The entrepreneurial landscape of Central and Eastern Europe has been nothing short of spectacular in recent years, with the region's venture capital and startup ecosystems displaying an extraordinary resilience and growth trajectory. From 2017 to 2022, the CEE ecosystem in terms of deal value expanded nearly fivefold, carving out a path of progress and growth.
However, 2023 brought a sobering reality check showing the region’s dependence on global markets. According to Vestbee’s recent report, global funding in the first quarter of 2023 took a staggering hit, plummeting by 53% compared to the same period in the preceding year. What's more, this decline spread across every funding stage. In CEE countries, VC investments, which had soared to €1.1 billion in Q4 2022, contracted significantly to €600 million in Q1 2023.
In our effort to provide insights into startup ecosystems across Central and Eastern Europe, we are launching a series dedicated to exploring the key players and stakeholders within this dynamic landscape. We strongly believe that delivering organized and easily accessible information is essential for understanding the complexities of the business environment.
So without further ado, let’s start the series with Lithuania!
*The sources for all the data are listed below.
Lithuanian startup & VC ecosystem overview:
Macroeconomic indicators:
- Currency: Euro
- GDP ‘22: 66,791 M USD
- GDP per capita 22’: $25,036 USD
- GDP growth in 2022: 1,9 % with expected 0,5% for 2023
- Population: 2.75M
- Area: 65,300 km²
- Lithuania ranks 39th among the 132 economies featured in the Global Innovation Index 2022
Startup ecosystem:
- 800+ startups, with a total of €8B in combined ecosystem value
- 2 Unicorns (Vinted, NORD Security) Soonicorns: TransferGo, Kevin., GetJar, yPlan, Cast AI, Interactio, PVcase, Ovoko
- around €450M invested in 2021, and approx. €259M invested in 2022
- €250M largest round ever for Vinted, Series F in 2021. From investors: EQT Growth, Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners and Sprints Capital
- Top rounds in 2023 (so far): €18,8M for Cast AI from Creandum, €4,4M for Oxipit from Taiwania capital, €4,5M for Atrandi Biosciences / Droplet Genomics from Vsquared Ventures, Practica Capital and Metaplanet, €95M for PVCase from Highland Europe and Elephant Energize Capital, €17,4M for Ibanera from Emerchantpay
- Top rounds in 2022: €91,8M for Nord Security from Novator, Burda Principal Investment, General Catalyst, BaltCap and angels, €61,6M for Kevin. from Accel, Eurazeo, OTB Venture, Speedinvest, OpenOcean, Global Paytech Ventures and angels; €35M for Zenith Chain from GEM Digital, €52M for Argyle from Bain Capital Ventures, Checkr, SignalFire, Bedrock
- Top Lithuanian VC investors include: Iron Wolf Capital, Practica Capital, Open Circle Capital, Contrarian Ventures, Coinvest Capital, 70V, Katalista Ventures, Firstpick, GamedevFund
VC Investments in Lithuania 2013-2022
The total amount of funding in Lithuanian ecosystem in the years 2013-2022 was as follows:
Sources: Crunchbase, Dealroom, Vestbee, social media, web & public data
Having a broad look at the ecosystem since its inception, here are Lithuanian startups with the biggest total value of financing rounds:
- Vinted - €477M
- Nord Security - €92M
- TransferGo - €94M
- Kevin. - €72M
- GetJar - €36M
- yPlan - €31M
- Cast AI - €33.5M
- Interactio - €22M
- PVcase - €124M
- Ovoko - €19M
Source: public database
Biggest funding rounds in 2023:
- Cast AI - Venture - Series Unknown - €18,8M - Investors: Creandum, Scale Asia Ventures, Web Summit Ventures
- PVCase - Early VC - €95M - Investors: Highland Europe, Elephant, Energize Capital
- Ibanera - Late VC - €17,4M - Investor: Emerchantpay
Biggest funding rounds in 2022:
- Nord Security - Series A - €91,8M - Investors: Novator, Burda Principal Investment, General Catalyst, BaltCap, angels
- Kevin. - Series A - €61,6M - Investors: Accel, Eurazeo, OTB Venture, Speedinvest, OpenOcean, Global Paytech Ventures and angels
- Argyle - Series B - €52M - Investors: Bain Capital Ventures, Checkr, SignalFire, Bedrock
- Zenith Chain - Seed - €35M - Investor: GEM Digital
- Ovoko - Venture round - €14M - Investors: Piton Capital, Practica, Mantas Mikuckas
Introduction to Lithuania
The Lithuanian startup ecosystem is one of the fastest growing in the CEE region, providing a promising landscape for entrepreneurs and investors. According to Dealroom’s report, the combined enterprise value of startups founded and headquartered in the country has grown 16.8x between 2017 and 2022, as regional startups are now worth €9.5B.
