Latvia’s startup ecosystem expanded rapidly, combining top global startup friendliness ranking with 2nd OECD tax competitiveness position, supporting investment growth and deeptech expansion.
- Latvia’s startup ecosystem expanded rapidly between 2021 and 2024, marked by its first unicorn, record foreign investment inflows, and top global ranking in startup friendliness. || Source: Latvia.eu
+ The country hosted 569 tech startups in 2025, reflecting about 14% growth from 2024, with nearly one-fourth founded by foreigners and concentrated in Riga.
+ Particularly, deeptech startups represented 26% of the ecosystem, generating $163.9 million turnover in 2024, employing 1,538 people in 2025, and contributing $38.9 million in taxes. - And in 2025, Latvian startups attracted $85.8 million in investments, including $59.4 million to Aerones, while three Altum-supported venture funds plan to invest over $68.2 million.
- Meanwhile, Latvia ranked 2nd among OECD countries in 2024 for tax competitiveness, offering tax reductions in special economic zones supporting startup and investment attractiveness. || Source: tech.eu
