Between 2018 and 2023, the Lithuanian ecosystem’s value grew by an impressive 7.1 times, surpassing both the Baltics and the wider Central and Eastern Europe region. In 2023, Lithuania’s startup ecosystem continued to grow steadily, establishing itself as one of the most promising and dynamic startup hubs in the region, climbing to the second place in the CEE region by VC investment.
Dealroom has published a new report on the Lithuanian startup and VC ecosystem in 2023. AIN.Capital shares the key findings of the report.
Startup ecosystem value in 2023
- The combined enterprise value of Lithuanian startups has grown 7.1x to €13.7 billion between 2018 and 2023, double the average in the wider Baltic (2.7x) and other CEE regions (3.6x).
- Lithuanian startups raised €292 million in 2023, being ranked the second among CEE for 2023 VC investment, and second for VC investment per capita.
- Vilnius-based companies raised 96% of all funding raised by Lithuanian startups. With over 890 startups and €12.4 billion in combined ecosystem value, Vilnius alone accounts for 91% of the combined enterprise value of Lithuanian startups.
Top rounds and investors of 2023 in Lithuania were:
- PVcase with $100 million Series B round.
- Nord Security with $100 million growth equity round.
- CAST AI with $35 million Series B and $20 million early VC round.
- CUBE3.AI with $8.2 million Seed round.
- Sentante with €6 million Seed round.
- and Genus AI with $6 million Seed extension round.
Enterprise Software, Security, and Energy are Lithuaniaʼs most funded industries by VC investment volume in 2023.
The most prominent investors in Lithuania were:
- Coinvest Capital with 8 rounds participation in 2023.
- Practica Capital with 6 rounds.
- FIRSTPICK with 5 rounds.
- Iron Wolf Capital, Business Angel Fund, and LitBAN — all with 3 rounds.