This impressive growth in the ecosystem size has been facilitated by many factors, including favorable government regulations, open data policy, and a friendly business environment. Lithuanian programs such as Startup Visa and Startup Employee Visa are good examples of beneficial foreign policies that aim to attract skilled entrepreneurs from other countries by providing them with a temporary residence permit for up to a year, enabling a more dynamic flow of inward FDI’s.
The country also boasts a big pool of skilled software developers, which results in the dynamic growth of hi-tech industries. As Vilnius Tech Fusion highlights, the fintech sector is leading the national industry - in 2022 Lithuania was the 10th country in the world for fintech developments, with Vilnius mentioned as the largest fintech hub in the EU in terms of licensed companies. The legal regulations are however one of the reasons this has occurred - even Revolut is regulated in this country. Other segments which have been gaining traction in recent years include ICT & game development, security, life sciences, AI, software, transportation, data science, and more.
Lithuanian Venture Capital scene - funding data
Lithuania hasn’t been immune to recent market fluctuations and a general economic downturn observed on the continent. Nevertheless, according to the 2022 yearly report created by Dealroom and Startup Lithuania, the size of the country's startup ecosystem has been growing very dynamically, especially in the years 2019-2022 (with a dip in 2020). According to Dealroom, Lithuania ranks 6th amongst all CEE countries for 2022 Venture Capital investment, and 3rd for VC investment per capita. 2021 was a record-breaking year for the country, in terms of all funding secured by startups, however, the expansion was halted by 2022’s political and economic decline and as a result, Lithuanian startups raised 36% less capital. And we don’t have much data for 2023 yet but it’s visible that there has been an even more significant freeze in VC investment activities this year.
It is also worth noting that the ecosystem has been continuously characterized by good availability of funding. According to Vestbee’s reports in 2021 Lithuanian startups raised over 450M (however, more than half of this sum - €250M - was actually raised by a single startup, Vinted, in its Series F), and €259M in 2022. Additionally, as Dealroom reports, at the beginning of 2023, Lithuania was a home of 740+ startups, with a total of more than €8B in combined ecosystem value.
As Startup Lithuania reports, 2022 was a year of significant milestones for the Lithuanian ecosystem. The country saw the emergence of its second unicorn NORD Security and the biggest exit in its history - a successful sale of MailerLite for €84M. What is more, angel investing was more rampant than ever, growing by 40% in 2022 and amounting to €14,5M. It is however to be determined how the global slowdown of 2023 will affect angel investing in the upcoming quarters.
Funding rounds
To get a better understanding of the Lithuanian ecosystem and its growth let’s take a closer look at the biggest and most prominent funding rounds secured by top startups.
According to Vestbee reports, Dealroom, and social media monitoring, the number of funding rounds in Lithuania is volatile and mirrors market sentiments - it raised in 2021 to fall again in the next years in 2022 and so far in 2023.
As Vestbee’s quarterly reports showcase, the biggest Lithuanian funding rounds in 2022 were as follows:
Startup: Nord Security
Industry: Cybersecurity startup with a mission to build a radically better internet and restore trust in digital networks
Funding: €95M in venture round (according to Vestbee, 10th biggest round in the whole of 2022 in CEE!)
