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Aug
31
2015

The pulse of Latvian startup scene: Week #35

Latvian Files.fm has brought total capital to €1 million, Ministry of Economics submitted the startup support proposal for approval, and our special quiz to tell a serious founder from a kid. Relive week #35 with us: 

Files.fm brings total capital to € 1 million 

Businessmen from Latvian business angel network have become investors and business partners of Files.fm, bringing the total capital to € 1 million. 

Files.fm provides fast, secure and convenient data storage and file sharing solutions for business or private users. The company currently operates in English as Files.fm and in Latvian as Failiem.lv. At the moment the service has 150,000 registered users and over 700,000 visits monthly. 2/3 of their users come from Latvia and 1/3 from the rest of the world.

Read more on ArcticStartup

Latvian startup support program submitted for approval 

Ministry of Economics has submitted the program that foresees acceleration funds for Latvian startups for final approval. The goal of the program is to support the development of products and services for international markets with higher added value and creating higher-paid jobs. 

Within the new EU funds' planning period the investment in supporting innovation and entrepreneurship within Ministry of Economics programs is foreseen to be €463 million, including €75 million focused on startups. 

Find out more here

QFer - the most discussed tech startup at LatBAN August session

All 6 projects presented at Latvian business angel network August session last Monday continue talks with investors. The most popular tech startup mong them is location-based offer app QFer that is now negotiating with 4 potential investors. 

Find out more here

Mintos is now available in German

Secured P2P lending platform Mintos founded in Riga that has processed over €2 million investments from all EU countries to date is now available in German. It it a logical step, as their growth primarily relies on word of mouth from investor to investor and though there are many interested investors in Germany, language barriers are still notable, particularly among the older investors. Moreover, as Mintos loans are still sourced in the Baltics, it makes sense to focus on German investors who traditionally are more comfortable investing in the region. 

#StartupTheSeason kicks off with several events

A joint initiative off TechHub Riga, Mill Riga and Eegloo running under the hashtag #StartupTheSeason has kicked off this week. The initiative proclaimed September the startup month in Latvia and has put together a rich program of startup events. The web page is both in English and in Latvian, which aims to encourage people outside of Latvian startup scene to find out more and potentially join it.  

This week four #StartupTheSeason events took place: Mobile Monday, Startup The Season opening party, Startup Sauna visit to Riga & pitches and StartupBus Estonia stop in Riga

 Last day to apply for LatBAN September pitch session - today 

Startups looking to raise €10,000 to €300,000 are welcome to apply to pitch at Latvian business angel network September session here by midnight today. 

More about LatBAN, application process and whether it is right for you here. Reach out to Ieva Melbarde with any questions.

 

Our special quiz: Are you a serious founder or just a kid thinking startups are cool? 

We asked Kevin Hale from Y-Combinator, Nicole Glaros from TechStarsMarvin Liao from 500 Startups, Alex Farcet from StartupBootcamp, Mark Turrell, Bob Dorf and Roy Vella to share how they navigate between startup kids and serious founders.

Answer the 12 questions that help them here