Shipyard Opens Applications for Next Batch and Partners with Outlast Fund to Back Latvia’s Next Generation of AI Founders

Shipyard, Latvia's AI company-building network, today announced the opening of applications for its next batch starting June 2026, alongside a strategic partnership with Outlast Fund to introduce a new early-stage investment layer for emerging founders.

The announcement marks Shipyard’s vision to become a continuous company-building system - designed to systematically turn Latvia’s top technical talent into globally competitive  companies.

Following its inaugural run, Shipyard is scaling its ambition to become foundational infrastructure for startup creation in Riga. Early results from the first cohort highlight the intensity and effectiveness of the model:

• 19 teams started; 8 completed the program with shipped products
• 31 pivots across the cohort (≈1.6 per team), reflecting continuous user validation over static development
• 11 teams have paying customers today
• 4 teams reached €5K+ in monthly revenue by Demo Day
• 21% of all teams—and 50% of those who completed—became revenue-generating within 90 days
• Average time from idea to first shipped version: under 30 days

Strategic Partnership Unlocks Early-Stage Capital

Through its partnership with Outlast Fund, Shipyard introduces a dedicated capital layer providing €50K+ inception tickets to high-potential teams - enabling founders to start building with financial backing from day one.

“Something is shifting in the Baltics. Technical founders aren't waiting for permission. They're not perfecting pitch decks - they're shipping, testing, and building companies that compete on a global stage. The Shipyard was built to help them scale.”
  - Marija Ručevska, Founding Partner, Outlast Fund

From Program to Permanent Infrastructure

Shipyard is evolving into a permanent system for company creation - moving beyond traditional accelerator models toward a continuous, execution-driven environment.

The model is deliberately simple and high-pressure:

• Weekly accountability
• Continuous build cycles
• One non-negotiable rule: deliver every week or exit

Over the next 16 months, Shipyard together with Outlast Fund will fast-track 40 teams, focusing exclusively on founders who demonstrate consistent execution.

“We’re not waiting for founders to look fundable - we’re backing them while they’re becoming it. Latvia has the talent. What it’s been missing is a system that keeps builders accountable and connected at the same time.”
  - Rihards Pīks, Co-founder, Shipyard

Who Should Apply

Shipyard is designed for two distinct profiles of builders. Early-stage teams with working product or MVP, early signs of traction, seeking product-market fit and venture readiness. And first-time founders with strong technical or domain expertise, no idea yet, looking to form teams and build from scratch, all applicants undergo a structured evaluation process. All applicants undergo a structured evaluation process.

A High-Density Environment for Builders

Shipyard is building what Latvia’s ecosystem has historically lacked: a high-density, AI-native founder environment where ambitious builders can move faster together. While AI is the horizontal tech layer, ideas and products proposed can cover different industries. 

Key components include:

• A curated network of top-tier technical founders in Riga
• Daily proximity to other builders, enabling rapid feedback and collaboration
• Direct access to early enterprise customers for real-world validation
• Continuous exposure to global investors and operators
• A dedicated capital layer starting from 50k+ inception tickets via Outlast Fund and its partner network

By combining the intensity of a hacker house with the discipline of a structured system, Shipyard is designed to compress years of company-building into months.

Why Now

The Baltic startup ecosystem raised a record €607 million in 2025, with artificial intelligence accounting for a significant share of total funding. As global capital moves earlier and competition accelerates, the opportunity window is narrowing. The time to build with conviction - before the market crowds - is now.

Applications for the upcoming batch are now open: https://open.shipyardai.org/ The deadline for application is May 31. 

Program Support

Shipyard is a non-profit initiative supported by the Outlast Fund, VNTRS (the leading venture studio in the Nordics) and implemented with the support of the Investment and Development Agency of Latvia (LIAA) and the European Regional Development Fund (ERDF), under the EU Cohesion Policy Programme 2021–2027, Measure 1.2.1.4 "Support for the Improvement of the Technology Transfer System" (Project No. 1.2.1.4/1/23/I/001).

About Shipyard

Shipyard is an AI-focused company-building network based in Riga, Latvia. It operates as a continuous system designed to help technical founders build and scale globally competitive startups through structured execution, network density, and early-stage support.

About Outlast Fund

Outlast Fund is an early-stage investment firm backing ambitious founders across the Baltic and Nordic regions, with a focus on emerging technology ecosystems and company formation at inception. The fund is designed to bridge Europe’s leading tech hub in Stockholm with the fast-growing startup ecosystem in Riga, enabling talent, capital, and ideas to move more fluidly across the region.