Members of the Latvian Business Angel Network (LatBAN) invested a total of €2.3 million in 2025, maintaining stable investment levels compared to 2024 and demonstrating continued commitment to early-stage startups across the Baltics.

Throughout the year, LatBAN members completed six syndicate investments into seven target companies, reinforcing the network’s collaborative investment model.

2025 Syndicate Investments Included:

• Rebookify – TravelTech startup optimizing hotel booking margins through automated rebooking.
• Tournated – Sports event and tournament management platform.
• Exonicus – State-of-the-art virtual reality simulators
• POS Finance – Revenue-based financing for SMEs.
• Outlast Fund – Venture capital fund supporting high-potential regional startups.
• BuildIt Fund – Venture capital fund focused on hardware and IoT.
• AdventumTech – Real-time wireless structural monitoring devices.

Syndicates continue to serve as a key investment mechanism, allowing multiple angels to collaborate, share due diligence efforts, and participate in larger rounds while managing individual risk.

Ticket Sizes and Investment Trends

Most individual investment tickets ranged between €5,000 and €20,000, while the largest single investment reached €200,000. Compared to 2024, where the average ticket size ranged from €10,000 to €15,000, 2025 reflects slightly broader participation across varying ticket levels.

64% of LatBAN members report plans to make new investments in 2026, highlighting continued forward momentum within the network.

Sector Allocation in 2025

Investment activity remained diversified across industries:

• FinTech – 20–25%
• AI / SaaS – 20%
• DeepTech / Robotics – 15%
• Health / Bio – 10%
• Travel / Mobility – 10%
• Consumer / Other – 10%

FinTech and AI continue to dominate angel interest, while sustained allocation into DeepTech and Robotics reflects the increasing technical ambition of Baltic startups.

10 Exits Reported

LatBAN members reported 10 exits during 2025, indicating growing portfolio maturity within the ecosystem. However, the network does not collect detailed financial outcome data, and therefore cannot assess whether these exits resulted in significant financial returns for investors.

Growing Ecosystem Activity

In 2025, LatBAN hosted approximately 16 events, bringing together founders and investors across the region. Over 108 startups presented their ideas during the year, reflecting increasing entrepreneurial activity and deal flow quality.

The community expanded to 98 active members, moving steadily toward the strategic goal of building a 100+ strong angel investor network.

A highlight of the year was LatBAN’s Angel Training Course, which delivered comprehensive education covering startup evaluation, valuation, syndication, legal due diligence, and exit preparation. The program featured experienced angels, legal experts, and venture capital professionals, and received strong engagement and positive feedback from participants.

“LatBAN’s strength lies in collaboration, not only within Latvia but increasingly across the Baltics,” says Emīls Kraģis, Managing Director of LatBAN. “We are seeing more active deal sharing between Baltic angel networks, and startups are becoming increasingly interested in funding opportunities from neighbouring countries. This cross-border dynamic is strengthening the entire regional ecosystem.”

Looking Ahead to 2026

LatBAN plans to build on this momentum by doubling down on investor education and community engagement.

In 2026, the organisation will host two Angel Training Courses, with the first starting in April. Additional initiatives include launching an Investor Study Trip to Riga ahead of TechChill, introducing international investors to the Latvian startup ecosystem and fostering cross-border investment collaboration.

The network will also place stronger emphasis on member engagement through curated activities, targeted networking formats, and deeper syndicate collaboration.

Viktors Pedčenko