Startup: Kevin.
Industry: Lithuanian fintech company that provides an account-to-account payment infrastructure to replace card transactions
Funding: Series A - €62M
Startup: Argyle
Industry: A powerful payroll connectivity platform for modern financial services
Funding: €52M in Series B
Startup: Zenith Chain
Industry: Blockchain technology company that allows crypto-market participants to trade directly with one another
Funding: €33M in Early VC
Startup: Ovoko
Industry: Planet positive marketplace for used car spare parts.
Funding: Early VC - €14M
Startup: Elinta Charge
Industry: Supplier of industrial automation equipment
Funding: Early VC - €7M
Startup: Leafood
Industry: Vertical farming company that produces sustainable and high quality leafy greens
Funding: Seed - €6,5M
Startup: walk15
Industry: App encouraging people to walk everyday
Funding: Seed - €600K
Startup: Okredo
Industry: Platform that finds business partners, and assesses the financial strength, and sales potential of new and existing customers
Funding: Seed - €650K
Some of the biggest funding rounds so far in 2023 were as follows:
Startup: CAST AI
Industry: AI-driven cloud optimization platform that slashes cloud cost, optimizes DevOps, and automates disaster prevention
Funding: Pre-seed €18.8M, March 2023
Startup: Perfection42
Industry: AI-based tech startup
Funding: €1.3M in a seed funding, April 2023
Startup: Atrandi Biosciences
Industry: Biotech company pioneering and commercializing droplet microfluidic technology
Funding round: Series A €4.4M, March 2023
Startup: HeavyFinance
Industry: Fintech marketplace for reducing carbon emissions and connecting farmers with investors and promotes sustainable soil management methods
Funding: Seed €3M, March 2023
Startup: Oxipit
Industry: Saas company, using AI for medical imaging in radiology
Funding: Venture round €4.5M, January 2023
Startup: Repsense
Industry: Data analytics company that mimics user journeys and predicts reactions to content found in search results pages
Funding: Pre-seed €500K, January 2023
Startup: GoRamp
Industry: Warehouse time slot management and order management automation
Funding: Late seed 3M USD, July 2023
VC Funds in Lithuania
The Lithuanian startup ecosystem is considered quite mature, as there are many different organisations in the ecosystem that contribute to its innovation, growth and aim to further enhance its development and maintain good connections between all stakeholders and key players.
Let’s dive deeper and begin by taking a closer look at sources of investment capital - VC funds investing in Lithuania.
The Lithuanian investment landscape is full of both regional as well as foreign VC firms.
The most active foreign investors in Lithuania include:
- General Catalyst (USA)
- Accel (USA)
- Network VC (USA)
- Novator (UK)
- Speedinvest (Europe)
- Eurazeo (Europe)
- Piton Capital (Europe)
- OpenOcean VC (Europe)
- OTB (Europe)
- ByFounders VC (Nordics and Baltics)
When it comes to Lithuanian investors, according to Dealroom, they are most active at early stages, covering 36% of all early-stage funding rounds made in 2022.
Top Lithuanian VC firms
Iron Wolf Capital
Preferred industries: AI, IoT, SaaS, Deeptech, Fintech, Marketplaces
Investment ticket: €250K to €1M
Company stage: Seed to Early Growth
Iron Wolf Capital, an early-stage VC fund based in both London and Vilnius is a firm maintaining a very close watch over the region’s booming tech scene while enjoying presence in the old capital of European tech. Expectedly, their portfolio can look forward to a quite smooth landing into deep Western pockets throughout its maturation as well as receiving the support from an experienced, multi-faceted team of entrepreneurs and investment professionals to back them during stormy times of uncertainty. The fund has already built a portfolio of many interesting startups, among others, Pixevia, Turing College, and Litilit.
