Little-known Shopify tools company tops Latvia's most profitable startups list
Latvia's list of the ten most profitable startups for 2025 is led by the little-known company Matrixify, which earned €14 million, while the sector overall reported growth in both revenue and tax payments.
A ranking compiled by Startin.LV of Latvia's ten most profitable startups for 2025 shows that the company at the top is one barely recognized even within the industry itself. The list excludes companies that have already matured or been sold to foreign firms.
A surprise at the top
The top spot belongs to Matrixify, a small team that builds data management tools for Shopify-based online stores worldwide. Last year the company earned €14 million in profit, outperforming several businesses with far larger staffs and a visible presence in central Riga. Līva Pērkone, co-founder of Startupradar.lv and associate partner at Civitta, notes that this illustrates how little public awareness there is of the country's actually most successful startups.
Also featured on the list is Fyul, whose reported profit figure combines the results of both Printify and Printful.
Sector-wide growth
The startup sector as a whole had a strong year. Combined turnover reached €610 million, up 15% from the previous year. Companies paid €110 million in taxes, a quarter more than a year earlier. Wages in the sector remain considerably higher than the national average.
These figures suggest that Latvia's startup ecosystem continues to strengthen, generating well-paid jobs while making a significant contribution to the state budget.
