When we were doing our Baltic investment overview last year, it was actually quite difficult to find investments into Latvian startups. Recently, however things have been picking up speed with investments into Froont, Fastr & Ask.fm.
Today, Infogr.am announced a EUR 1,34M investment, which to our knowledge is the largest publicly known investment into a Latvian startup.
The startup specializes in extremely easy to make infographics that you can later embed on your site and share across the web. They have been popular with extremely large publishers such as The Wall Street Journal, The Washington Post, Al Jazeera and even Yahoo!
Since the very start, they have been winning awards left and right and having spoken to Uldis Leiterts - they seem to have been very careful in choosing their investors as they did not seem to need them for a while.
After all they already launched a paid version of their service, have about 1 million users, who have created over 1.7 million infograms that have been seen by over 8 million unique visitors just during last month.
Of course, it is important to expand quickly and this is one of the focuses of the investment, which comes from Point Nine Capital, Connect Ventures and HackFwd and is aimed at the USA expansion as well as sales and marketing. According to Leiterts, one of the first moves would be to hire a VP of Sales for the upcoming US Office. Hopefully this will be a trend starter for Latvia and we will see more interesting companies to follow.
When asked about the milestones to be achieved before the next round, Leiterts confidently responded: “How about no next round at all, that's a good milestone!”
There is an increasing amounts of players in the space, but Infogr.am is trying to stay along with the curve through focusing on the product. For example they are working on developing the world’s first video infographic generator that we covered earlier and have just annoucned real-time data support and Google Drive integration. That last part basically means that you can create infograms that will auto-update based on the data, which can be extremely useful for many financial infograms for example.
As already mentioned, this is good news for Latvian startups and we really do hope to see more investment rounds from over there. Speaking of Latvia, Leiterts commented: ”Latvia is great! There's a lot of tech and design talent, I bet there's some next incredibly successful company being started in some garage or apartment in Riga right now. What I'd love to see more is confidence from entrepreneurs that you can create and redefine markets. Not just follow them.” With which we could not agree more.
So if you hear about some great startups out of Latvia, be sure to let us know!