Practica Capital
Preferred industries: Industry-agnostic
Investment ticket: €150K to €3M
Company stage: from seed to growth
Practica Capital is one of the oldest and most active VC funds in the region. Having well over 10 years of experience helping local founders get their heads up, Practica Capital is more than capable of supplying whatever a startup needs for successful development - be it advice, an introduction to a potential partner or client, and obviously, the capital. Fund’s portfolio consists of over 55 startups among which you can find globally recognized names like CGTrader, Trafi, and Interactio.
Open Circle Capital
Geography: Baltics
Preferred industries: ICT, robotics and high-tech
Investment ticket: €100-500k
Company stage: Early stage
Open Circle Capital is an early-stage technology venture capital firm. They specialize in investing in technology companies, particularly in the fields of ICT, robotics, and high-tech. Open Circle Capital seeks out teams of professionals with a track record of success, including serial entrepreneurs with experience in growth, fundraising, and exiting. They are interested in product-building companies that have the potential for high growth and are ready to expand into international markets. Open Circle Capital provides support throughout the investment process and actively assists companies in raising funds from co-investors.
Contrarian Ventures
Preferred industries: Energy, Mobility, Cleantech
Investment ticket: €500k
Company stage: Seed to early growth
The Vilnius-based Contrarian Ventures is a VC fund, solely and exclusively dedicated to mitigating the effects of climate change on our planet. At times when the firm is not busy supporting its portfolio companies in developing and scaling or reviewing the flow of the prospective investments, it gives back to the community in a wide array of forms. Climate-focused events, the buildup of experts’ networks, and a great deal of content are all available for climate-interested entrepreneurs and individuals to explore. Among a select group of their portfolio startups, you can find Hepta, CHOOSE and Sterblue.
Coinvest Capital
Preferred industries: Software, Sector-Agnostic, Enterprise Software
Investment ticket: €500K-5M+
Company stage: seed to early growth
Coinvest Capital is a fund aiming to combine the benefits of venture capital and angel investors by always syndicating the deals they conclude. As a result, the firm aims to provide both the funding and continuous hands-on support to its portfolio companies which would ensure each of them has all it takes to expand on the market quickly and assertively. The fund has already built a portfolio of many interesting startups, among others, Interactio, Oxipit as well as Foros.
70V
Preferred industries: Sector-agnostic but with a B2B focus
Investment ticket: €25K-250K
Company stage: pre-seed to series A
70V is a Vilnius-based VC and sales accelerator looking for startups targeting B2B customers and those humble to advance its knowledge and understanding of their first and foremost source of funding - revenues. To do so, the firm would provide an intense training pertaining to all matters sales while also giving startups a bit of fuel to keep the business going forward. Some, though not all of their portfolio companies include: Whatagraph, Oxus AI and Billo.
Katalista Ventures
Preferred industries: Impact startups
Company stage: Early-stage
Based in Vilnius Katalista Ventures is a hybrid accelerator and private fund focused on supporting high-impact startups to grow and scale sustainably. Despite the fact their portfolio consists mainly of e-commerce and fintech companies, the accelerator is looking for all businesses with the ability to change and adapt. Katalista Ventures' sweet point is a startup led by four goals: resilience-based thinking, global scalability, sustainability and a triple top-line approach.
Firstpick
Preferred industries: Sector-Agnostic
Investment ticket: €0 to €5M+
Company stage: Seed, Late seed, Early Growth
FIRSTPICK is an accelerator and venture capital fund investing in tech companies across the Baltics. It supports founders from the idea to the growth stage. The team is like coaches that run side-by-side while founders train for the marathon. Here they benefit from a bulletproof combination of investment and know-how shared through the fund‘s pre-acceleration and acceleration programs. The core members of the FIRSTPICK have gathered experience by working with 100+ startup founders in their early steps. This experience is multiplied by the support from leading Baltic tech community members. They provide FIRSTPICK’s portfolio startups with precious early market access, impactful partnerships, and deep expertise for the growing community and portfolio of 14 companies.
