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Sep
26
2016

The pulse of Latvian startup scene: Week #38

#StartinLatvia attracts EUR 150,000 investment, leaves for startup festival Slush, and more.

Funderful raises EUR 150,000 to kickstart their U.S. expansion

Funderful, the web-based alumni fundraising management platform developed in Latvia, successfully raised EUR 150,000 from Lithuania's StartupHighway, the leading investor in this round of funding, and two angel investors: Latvian-American startup entrepreneur Jānis Krūms and AirDog co-founder Jānis Spoģis.

The funds will help Funderful accelerate the pace of product development and help establish a foothold in the U.S. market.

Eight companies selected to participate in first startup accelerator in Latvia

Latvia’s first startup accelerator program Startup Wise Guys Riga powered by Lattelecom is bringing to Riga startups, mentors and investors from all over the world for the next three months.

Two companies, Anatomy Next and FCI Dogs (Online.dog) represent Latvia at the accelerator. First time in 6 years of Startup Wise Guys operations there is a selected team from Bulgaria: Session Stack. The other companies are NeoSound (Belarus), WhatTheBus (Estonia), Soter Analytics (Australia), Olly (India), RateMate (Hungary).

The accelerator is organized by Europe’s leading B2B (business-to-business) accelerator Startup Wise Guys (SWG) in collaboration with Latvia’s leading telecommunications company Lattelecom.

Platform Mintos launches cooperation with Aventus Group from Lithuania

By adding short-term unsecured loans granted in the Czech Republic to the platform, Lithuania’s Aventus Group is launching cooperation with the peer-to-peer lending platform Mintos. The average loan that Aventus Group will place on the Mintos marketplace will range from EUR 270 to EUR 550, with a repayment deadline of 7 days to 28 days.

The average annual net return to investors is expected to be up to 12%. Aventus Group will offer a buy-back guarantee for loans placed on the Mintos platform for which the payment has been delayed by 60 or more days.

TWINO taking Latvian companies to the startup festival Slush

In cooperation with the Latvian startup association Startin.LV and IT co-working space TechHub Riga, the financial technology company TWINO is taking a Latvian delegation of startups to Europe’s leading and most prestigious event for new companies, Slush.

Promising participants in the Latvian startup ecosystem, including Startin.LV and TechHub Riga members, will be invited to apply for participation in the Latvian startup delegation. Interested parties should keep track of TWINO and its cooperation partners for future announcements.

First project involving HoloLens smartglasses being developed in Latvia

The augmented reality device HoloLens – smartglasses from Microsoft – hit the market about one-and-a-half years ago. The USD 3,000 gadget has also reached Latvia, and currently the first research project involving HoloLens is being implemented in Latvia.

The project is implemented by Latvia’s leading IT company Accenture, and it was commissioned by Accenture Tech Labs from the United States, which has entrusted the Latvians with developing a health and science project for better understanding of the activity of various molecules.