The pulse of Latvian startup scene: Week #9

#LVstartups attracts EUR 10 million in investments, participates in Silicon Valley innovation program, offers "sorry as a service" and more.

Twino attracts EUR 10 million in investments in less than a year

The unsecured consumer loan marketplace Twino has attracted private investment of EUR 10 million since the company launched nine months ago, therefore becoming the fastest-growing peer-to-peer lending marketplace in Europe.

Twino head JevgeņijsKazaņins says that the platform is used by private investors from all over Europe – at the moment, there are about 3,000 investors from more than 30 countries, in particular from the Baltic countries, Germany, and Great Britain.

Latvian greentechnology company to participate in Silicon Valley innovation program

The Latvian green-technology company Alina, which produces a new type of environmentally friendly antimicrobial supplement for building materials, has been included in the business innovation project Plug and Play’s.

As Alina co-owner SolvitaKostjukova explains, Plug and Play’s is a Silcon Valley based accelerator, which mostly in the past engaged itself with technology companies, but this is the first project that focuses on new materials and packaging.

Latvian start-up company to offer ‘Sorry as a Service’

A new company, 'Sorry as a Service', will launch operations in Latvia in the near future, offering companies opportunity to apologize to their customers with the help of personalized gifts.

The company’s co-founder SabīneSipunova points out that 'Sorry as a Service' offers delivering gifts to a company’s clients in various stages of customer relations – after a complaint is filed, for the purpose of rewarding loyalty, or winning back former clients.

“Our objective is to prove that emotionally-engaging, physical, and surprising apology is more effective than financial compensation,” added Sipunova. 

Latvian bike parking project Bindio suspends Kickstarter campaign

This past January, the Draugiem Group launched a crowdfunding campaign at Kickstarter for the start-up company Bindio, with the aim of collecting financing for a "faster and more secure app-driven bike stand".

However, less than a month after the crowdfunding campaign was launched the authors suspended it, as there was little interest in the project that only received USD 152 worth of donations instead of the goal of USD 15,500.