Lithuania's startup ecosystem has experienced remarkable growth, with a valuation exceeding €16 billion in 2024, a 39x increase in just a decade. This impressive growth positions Lithuania as a regional leader in the CEE region, driven by thriving startups, substantial foreign investments, and some of the region's largest seed round sizes.
AIN shares the key findings of Dealroom's new report about the Lithuanian startup and VC ecosystem in 2024. You can read the full report here.
Startup ecosystem value in 2024
The combined enterprise value of Lithuanian startups has grown 39x to €16 billion between 2014 and 2024. This is significantly higher than the European benchmark of 9x. Lithuanian startups raised €128 million in 2024, ranking second among CEE countries in terms of VC investment per capita.
Early-stage VC investment in 2024 reached €108 million, also marking the second-best result on record. This is indicating continued confidence in the ecosystem and its potential to produce high-growth companies.
Top rounds and investors of 2024 in Lithuania were:
- Ovoko: with €20 million Series B round.
- Paysera: with €13.6 million Series C round.
- Bitskout: with €13 million early VC round.
- TransferGo: with €9.1 million late VC round.
- Biomatter: with €6.5 million Seed round.
- Bankera: with €5.5 million Series A round.
The most prominent investors in Lithuania in 2024 were:
- Practica Capital: This early-stage VC fund focused on Baltic founders was the most active investor with 75 investments in seed and early VC rounds.
- Startup Wise Guys: This VC fund and accelerator specializing in seed-stage investments made 48 investments.
- 70Ventures: This VC fund and accelerator focused on seed-stage investments made 17 investments.
In terms of sector distribution, Fintech, Marketplace & eCommerce, Transportation, and Security are Lithuaniaʼs most funded industries by VC investment volume in 2024.
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Lithuania ranked #3 in fintech VC investment and #2 in blockchain VC investment in CEE during 2024, demonstrating its strength in these emerging technologies.
Regional Hubs
- Vilnius: The capital city is home to over 1,050 startups with a combined enterprise value of €15.4B. Vilnius has seen an 8.1x growth in enterprise value since 2019 and attracted €123M in VC investment in 2024. Key sectors include Fintech, Transportation, and Security.
- Kaunas: Kaunas is rapidly emerging as a startup hub, with strengths in software products and life sciences. The city has over 180 startups with a combined enterprise value of €816M, showing an 11x growth since 2019.
With continued investment, a strong pipeline of startups, and supportive government initiatives, Lithuania is well-positioned for continued success in the global tech arena.
Read more: Lithuanian startups raised €292M and are worth €13.7B in 2023
