As the largest city in the Baltics and the capital of Latvia, it’s the business and cultural hub as well as the primary engine behind the region’s startup activity. With a multilingual, internationally connected population and direct flight access across Europe, Riga is becoming increasingly attractive to founders looking for a well-networked, cost-efficient base. Most of Latvia’s startups are concentrated here, supported by both national legislation and active local institutions. Whether in fintech, greentech, healthtech or hardware, the city is earning recognition for its talent, experimentation and ambition.

Ecosystem structure

Riga’s startup ecosystem is a close collaboration between municipal institutions, national agencies and community-led organizations. Since signing a Memorandum of Cooperation with ecosystem partners in 2023, the Riga Investment and Tourism Agency (RITA) has expanded its focus to cover the entire startup lifecycle, from early education and ideation to international investment readiness. Its support includes funding programs for incubators and accelerators, cofinancing schemes for startup centers like Startup House Riga, and regular participation in local and global events, including TechChill, Latitude59 and Slush.

At the national level, Latvia offers favorable frameworks such as the Latvian Startup Law (financial aid for startups) and the Startup Visa (a temporary work and residence visa), alongside a growing roster of EU-funded support mechanisms administered by the Investment and Development Agency of Latvia (LIAA). These include innovation vouchers, business incubation support, export grants and digitization aid.

The venture capital landscape has also evolved, with three new fund managers selected by ALTUM (BADideas.fund, Outlast Fund and Buildit VC) now actively investing in early-stage startups. Combined with a low-barrier regulatory environment, especially in fintech, this ecosystem-wide cooperation positions Riga as a maturing hub for new ventures.

Startup activity and community

As of early 2025, more than 500 active startups are operating across the capital region, creating more than 4,000 direct jobs. The city’s talent pool is highly educated and multilingual, with many founders and team members fluent in Latvian, English, Russian, German, French and Nordic languages. Riga’s universities, including Rīga Stradiņš University, Riga Technical University and the University of Latvia, continue to supply technical talent and research partnerships, while initiatives such as UniLab promote deeper collaboration between academia and entrepreneurship.

The startup community’s culture is practical, driven, and increasingly international. Many founders have global ambitions from day one, and Riga’s relatively low cost of living makes it an ideal launchpad for cross-border growth. The community is supported by a mix of grassroots initiatives, tech conferences and sector-specific programs. Events such as TechChill, Deep Tech Atelier, and the Latvian Fintech Forum anchor the local calendar, while spaces like Startup House Riga provide a home base for meetups, demo days and investor visits. 

Sector strengths and verticals

Riga’s startup landscape is characterized by a mix of deeptech innovation and practical digital services supported by a highly skilled, trilingual talent pool. Fintech continues to be a leading vertical, driven by a strong local talent base and a collaborative regulatory environment shaped by the Latvian Financial Industry Association. The Fintech Pulse 2024 report highlights the sector’s maturity and export focus as well as the role of Riga-based events like the Latvian Fintech Forum in connecting local and global players.

Other growing verticals include healthtech, green and circular economy solutions and mobility. Initiatives like VEFRESH’s Urban Mobility Incubator, which works in partnership with the Riga Municipality, support early-stage product development through pilot zones, while programs such as BioCatalyst provide mentorship and validation tools for health and life-science ventures.

Riga is also becoming a hub for deeptech commercialization. The Commercialization Reactor and ESA BIC Latvia help scientists turn research into startups, with a focus on space tech, cleantech and smart materials. Meanwhile, the city’s academic institutions are active in applied R&D, feeding into new ventures supported by UniLab and its Elevate and Defence programs.

A cultural hotspot

Riga’s identity is shaped as much by its cultural life as by its innovation efforts. Contemporary art spaces like Kim?, Zuzeum and the Latvian National Museum of Art offer rotating exhibitions and public programs, while venues like Hanzas Perons and the Spīķeri Quarter host concerts, performances and pop-up events. Independent bookstores such as Bolderāja and Ex Libris are hubs for literary life and often double as event spaces. The Miera iela neighborhood, nicknamed the "Peace Street Republic," buzzes with cafes, boutiques and nearby nightlife spots in Tallinas ielas and Briāna quarters, while the Central Market and Āgenskalns Market spotlight local food producers alongside global street food stalls. Annual festivals like Riga International Film Festival and White Night (Baltā nakts) reinforce the city’s reputation as a cultural capital in the Baltics, keeping young talent engaged and visitors intrigued.

Sustainability and the city’s green edge

Alongside its cultural vibrancy, Riga is increasingly focused on sustainable urban development. The city participates in EU climate resilience programs, and it is transforming pilot areas like Tērbatas Street with green roofs, parklets and rain gardens. Riga hosted the Eurocities Mobility Forum in March 2025, a major EU-level event that brought in more than 150 urban mobility experts together to explore sustainable infrastructure, traffic calming, low-emission zones, and integrated digital systems such as Rail Baltica-related e-ticketing and smart lighting. Urban meadows, circular economy hubs like Sadarbnīca and the expansion of micromobility infrastructure signal a shift toward low-impact living and ecological awareness.

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