Riga’s Baltic tech hub is on the rise In Latvia. The Summer Solstice in Latvia is a serious affair and maintains many Baltic pagan traditions, notably .
However, for the rest of the year, the emerging startup hub of its capital Riga is seeking recognition and investment, not fern flowers or those particular seekers. The city competes with the neighbouring Baltic states of Lithuania and Estonia whose major cities of Vilnius and Tallinn have also positioned themselves as . They have small populations (which drive startups to go global from day one), excellent technical talent pools that are hungry for success and are all from inside the EU. Expect more outsize startup successes similar to Skype to come from here. Tech. Hub Riga has an integral role in helping the tech ecosystem in Riga grow.
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It is a co- working space where tech startups can collaborate, network and meet. It moved into new premises into the centre of the city at the end of 2. I visited in February of this year. It certainly felt as if something powerful was going on, real brio and enthusiasm, not always seen at similar global co- working spaces. Tech. Hub Riga also prides itself on opening the first Open Device Lab in the Baltics, a shared community pool of smartphones, tablets, or consoles. It allows developers to test their websites and apps. Moreover, this service is free, a four- letter- word that startups love to hear.
The road to Riga from the airport is a benign one and it takes less than half an hour to arrive at a central hotel, the airport itself being a strategically placed transport hub. Air Baltic is a decent airline with a significant network of flights and onward connections. Interestingly for a supposedly tech nation, the taxi app of choice in Riga is not Uber, although the US company has entered the local market, but Taxify. The company was founded less than three years ago in neighbouring Tallinn and claims that it it is the fastest- growing taxi booking app in Central Europe with more than 5.
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Perhaps the most interesting startup is Monea,a micropayment app that provides instant P2. P payment services, by transferring small amounts of cash using smartphones from one bank account to another (no top- up accounts or virtual wallets). To do so competitively, Monea has created a national payment infrastructure backbone (Monea Engine), an alternative to to the central bank clearing.
It is also ready to launch Monea Engine to third parties, including all local and regional banks. During 2. 01. 7 Monea plans to expand both its front- end solution as well as the back- end engine services to several other markets throughout Europe, capitalising on EU- wide payment institution licences and strong VC backing. Martins Kalnins, co- founder and COO, Monea: Riga is rapidly becoming the regional hub for Fin. Tech solutions, repeating the success of the country’s banking industry in the 1. We believe coins in their traditional form are on the way to extinction, and we are leading the way to creating a . While Monea is widely used, other Fin.
Tech companies are booming. Subsequent local examples include Mobilly (a public parking payment mobile app that services most public and private parking spaces in Riga), Twino (consumer loans and investment), and several others, most notably Mintos (offers peer- to- peer lending).
Mintos has been the most successful in recent weeks when it comes down to funding. Last week (2. 3rd February), the company raised . Currently present in more than 1. Edurio is one of the growing number of startups that combine presence in the Baltics with an international head office, thus benefiting both from the lower cost base in Latvia and the global growth potential in its London base. Ernests Jenavs, founder, Edurio: Riga is a perfect entrepreneurial sandbox – a small and safe test market for ideas along with low living costs.
The community has boomed over the last five years due to the Tech. Hub community and that international travel is very easy.
The gloriously named Air. Dog describes itself as . Active gyro stabilization guarantees that video footage is stable, smooth, and always level with the horizon. Whether Air. Dog stays level with the horizon or not, one thing is for sure and that is the horizon is looking rather rosy from Riga. A modern city with a young population means that its emerging ecosystem is evolving nicely. Just be careful if you go down to the woods, not today, but on the Solstice, you’ll be sure to get a surprise.
Brigita graduated with Master’s degree from the Latvian Academy of Arts. Over the years, she has been the international jury member of the 2.
Emmy Awards, associate producer of the 2. European Film Awards, executive producer of the 2. Eurovision Song Contest, general manager of the Baltic Producion Co., founder of Riga Art Nouveau Museum, producer of International Mikhail Checkhov Actors Workshop, general manager of Riga Culture Agency, and manager of International Film Festival Arsenals.