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International Internet Magazine. Baltic States news & analytics Wednesday, 12.08.2020, 03:47

Startups in Latvia turn over EUR 13.6 bln in three years

BC, Riga, 10.10.2016.Print version
Startups in Latvia turned over EUR 13.6 bln the past three years, as Development Finance Institution Altum board chairman Reinis Berzins said today during the presentation of and LETA's Latvian Business Annual Report 2016.

Startups that use the opportunity of state support develop faster and stay in business longer, added Berzins. An average startup creates three jobs in a three-year period.

According to Altum's data, an average startup's turnover increases 24%  during the second year of operation, and another 20% during the third year.

Berzins also said that startups supported by Altum paid EUR 7.5 mln in taxes and social contributions last year.

Most startups operate in trade, manufacturing, professional services, agriculture and forestry, added Berzins. The fastest-developing startups are Makveru, Valmieruizas Pils, and Edge Technologies, while AL Solutions, PalWood and Ekas Siltinasana achieved the fastest growth in turnover during the past three years.


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