€110M in taxes. 569 companies. 14 drive 62% of revenue.
Latvian Startup Report 2025:
• €110.4M taxes
• €610.5M turnover
• 5,100+ employees
14 companies with turnover above €10M generate €377M — 62% of total revenue.
Median startup turnover: €32,600.
Examples:
– Aerones — €54.1M raised in 2025, global wind robotics.
– Mintos — initiated ECB banking license process (Feb 2026).
Both are still counted as startups.
Without the 14 heavyweights, ~555 companies generate €233M combined (~€420K per company on average).
Fintech alone: €369M turnover.
The sector is no longer experimental — but structurally uneven. BSM © 2026 | balticfocus.org/
Image: photos/photo_206@20-02-2026_20-06-50.jpg