Nutrameg surpasses €100 million in revenue

Latvian company Nutrameg has surpassed €100 million in revenue while posting productivity levels far above the national startup sector average. The company generates roughly €1 million in revenue per employee, almost ten times higher than the average figure for Latvia's startup sector, according to the latest Latvian Startup Report 2025.

Nutrameg co-founder Kristofs Blaus says this level of productivity places the company in a different league from most businesses, adding that the goal is to become one of the most productive teams in Europe. He stresses that Latvia needs companies that earn profits on global markets while ensuring a significant share of that value flows back into the country.

Taxes and growth

The company, which exports all of its services abroad, has paid €10 million in taxes over the past two years. Nutrameg operations director Ieva Driksna notes that funding education and security requires a larger domestic economy, which starts with highly productive, export-oriented companies — the more revenue earned on global markets, the more can be invested in wages, taxes, and strengthening society as a whole.

Over the past five years, the company has grown 26-fold, effectively doubling in size almost every year. Much of this growth has been driven by the deliberate integration of artificial intelligence tools into daily operations, which has significantly boosted productivity and profitability.

Benefits for employees

Nutrameg's team consists of nearly 100 employees from seven countries. Over the past two years, employees have received €2 million in bonuses and dividends. Co-founder Egija Seile explains that Nutrameg gives its staff access to a global market, capital, technology and a talented team, along with the chance to share in the value they create — without bearing the full risks of running a business. She adds that the company expects every employee to think like an owner.