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At least EUR 110 mln invested in Latvia’s start-ups 27.09.2016

Latvian start-up companies have attracted investments worth at least EUR 110 mln,Jekaterina Novicka, the board chairwoman of the Latvian Association of Start-ups said LETA.

Estonian start-up companies have attracted EUR 330 mln in investments, and in Lithuania these investments have reached EUR 140 mln, said Novicka. There are 240 start-ups in Latvia, a similar number in Lithuania, and 350 start-up companies in Estonia, she said.

"The situation in Lithuania is similar, we are actively competing as they also have become active," said Novicka. While speaking about Estonia, they have start-up businessmen already in three generations.

"Skype was the first generations, then Skype founders and employees established new companies, and now founders and employees of these companies are establishing new enterprises," said Novicka, adding that Latvia now is at the end of the first stage and the beginning of the second stage.

"Even though Estonia is ahead of us, we have our own advantages, for example, the association," said Novicka, adding that Latvia is strong in particular sectors as scientific start-ups, financial technologies, etc.

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