In the past five years, the Baltic region has seen the launch of around 2,100 startups. Many of them have the potential to achieve global success. Sifted has made a selection of the best Baltic startups to follow in 2022. AIN.Capital publishes a shortlist of 10 Estonian, Latvian, and Lithuanian startups to watch this year.
Riga-based Lokalise is a localization and translation platform for a wide range of products, such as web and mobile apps, games, and customer service. The startup has 2,000 customers from over 80 countries ranging from startups to Fortune500 companies.
Founded: in 2017 by Nick Ustinov and Petr Antropov.
Funding:
- $50 million Series B from CRV in December 2021.
- $6 million Series A from angels in September 2020.
Tuum is a cloud-native banking platform previously known as Modularbank. It facilitates the integration of core banking features that allow to establish a new banking business or digitally transform an existing one. The company currently employs over 60 people with offices in Tallinn, Berlin, and Malaga.
Founded: in 2019 by Jan Lakspere, Ove Kreison, Rivo Uibo, and Vilve Vene.
Funding:
- €15 million Series A from Portage Ventures in January 2022.
- €4 million seed from BlackFin Capital Partners and Karma Ventures in December 2020.
Tallinn-based startup Grünfin develops a sustainable investment platform focused on impact portfolios for climate change, health, and gender equality.
Founded: in 2020 by Alvar Lumberg, Karin Nemec, and Triin Hertmann.
Funding: €2 million pre-seed from Norrsken VC and Superangel in October 2021.
Interactio is a Vilnius-based mobile system providing remote simultaneous interpretation. The solution can transform any smartphone into translation equipment, connecting it to an on-site stereo system. Interactio helped to hold over 42,000 meetings in 111 countries.
Founded: in 2014 by Domas Labokas, Henrikas Urbonas, and Simona Andrijauskaitė.
Funding:
- €24.4 million Series A from Eight Roads Ventures in May 2021.
- €580,000 seed from Change Ventures in May 2017.
The startup develops modern manufacturing and inventory software for scaling businesses based in Tallinn, Estonia. Katana’s visual interface and auto-booking engine allow users to prioritize orders and see the availability of materials in real-time. It also provides integrations with Shopify, WooCommerce, QuickBooks, and Xero.
Founded: in 2017 by Hannes Kert, Kristjan Vilosius, and Priit Kaasik.
Funding:
- $11 million Series A from Atomico in February 2021.
- €2.4 million seed from 42CAP in January 2020.
- €1.5 million pre-seed in November 2018.
PVcase, a Lithuania-based solar software offers a tool that automates 3D terrain based on solar engineering. The startup helps companies design, estimate, and optimize commercial and utility-scale solar assets. PVcase has a team of 70 employees serving customers in over 50 countries.
Founded: in September 2017 by David Trainavicius.
Funding: $23 million Series A from Elephant in October 2021.
Headquartered in Riga, Mintos is a global investment platform. It provides retail investors with an accessible way to build capital through loan-based investments by more than 60 alternative lending companies. The startup has around 440,000 registered users and €7 billion in total loans funded.
Founded: in 2015 by Martins Sulte and Martins Valters.
Funding:
- €7.2 million equity crowdfunding in November 2020.
- €5 million Series A from Skillion Ventures in November 2018.
Montonio is a Tallinn-based e-commerce startup, offering a payment solution based on open banking. The startup claims to significantly cut costs compared to traditional mechanisms such as Visa or Mastercard. Montonio cooperates with Swedbank, LHV, Luminor, Citadele, and Revolut.
Founded: in 2018 by Kristofer Turmen and Markus Lember.
Funding:
- €11 million Series A from Index Ventures in April 2022.
- €2.5 million seed from Tera Ventures in August 2021.
- €500,000 pre-seed in July 2020.
Vilnius-based health care startup Kilo Health is one of the leading digital marketing platforms in the health and wellness category in the Baltics. The company is also co-founding and accelerating startups in the digital health industry. Kilo Health has over 4 million users worldwide and more than 600 employees.
Founded: in 2013 by Tadas Burgaila.
Funding:
- Invested $500K pre-seed in Tyler Health in July 2021.
- Invested €300K seed in Revolab in June 2021.
Envoy Group is a Tallinn-based supply chain and trade finance company that uses blockchain technologies to make the global supply chain more efficient. The company also claims to charge for positive environmental change and green energy investing with sustainable finance.
Founded: in 2018 by Kutubuddin Ahmed.
Funding: $13.5M from Alcedo Digital Ventures in February 2020.
