Data gathering methodology and definitions.

This database focuses on Latvia-based startups. We define a startup as an innovative scalable business with high economic potential incorporated in Latvia. Another important factor we take into consideration is whether the company received support from investors or other entities, or has participated in startup-focused programs such as acceleration programs, tech sandboxes, business incubators, etc. 

Year Founded refers to the date when the company was incorporated.  

Investments figures exclude debt or other non-equity funding, lending capital, grants and ICOs. . 

The financial data such as  LV Turnover, LV Employees, and LV Payments to State Budget are sourced from the annual reports, listed by the Enterprise Register. 

LV Payments to State Budget represent the total sum of payments in the General State Budget of Latvia.

LV Turnover and LV Payments to State Budget are represented as EUR ranges according to the following breakdown:
– 0 – 10 000
– 10 000 – 50 000
– 50 000 – 100 000
– 100 000 – 500 000
– 500 000 – 1 000 000
– 1 000 000+

LV Employee Count is represented as ranges according to the following breakdown:

– up to 5
– 6-24
– 25 and up

The statistics are based on the employee count hired by a Latvian company only.

Data gathering on the Latvian startup ecosystem as well as the development and maintenance of Startin.LV Startup Database is supported by the Ministry of Economics of the Republic of Latvia.