GamedevFund
Preferred industries: Gaming
Investment ticket: €100K to €500K
Company stage: Seed, Pre-seed, Late seed
Founded by video games industry veterans, Gamedev Fund is an early-stage investment fund aiming to help talented teams in shipping their games by providing knowledge, contacts, and funds. They invest in premium indie games for PC/consoles with a playable demo on hand. To assist the teams in getting things done, they cooperate with a wide network of mentors, advisors, fellow VCs, and publishers.
Newly raised funds:
- In August 2022 a climate tech VC Contrarian Ventures launched its second fund, in the amount of €100M, to close the funding gap for future climate-tech founders in Europe.
- In November 2022 Startup Wise Guys’ Lithuanian team announced the inception of its own Baltic-focused VC fund - Firstpick - closing the first €15M of its €20M target
- In December 2022 Practica Capital announced its third, €70M fund to support early-stage Baltic founders building marketplace, SaaS, and deeptech startups.
- In the same month also Baltic Sandbox Ventures announced the first €10M close of its €13M deeptech fund and accelerator. They aim to support pre-seed and seed emerging Baltic deeptech startups, building grassroots deeptech and life sciences ecosystems.
- In February 2023, Lithuanian game dev veterans kickstarted a Gamedev Fund to back PC/console games.
- The same month Contrarian Ventures closed an additional €25M from EIB to finalize a raise of its €100M fund.
- In 2023 the inception of Lithuania's first VC and accelerator for defense/security innovation was announced - Scale Wolf VC.
Lithuanian Business Angels
On top of VC funds, Lithuania is known for its vibrant community of Business Angels, which has a big impact on the ecosystem as a whole. Lithuanian Business Angel Network (LitBAN) has 300 members that in 2022 invested €14.5M in 21 startups. Moreover, as LitBAN reports, in 2022 there were more funding rounds with Angel participation than ever ( for startups such as Vilimed, Hassle, Moremins, MarkID, No-CV, and more). The impact of LitBAN reaches way beyond the Lithuanian border and in 2022 the organization was recognized by European Business Angel Network as its best-performing member
Additionally it’s worth noting that according to LitBAN, Lithuanian business angels are the most likely to invest in early rounds often in syndicated or along with other VC funds, such as CoInvest Capital or Open Circle Capital (in 2023 they invested €1.1M in Perfction42’s seed round).
Lithuanian Accelerators
Baltic Sandbox Ventures
Founded in 2018 and based in Vilnius, Baltic Sandbox is not a standard accelerator. They call themselves the acceleration partners of Eastern companies that want to expand their business to Western markets. Baltic Sandbox is focused on startups solving current world issues like sustainable development, digital economy and responsible consumption. Their acceleration programs apart from sessions with industry experts, mentors and investors, also include support with legal queries, fundraising and entering new markets.
Startup Wise Guys
This prominent accelerator has been founded in Estonia but operates its programs with worldwide impact. In Lithuania, the team is located in Vilnius and aims to attract the region’s brightest minds and boldest ideas. For their Baltics batches, they look for B2B startups that predominantly focus on the XR, Fintech, Sustainability, Cyber and SaaS i4.0 verticals. It is essential that these startups also have a tried and tested MVP and that they have received their first traction.
DÓBRA Impact Venture Studio
DÓBRA is an impactful venture studio operating within the business landscape of Lithuania. With a dedicated community of passionate professionals, DÓBRA focuses on creating meaningful tech solutions that contribute to global well-being. Through their flagship event, DÓBRA Grand Prix, they bring together thousands of individuals to collaboratively invent innovative and unconventional solutions to pressing global challenges
Startup Community
A dynamic community is what further enhances the potential of the Lithuanian startup ecosystem. In this section, we will dive into all the other important players - such as public organizations, accelerators, and incubators that foster innovation in the country.
Startup Lithuania
Startup Lithuania, a governmental initiative operating under the Ministry of the Economy and Innovation, is the national facilitator of Lithuania's startup ecosystem. They create a globally recognized startup-friendly environment by connecting fast-growing businesses, venture capital funds, accelerators, startup-friendly enterprises, and the government. Their services include publishing startup ecosystem news, maintaining a startups database, offering a job marketplace, and sending a weekly newsletter. They organize impactful startup events, provide consulting and advisory services, and actively educate the ecosystem and futurepreneurs. Startup Lithuania plays a vital role in fostering collaboration, growth, and innovation within Lithuania's thriving startup ecosystem.
