The pulse of Latvian startup scene: Week #46

Baltic startup scene in numbers, Monea and PolyLabs raise seed money, Sorry as a Service wins Silicon Valley Comes to the Baltics pitch and more. Relive Week #46 with us: 

 Baltic startup scene in numbers

Riga just hosted Silicon Valley Comes to the Baltics along with Riga Venture Summit - an initiative for Estonia, Latvia and Lithuania to cooperate more on startups. The excitement is high, but what about the numbers?

As this year's host of the event, Labs of Latvia took the initiative to gather some data for our common use. See the results here.

Monea raises €800k seed, joins top 10 Latvian startup deals

P2P micropayment application Monea, which lets clients of Swedbank, SEB, Citadele and Nordea send money to their phone contacts, announced that it has raised another  €800k seed round, bringing its total funding to €1,05 million - the 10th biggest disclosed startup investment in Latvia to date.  More on here (in Latvian).

See Top 10 deals here

PolyLabs brings total funding to 200k

Chemical startup PolyLabs producing bio polyol systems from renewable materials has brought total funding to €250k. The company now has €200k from FlyCap and €50k from StarDust Capital. See more on here (in Latvian). 

Giraffe 360 opens an office in Liepaja

Giraffe 360, the winner of ERGO fintech academy and creator of interactive 360º visuals of spaces and premises has opened an office in Liepaja.  The move is an inspiring story of startups playing a role in regional development.

Livonia partners receives and award from EIF

European Investment Fund has awarded Livonia Partners alternative investment fund with the annual award for achievements in Baltic private and venture capital market. The fund was nominated for choosing Latvian jurisdiction over other usual suspects for investment funds: Luxembourg, the Netherlands, Jersey or Guernsey. 

See more here (in Latvian).

Recap of SV2B and THR Academy

On the evening before Silicon Valley Comes to the Baltics, 10 teams participated in a day-long bootcamp - TechHub Riga Academy where business experts from the region and Silicon Valley helped them develop their ideas. 

The 4th academy received 50+ applications from more than 5 countries, making the decision process both challenging and exciting. Eventually, 10 teams from the UK, Latvia, Estonia, Lithuania and Egypt were selected to pitch in finals. The winner of Silicon Valley Comes to the Baltics is B2B apology service Sorry as a Service, cofounded by Sabine Sipunova. 

Find out more here