The pulse of Latvian startup scene: Week #32

Swipe closes a deal with Rietumu bank, Rention opens to first beta testers, a new private VC fund in the Baltics and much more. Relive week #32 with us:

Swipe closes a deal with Rietumu bank

Latvian startup Swipe which offers Visa and Mastercard processing that they promise to be easier than PayPal and faster than the banks. Swipe lets any merchant accept Visa and Mastercard payments, even without setting up a web page. 

After being among the finalists of Rietumu fintech challenge, Swipe has closed a strategic partnership with Rietumu bank and was the first Baltic startup to join their Decta startup program

Read more about Swipe here (in Latvian). 

Livonia Partners - a new international private VC fund in the Baltics

Livonia Partners Fund I, a pan-Baltic private equity fund, has held its first close at €70 million. Livonia Partners is an independent fund management company founded by Kristīne Bērziņa, Rain Lõhmus, Mindaugas Utkevičius, and Kaido Veske. The fund seeks to acquire both majority and minority interests in businesses. Livonia has offices in Riga, Tallinn, and Vilnius, and is domiciled in Latvia, which has a transparent legal, tax and regulatory framework for investment funds.

Find out more here

Rention open to first beta testers

If you are renting an apartment, you may want to try Rention to collaborate with your landlord and service providers. Residential proparty management platform Rention invites first beta testers to try their platform for free here

Latvian finalists announced for Climate Launchpad Europe

Latvian finals for Europe's biggest cleantech startup competition Climate Launchpad took place last Friday. Out of 9 finalists 3 were selected to represent Latvia in European finals in Amsterdam on September 4. 

The three companies are: Bindio safe automated bike parking, Alina solution to prevent buildings from microorganisms and Water Tube - a solution estimated to save 175,200 m3 of raw water and 18,615 tons of oil annually. 

Find out more about Climate Launchpad here.

Fresh facts: Why Latvia is worth checking out right now?

We have put together in an exciting Latvian startup scene walkthrough. Check the most notable exits, startups, active investors, vibrant events, tech and science communities.

Moreover, we have given some hints why you may want to organize your next international startup event in Latvia, given some stats on Latvian human capital, links to other major economies and infrastructure.

Dive right in here

Latvian University business incubator takes customer development to a new level

Incubator companies are now given a real solution to the number 1 cause of startup failures - poor product-market fit. Since August 8 young founders will have the opportunity to talk to their customers at a dedicated idea validation stand in one of Riga's biggest shopping malls - Riga Plaza. Though the concept is more geared towards B2C products, it is a great way to bring incubated businesses into real life from day one. 

Read more here. (in Latvian)

ALTUM will provide support for refinancing business incubation services

Business incubation services in Latvia provide up to 85% subsidized, however, the subsidies are paid after the service is received while the company has to pay its 15%+ upfront. This payment can now be made from a loan by Latvian development finance institution ALTUM.

Find out more here. (in Latvian)