Latvian start-ups have paid €86 million in taxes

The amount of taxes paid by Latvian startups last year increased by 22%, exceeding 86 million euros and confirming the sector’s growing importance in the national economy. The 10 largest taxpayers in the startup sector paid 48.2 million euros in taxes last year - more than half of all taxes paid by the sector.

Currently, the latest data on taxes paid by startups available on the “Startupradar.lv” platform refer to 2024.

Top 10 taxpayers in the startup sector:

1. A clear leader with more than 12 million euros paid in taxes is Printful. It should be noted that this company is Latvia’s only unicorn – a startup whose valuation as a result of investment has exceeded one billion US dollars.

2. In 2nd place, with tax contributions of 8 million euros, is Printify, which last year merged with Printful.

3. 3rd place goes to unmanned aerial vehicle manufacturer Edge Autonomy, which in 2024 managed to increase the amount of taxes paid by 86%, contributing 6 million euros to the state budget. The year 2025 has been full of positive changes for the company. At the beginning of the year, U.S. space infrastructure company Redwire announced it would acquire the global company Edge Autonomy, whose group also includes the Latvian company. Despite the fact that the company’s headquarters are currently in the United States, this summer it opened a new 10,000 m² production facility in Riga, significantly expanding its operations in Latvia as well.

4. 4th place by amount of taxes paid in 2024 is GoCardless with 3.8 million euros (+39%).

5. In 5th place is SunFinance with 3.7 million euros (+21%).

6. 6th place goes to Mintos, which paid 3.2 million euros in taxes.

7. In 7th place is startup Giraffe360, which offers specially designed cameras and software for the real estate sector worldwide. The startup has paid 3 million euros into Latvia’s budget.

8. In 8th place in the ranking is Mapon, a Draugiem Group company, with 2.9 million euros.

9. 9th place goes to maritime logistics and port services company Ideaport Riga, which in 2024 paid 2.4 million euros in taxes into the state budget. This is also the only company whose amount of taxes paid is lower than in 2023. However, the difference is minimal: –1%.

10. Rounding out the top 10 is Aerones, Latvia’s leader in investment attracted this year, which last year paid 2.4 million euros in taxes (+49%).

“That Latvian startups paid 86 million euros in taxes in 2024 is more than just a financial indicator. It is a signal that Latvia’s innovation ecosystem has reached a new level of maturity and global competitiveness,” says Annija Mežgaile, CEO of the startup and technology event TechChill.

She emphasizes that these companies not only create high value-added products, jobs and world-class technologies, but also significantly strengthen the national economy on a scale that would have been hard to imagine ten years ago. “This once again confirms Latvia’s position – we are one of the fastest-growing startup environments in Europe,” notes A. Mežgaile.

The total turnover of Latvia’s startup sector in 2024 was at least 590 million euros, which is 8% more than the previous year. It should be added that several large companies have not yet submitted their annual reports, so the real figure is likely even higher. The average salary has increased by 4% and now stands at 2,500 euros.

On 5 December in Riga, at the Spīķeri Concert Hall, the Latvian startup sector will come together for a joint event where the Latvian Startup of the Year Award will be presented. It will go to nominees in eight categories, honouring the “breakthrough” of the year and the best newcomer, the best physical and digital product, as well as those who have succeeded in creating the greatest impact and scaling their company. A particular startup founder who has made a significant contribution to the development of the ecosystem will also be specially highlighted. And the community will also have its say by choosing its own favourite of the year.