Vilnius TechFusion
An organisation that encourages creation of new and innovative businesses in Vilnius. It brings together the city’s unique and vibrant tech ecosystem to foster cross-sectoral collaborations and highlight Lithuania’s capital as a trailblazing city at the forefront of tech. It is mostly oriented towards advanced technology sectors, such as ICT and Fintech, as well as, Life Sciences and Lasers.
Unicorns Lithuania
Unicorns Lithuania is a dynamic organization dedicated to fostering the growth and success of startups in Lithuania. With a mission to mobilize and empower both startups and the public, their goal is to build a prosperous and modern country with a high value-added economy. They envision Lithuania as the ultimate destination for unicorns, aiming to create a 3x larger ecosystem by 2025, where startups play a pivotal role in driving economic growth. Currently, Unicorns Lithuania brings together over 85 technology companies, employing a significant portion of the sector's workforce. Their key areas of focus include community building, facilitating knowledge sharing and collaboration among startups, value building, promoting the startup ecosystem's significance, and advocating for startups' interests with institutions and partners. Additionally, Unicorns Lithuania is actively involved in motivating and inspiring entrepreneurs through public initiatives, fostering domestic talent development, attracting international talent, and driving positive change in education and business promotion.
Lithuanian Private Equity and Venture Capital Association
LT VCA is a prominent association in Lithuania, bringing together the key participants of the private equity and venture capital market in the country. Over the period of 2018-2022, their members invested more than EUR 300 million into Lithuanian companies, stimulating economic growth, fostering entrepreneurship, and supporting small and medium-sized businesses. They also play a vital role in monitoring and enhancing the regulatory and business environment necessary for the smooth operation of the private capital market in Lithuania. As a central platform, the association represents and promotes the Lithuanian private equity and venture capital market to institutional investors, policymakers, and the general public both locally and globally. Additionally, LT VCA is the primary source of research and statistics on the Lithuanian private equity and venture capital market, offering valuable insights into its trends and performance.
Sunrise Tech Park
Sunrise Tech Park, founded in 2003, is a non-profit organization with a rich history in fostering entrepreneurship and facilitating collaboration between business and science. As a leading science and technology park in Lithuania, Sunrise Tech Park offers a wide range of support services and state-of-the-art infrastructure to young and innovative enterprises, as well as other knowledge-intensive businesses. The park provides an ideal environment for technological ventures, university members, and R&D initiatives looking to transform their knowledge into successful commercial ventures and drive innovation. With a focus on delivering high-quality services to knowledge-intensive businesses, Sunrise Tech Park strives to become the premier science and technology hub in the Baltics, attracting and empowering businesses with its vibrant ecosystem. They assist businesses on all fronts - from consultancy services for innovative startups to many incubation and acceleration programs. Amongst them, it’s worth mentioning:
- Hackathon “Hack4Vilnius”, a hackathon dedicated to promoting innovations for the city of Vilnius
- Pre-accelerator „Futurepreneurs“, sustainability program for building a startup from an idea to a viable solution that can be presented to potential investors
- Cleantech Cluster Lithuania, uniting clean technology companies, science and study institutions and other entities cooperating for the development of clean tech in the country
- Sunrise Valley Digital Innovation Hub, facilitating in the digitalization of traditional industry sectors
Tech Park Kaunas
They gather a community of developers open to innovation to advise start-ups and already operating technological companies on business development issues, help them increase their international competitiveness, and provide innovation support services. Currently, more than 100 companies in the field of information technology, engineering, health medicine, social innovation, future energy, and sustainable chemistry operate in Tech-Park Kaunas.
