Fractional CFO services in Riga

Riga is Latvia's tech capital and the Baltic states' second-largest startup ecosystem - a eurozone city of 620,000 whose startup enterprise value has grown 5.3x since 2019, the fastest rate among the three Baltic countries.

Printful, Latvia's first unicorn, reached a $1B+ valuation in 2021 and subsequently merged with rival Printify to create the world's largest print-on-demand fulfillment platform. Lokalise (translation management SaaS, $50M raised) and MikroTik (networking hardware, globally distributed) anchor the ecosystem's B2B software and hardware clusters. In 2024 three new VC funds - BADideas, Outlast and Buildit VC - were seeded with €60M from ALTUM, Latvia's state development finance institution, significantly deepening the city's early-stage capital market.

We work with Riga-based startups from seed to Series B+, supporting them on runway management, FP&A, fundraise prep, financial modelling, cap table management and pricing decisions.

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Riga startup ecosystem

What makes Riga's startup ecosystem distinct - sector concentrations, tech clusters and the talent pipeline that feeds Latvia's fastest-growing innovation hub.

Baltic states' fastest-growing startup ecosystem

Latvia's startup enterprise value has grown 5.3x since 2019 - the fastest rate among Estonia, Latvia and Lithuania. Riga houses 315 of Latvia's 500+ startups, and 26.4% are led by women - above the EU tech sector average. The Printful-Printify merger in 2023 created one of the world's largest e-commerce enablement businesses, signalling Riga's capacity for global-scale platform businesses.

E-commerce enablement, fintech, SaaS and hardware lead

Printful's print-on-demand and dropshipping platform serves 750,000+ active stores globally. Lokalise is a leading SaaS platform for software localisation used by Starbucks, Slack and 3,000+ companies. MikroTik supplies networking hardware to carriers and ISPs globally from its Riga base. Funderbeam (capital markets infrastructure) and AirDog (autonomous drone sports camera) add fintech and hardware innovation layers.

Riga Tech Hub, Riga TechGarden and the Old Town cluster

Riga TechGarden, operated by the Latvian Incubator Association, is the city's most established tech campus providing co-working, incubation and acceleration facilities. The Riga Tech Hub cluster around the University of Latvia and RTU in the Torņakalns-Ķengarags corridor houses R&D operations and science park tenants. Startup House, launched in 2024 alongside ALTUM's new VC funds, provides a dedicated early-stage founder base.

Riga Technical University and University of Latvia talent pipeline

Riga Technical University (RTU) produces engineering, computer science and electronics graduates; the University of Latvia covers computer science, mathematics and physics. Latvia has one of the EU's highest IT graduate rates relative to population. RTU's Riga Business Incubator acts as a bridge between university research and commercial startups, particularly in hardware, materials and embedded systems.

Riga-built companies that reached global scale

These companies demonstrate that Riga-founded businesses can achieve global market leadership - and are the proof points investors cite when evaluating Latvian founders' ability to execute internationally.

Printful / Printify

Printful, Latvia's first unicorn ($1B+ valuation), and Printify, founded in Riga by James Berdigans, merged in 2023 to create the world's largest print-on-demand and dropshipping fulfilment platform. Combined, they serve 750,000+ active stores and fulfil millions of orders monthly through a global network of print partners.

Lokalise

Lokalise is a Riga-founded SaaS platform for software localisation and translation management, used by Starbucks, Notion, Revolut and 3,000+ companies to localise products across 60+ languages. Raised $50M at the end of 2021 and is consistently listed among Latvia's most likely future unicorns.

MikroTik

MikroTik is a Riga-founded networking hardware and software company supplying routers, switches and wireless systems to ISPs, carriers and enterprises in 150+ countries. One of Latvia's few globally dominant hardware companies - bootstrapped, profitable and with a remarkable global footprint for a company from a city of 620,000.

AirDog

AirDog is a Riga-founded autonomous follow-me camera drone designed for extreme sports and action footage, backed by international hardware investors. One of the early companies to emerge from the Buildit hardware accelerator ecosystem and a proof point that Riga's engineering talent extends to autonomous systems.

Nordigen (now GoCardless Open Banking)

Nordigen was a Riga-founded open banking and bank data aggregation API platform, acquired by GoCardless in 2022, integrating into the London fintech's payment infrastructure. A validation that Riga fintech companies can build scalable API infrastructure that global payments leaders want to acquire.

Funderbeam

Funderbeam is a Baltic-founded capital markets infrastructure and secondary market platform for startup equity, allowing investors to trade pre-IPO shares. Co-founded by Kaidi Ruusalepp with roots across Tallinn and Riga, it represents the Baltic states' ambition to build financial market infrastructure rather than only consumer apps.

