentic has joined the venture capital fund and accelerator 500 Startups. For the next four months, Fragmentic will be part of the 500 Startups batch 18 program in San Francisco, California.

Along with joining 500 Startups, Fragmentic has announced its pre-seed round of USD 200,000 (EUR 180,000) startup investment from 500 Startups, Imprimatur Capital, Colette Ballou, and White-Summers Caffee& James.

137 companies apply for Latvian start-up accelerator

The newly launched Riga program of the leading B2B accelerator in Europe “Startup Wise Guys” (SWG) has received overall 137 applications from 20 countries, dominantly from the Baltics and their neighbours. Startups from Ukraine have been second most active submitting 25 applications to “SWG Riga powered by Lattelecom”.

The top 20 applicants at “SWG Riga powered by Lattelecom” will then be participating in an intensive 2 -day event with mentoring, interviews and activities together with more than 25 mentors and investors while having the chance to meet the accelerator team, see premises and the local ecosystem. Only the best 8 will get the chance to go through the three-month long accelerator program with access to top notch international mentors, investors and alumni companies, strong curriculum and modern co-working premises.

Smart-phone app which makes it easier to book appointments with various specialists

A new mobile smart-phone application called Bindie is being created in Latvia, which will make it easier to book appointments with various specialists. Bindie’s marketing manager Toms Zvirgzdiņš explains that Bindie is aimed at two target audiences. "One of them are specialists, or hair stylists, fitness trainers, yoga instructors and others which offer their services and need to be booked in advance," said Zvirgzdiņš. "The others are those who use these services."

EUR 60 million to be made available for venture capital investment

The government has approved the state support program, during the implementation of which venture capital investments will become available for the establishment and development of companies and cooperative societies providing agricultural services. EUR 30 million from the European Regional Development Fund will be made available to seed and startup capital funds, and EUR 30 million to growth capital funds.

The amount of seed capital investments has been set at up to EUR 250,000, while startup and growth capital investments may amount to 15% of the given fund’s subscribed capital, and in some cases even more than that.

 Project Grandma attracts greatest interest at LatBan July investment session

Project Grandma – an online platform where project managers can sort out project estimates, bills and reports – attracted the greatest interest from investors at the July Investment Session of the Latvian Business Angel Network association.

The project is run by Kārlis Gedrovics, who explains that Grandma is a very useful solution as many companies still do their financial management using Excel, which is inconvenient for project-based companies where there are a lot of incoming and outgoing bills and several users without specific financial knowledge or Excel skills. Grandma offers an intelligent solution for any employee to get involved in financial management, providing neat and reliable financial data on a project.