Forum, Investments, Latvia, Technology

International Internet Magazine. Baltic States news & analytics Wednesday, 21.08.2019, 21:29

Microsoft earmarks USD 50 mln for support to startups, Latvian companies may apply

BC, Riga, 16.02.2018.Print version
Microsoft has opened a new program Microsoft For Startups, allocating USD 500 million for it, Microsoft Latvia spokeswoman Gunta Line told LETA.

The financing will be available also to Latvian companies. The goal of the program is to bring technology and marketing expertise to startups.

 

The program will provide startups with up to USD 120,000 in free cloud platform Azure credits, enterprise grade technical support and development tools.

 

Microsoft for Startups takes a unique approach to connect qualified startups with new customers and channel partners. The startups will also be able to use Microsoft ScaleUp and Microsoft Ventures support.

 

"Latvian startups will have special advantage in the use of the program because we are the only country in Northern Europe with the Innovation Center that is operated in cooperation with the University of Latvia. It ensures consultative support, improvement of digital, technological and business skills, mentoring, access to the partners and investors network," said Microsoft Latvia head Renate Strazdina.

 

Microsoft through the Innovation Center has already supported several events for startups – Digital Freedom Festival and TechChill, and in cooperation with Startup Wise Guys and 500 Startups has organized seminars. There is also a cooperation agreement with risk capital fund Blue Dome Capital, and there are ongoing negotiations with several accelerators on development of the Latvian startups community.


Microsoft Latvia reported EUR 4.611 million in turnover for its last fiscal year that lasted from July 1, 2016 to June 30, 2017, up 6.8% from a year before. The company's profit grew by 19% to EUR 413,983, according to information available at Firmas.lv.

 

Microsoft Latvia was founded in 1999 as a representation of the Microsoft Group in the Baltic states.

 






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