Cities
For those interested in setting up a business or investing in Lithuania it is worth knowing where the big business operations take place - there are three Lithuanian cities with a big business scene - Vilnius, Kaunas, and Klaipeda. It is the capital city however that cemented its position as a tech hub of the region - according to Dealroom, 92% of the startup’s combined enterprise value is located there. In the city there are more than 740 startups, 2*unicorns, and 95% of all funding raised by Lithuanian startups were directed to those funded and headquartered in Vilnius.
*One 1B+ company is listed on the stock exchange and according to the most recent data there are two publicly known unicorn companies in Lithuania
Coworking spaces
Talent Garden Lithuania
Talent Garden serves as more than just a coworking space. It is also an internal educational institution and event hub, fostering connections among tech talents within its global community. Situated in Vilnius's Oldtown, its campus accommodates over 230 entrepreneurs. As a member of this network, you can benefit from fully equipped flexible workspaces, meeting rooms, and event venues. Additionally, you'll have access to a dedicated community manager, a matchmaking app to connect with other community members, and exclusive internal events.
ROCKIT
ROCKIT is a leading coworking space for Lithuanian FinTech innovators, creators, and founders. They provide a comprehensive infrastructure to serve as a business foundation, offering flexible desks, private offices, state-of-the-art meeting rooms, and a fast wifi. By joining ROCKIT, you will seamlessly integrate into the vibrant FinTech community of the city, surrounded by like-minded visionaries. Additionally, you'll gain convenient access to mentors, industry events, and fintech experts.
Wolf Space
Wolf Space is a hip, boutique space providing private offices and co-working spaces in the Vilnius Old Town, with facilities such as all inclusive 24/7 access, meeting rooms, cozy common spaces and lounge summer terraces. What is more, members of the space can also count on support from community managers as well as other community members which gather at community events.
AltSpace
This brand-new facility boasts 600 square meters of working space, which includes private meeting rooms and a living room hall for bigger events. With flexible monthly packages and a vision to put the community first, AltSpace takes co-working to the next level. This space also has a bar in their premises, so you can grab a pint of beer and continue brainstorming sessions.
DesignFriends
DesignFriends is a coworking space in Kaunas for entrepreneurs, startups and freelancers. Members get all the office equipment and infrastructure to work efficiently and whenever you feel like taking a break there is a shared kitchen or garden to enjoy. They also offer workshops, professional courses, laboratories and a network of experts to support your development.
Tech Zity
Tech Zity is a coworking space with 4 locations in Vilnius - Tech Park, Tech Loft, Tech Arts and Tech Spa. The pass allows you to use all of them so you can choose the location you want or try their other coworking spaces if they seem interesting for you. They offer a range of services including flexible and fixed desk workstations, dedicated meeting and call rooms, a fully equipped kitchen, a comfortable lounge area, and the added convenience of Tech Café
Monday Office
Monday Office is a unique coworking space in Vilnius created for business teams, consultants andaspiring entrepreneurs, who want to benefit from a community of like-minded people. The space offers hotel-style hospitality and members club style services: sunlit private studios, common spaces for work and relaxation as well as spacious meeting rooms. Members can access this space 24/7 and work according to their needs.
Work'inn
Work'inn coworking space is a part of the Sunrise Valley Science and Technology Park located in Vilnius. All members can attend the events organized by Sunrise Valley at no cost, connecting with fellow members during monthly business breakfasts. Work'inn provides fully furnished office spaces and meeting rooms. In addition, you can enjoy amenities such as a kitchen stocked with unlimited coffee, a leisure area featuring tennis tables and billiards, and the surrounding natural environment with numerous walking paths.
Top Lithuanian Startups
- Vinted, an online marketplace, and community for second-hand clothes.
- Nord Security, an internet privacy and security provider for individuals and businesses.
- TransferGo, a company offering international money transfers for both migrant workers & businesses using their digital account-to-account business model.
- Kevin., a fintech company that provides an account-to-account payment infrastructure to replace card transactions.
- GetJar, a mobile phone application store that provides personalized app recommendations. Acquired by Spigot Inc.
