Latvian technology startup Adsmom has secured more than USD 600,000 in investment over the past ten months from private investors and venture capital funds, including the internationally renowned 500 Global fund. The company is a participant in the Business Incubation Programme of the Investment and Development Agency of Latvia (LIAA).
Adsmom, founded by Kristiāns Lancmanis, Matīss Andersons and Raimonds Vizulis, develops an advertising data analytics platform that collects and analyses data from the world's largest digital advertising platforms, including Meta, Google, TikTok, YouTube and LinkedIn, using artificial intelligence. The platform enables businesses and media agencies to better understand competitors' activities, identify market trends and make data-driven marketing decisions.The platform enables businesses and media agencies to better understand competitors' activities, identify market trends and make data-driven marketing decisions.
"Our goal has never been to build a startup solely for the Baltic market. We are building a product that can compete globally. Working with companies whose marketing budgets often exceed one billion euros shows that we are on the right track," says Kristiāns Lancmanis, Co-founder and CEO of Adsmom.
He adds that the investment represents more than just additional capital for growth.
"This investment is not only about capital that allows us to move faster. It is also a vote of confidence from investors who have themselves built successful companies. Their support gives us the confidence to make bolder decisions and think bigger."
Adsmom's growth story highlights the importance of a supportive ecosystem during the early stages of business development. Alongside entrepreneurial talent, determination and a strong team, access to professional guidance, expert advice and business development support — available through the LIAA Business Incubation Programme — plays an important role.
According to Ieva Jāgere, Director of the Investment and Development Agency of Latvia, an environment where strong ideas can grow into internationally competitive businesses is essential for Latvia's economic development.
"Adsmom is an excellent example of how focused work, a strong team and a clear vision can evolve into a company capable of attracting international investors. The goal of the LIAA Business Incubation Programme is to help companies move through this development journey faster and with greater confidence. We see that Latvian entrepreneurs have both ideas and ambition. Our task is to create the conditions that allow these ideas to grow into competitive businesses."
The LIAA Business Incubation Programme is one of Latvia's key support instruments for early-stage business development, providing both practical and financial assistance to young companies. Through the programme, entrepreneurs can receive co-financing of up to 70% for a wide range of business development services, including marketing, prototyping, design, IT solutions and other activities essential for business growth. To date, more than EUR 4.35 million in support has been provided to companies participating in the incubation programme.
Since its launch, the programme has supported the development of more than 1,600 companies across Latvia. New participants are admitted to the programme twice a year, with the next application round scheduled for autumn 2026.
The programme's economic impact demonstrates the effectiveness of this investment. In 2024, companies participating in the incubation programme generated a combined turnover of EUR 35.1 million, of which more than EUR 16 million came from exports. During their participation in the programme, these companies also contributed more than EUR 10.3 million in taxes to the Latvian state budget, demonstrating that public investment in business development delivers measurable returns for Latvia's economy.
LIAA encourages entrepreneurs developing innovative and export-oriented products to follow information about the upcoming autumn intake and take advantage of the programme's opportunities to accelerate their business growth.
Latvia's participation was organised by the Investment and Development Agency of Latvia (LIAA) within the framework of the EU co-funded Programme for the Development of Innovative Entrepreneurship for Small and Medium-sized Enterprises, with support from the European Regional Development Fund and the Latvian state budget.