Latvia's government-led startup infrastructure

Latvia's ALTUM development bank and the Startup Visa programme have built the foundation of Riga's early-stage capital ecosystem. These are the most relevant state-backed instruments for venture-backed founders building in Riga.

Latvia Startup Visa

Latvia Startup Visa is one of the EU's most accessible founder immigration pathways, allowing non-EU startup founders to obtain a temporary residence permit and work in Latvia. Assessed by the Latvian Startup Association (LSA), which evaluates business model viability, the visa can be obtained within weeks for qualifying teams and includes permits for up to five co-founders.

ALTUM (Latvian Development Finance Institution)

ALTUM is Latvia's state development finance institution, managing EU structural funds and national budget programmes for startups and growth companies. In 2024 ALTUM seeded three new early-stage VC funds - BADideas, Outlast and Buildit VC - with a combined €60M mandate, tripling the active early-stage investor base in Latvia overnight.

Magnetic Latvia

Magnetic Latvia is Latvia's national investment promotion agency, attracting international founders, investors and R&D operations to Latvia through soft-landing services, investor matchmaking and ecosystem promotion. Actively markets the Startup Visa programme and ALTUM co-investment opportunities to non-Latvian founders.

Buildit Latvia (Accelerator)

Buildit is Riga's leading hardware and deep tech accelerator, one of Europe's few programmes specifically designed for hardware-product startups. Provides prototyping labs, investment, mentorship and manufacturing partnerships for founders building physical products. Also operates as Buildit VC - one of the three ALTUM-backed funds announced in 2024.

Latvian Business Angel Network (LATBAN)

LATBAN is Latvia's organised business angel community, co-investing alongside ALTUM and the new VC funds at pre-seed and seed. Provides structured co-investment processes, due diligence support and sector-specific angel groups across fintech, SaaS and hardware verticals.

BADideas Fund

BADideas Fund is one of the three ALTUM-backed early-stage VC funds launched in 2024, investing in early-stage Latvian startups across fintech, SaaS and marketplace verticals. Its name reflects the contrarian thesis - the fund specifically backs ideas that seem unlikely to incumbents but have defensible logic when examined closely.

Simple pricing

No hidden costs, no complicated long-term contracts. We understand how important flexibility is for Riga startups.

Core£4,000

Per month

Accounting / FP&A tech stack implementation
Monthly financial statements and reporting pack
Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
Investor-friendly output

Grow£8,000

Per month

Everything in Core, plus
Operating model (via an online platform like Runway or Excel-based)
Ongoing model maintenance, refining projections, burn/runway management
Customer cohorts modelling, churn and retention analysis
LTV / CAC, unit economics analysis
Cap table management

Pro£12,000

Per month

Everything in Grow, plus
M&A / fundraising support; review of business plan
Pitch deck preparation
Investor approach strategy / list building
Due diligence support and deal negotiation
Valuation as required and free access to Multiples Pro

Packages shown are illustrative, final pricing is tailored to client requirements.

Recently completed fractional CFO projects

Selected fractional CFO engagements and prior CFO experience.

Fractional CFO

Data center developer and operator focusing on crypto and AI projects

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Software testing house providing independent QA to development teams

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Europe-wide online marketplace for last-mile vehicle transfer

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Software and payments solutions for maritime industry

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Display advertising platform with AI/ML and IoT expertise

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Financial platform for private equity and investment fundraising

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TBô is a Swiss DTC male underwear brand

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Private LTE & 5G networks solutions provider with edge cloud compute

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Medical cannabis leader with tissue culture technologies

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Medical cannabis group developing cannabis-based therapies

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Maritime cybersecurity and protective services company

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Global marketing services for mobile business growth

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AI-based software testing automation platform

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Full-stack insurance powered by AI and behavioral economics

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Software platform for third-party security management

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Autonomous drone monitoring for critical infrastructure

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Generative AI platform for marketing teams

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Travel and lifestyle hospitality for digital nomads

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Clinical-stage microbiome therapeutics company

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End-to-end cloud and DevOps solutions for telecom organizations

Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike old-school financial advisory firms that are stuck in the past, we truly understand tech and challenges startups face. Decades of investment banking experience allow us to see bigger picture, strategically integrate into your workflows, and ultimately provide guidance towards an M&A exit or the next funding round.

Fractional CFO services in Riga

Riga startup ecosystem

Baltic states' fastest-growing startup ecosystem

E-commerce enablement, fintech, SaaS and hardware lead

Riga Tech Hub, Riga TechGarden and the Old Town cluster

Riga Technical University and University of Latvia talent pipeline