- yPlan, was a mobile-first event discovery and booking service. Acquired by Time Out Group plc.
- Cast AI, an AI-driven cloud optimization platform that slashes cloud cost, optimizes DevOps, and automates disaster prevention
- Interactio, the leading remote simultaneous interpretation platform used to interpret and stream over 42,000 remote, hybrid, and on-site events.
- PVcase, the unique tool that automates 3D terrain-based solar engineering.
- Ovoko, Planet positive marketplace for used car spare parts.
- NanoAvionics, a smallsat bus manufacturer and mission integrator currently based in five locations across the US, UK, and LT.
- Trafi, a mobility-as-a-service platform for shared transportation solutions, helping cities and corporates to reach their goals.
- CGTrader, the world's preferred source for quality 3D content, optimized for e-Commerce, Gaming, AR/VR, Entertainment and 3D Printing.
- Eneba, a newly established store for digital games.
- Whatagraph, a company that automatically pulls data from your digital marketing channels and turns the numbers into a visual representation.
- Oxipit, harnessing the latest AI and Machine Learning developments for better patient outcomes all over the world.
- Litilit, well-designed, reliable, and affordable femtosecond lasers
- myTU, a digital banking platform that offers payment and marketplace solutions for individual and business clients.
- HeavyFinance, a fintech marketplace on a mission to remove 1 gigaton of CO2 emissions by 2050.
- Brolis Semiconductors, developing beyond state-of-the-art technology solutions for security and medical sensing applications.
- ZitiCity, a delivery company that found a scalable way to crowd-source delivery fleets in every major European city.
- Gosu.AI, a company focused on gaming data and AI.
- GoRamp, a cloud-based Transportation Management Software, which helps shippers source, plan & monitor freight logistics.
- Okredo, a platform that finds business partners, assesses the financial strength, and sales potential of new and existing customers.
- Rubbee, a high-efficiency electric friction drive for bicycles. It changes the way regular bicycles used to be converted into electric ones.
- Frontu (formerly Tasker) is a flexible and effective tool for managing tasks, processes and employees.
- Amberlo, cloud-based case management software for growing law firms
- Integrated Optics, applies novel assembly techniques for manufacturing of highly integrated optical and electro-optical devices
- Atrandi Biosciences, a biotech startup that aims to commercialize droplet microfluidics technology.
- OME Health, a preventive health analytics and coaching company
- MOREmins, a telecommunication company that provides digital e-sim, international calling, and internet services.
- BitDegree, a crypto educator providing the Crypto Information Hub and the Learnoverse - Learn & Earn Metaverse with NFTs.
- Walk15, a startup that encourages people to walk every day with its app.
- PriceOn, a unique product search and comparison engine.
- Oxus.Ai, delivers the best accuracy AI speech analytics for sales and customer success teams to improve performance in any language.
- PlateCulture, a community that invites to dine in real homes, eat authentic food and meet interesting people.
- Serfy, a service management system for maintenance professionals
- Boomio, on a mission to revolutionize the customer loyalty sector, which is now plagued by out-of-date or inaccessible loyalty programs.
- Attention Insight, improves advertising campaign results and design performance with pre-launch analytics.
- Tipi, a thoughtful and focused team communication tool which keeps all teams better-informed and moving without constant pinging
- WoraPay, helps retailers to significantly increase sales whilst saving time for their clients
- TableAir, provides employee-centric office experience that increases the sense of community and improves employee retention and health.
Stay tuned for more CEE startup ecosystem maps!
And if you have anything more to add to this overview drop me a line at katarzyna.groszkowska@vestbee.com
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Sources:
Vestbee Reports: yearly and quarterly
Vestbee blog: monthly funding rounds, weekly news
Dealroom and Startup Lithuania report for 2022
Startup Lithuania Ecosystem database
Data from Vilnius Tech Fusion webpage
Public database created by Martynas Nikolajevas
Crunchbase information, press releases
Dealroom, Pitchbook, EU startups, Linkedin pages, and publications
