A Baltic nation making fame for itself in Europe’s startup ecosystem, Lithuania is an exciting place to be for innovators, entrepreneurs and investors alike. Home to fairytale-esque forests, the magnificent historical old town of Vilnius, and ample opportunity for adventure, it’s a place that inspires inspiration and creativity.
Lithuania’s startup ecosystem has been thriving in recent years, with impressive growth rates and record-breaking funding rounds. In fact, between 2017 and 2022, Lithuanian startups saw a remarkable 16.8-fold increase in enterprise value, making it one of the fastest-growing startup hubs in Central and Eastern Europe.
Lithuania benefits from 18 incubators, 11 accelerators, and 10 investment organisations and has the 3rd lowest profit tax rate in the EU giving it a highly developed infrastructure to launch and attract tech startups. The GovTech Lab is a stand-out example of such programmes growing the ecosystem, as well as the support to grow AI innovation and combat climate change.
In 2022, Lithuanian startups raised an impressive €295 million, marking their second-best year on record. This success is further seen in Lithuania’s high ranking in venture capital investment, coming in 6th in Central and Eastern Europe and 3rd in VC investment per capita.
Notably, the fintech and security industries have been major players in the Lithuanian startup scene, receiving the most funding. With Vilnius-based companies securing 95% of all funding raised by Lithuanian startups, it’s clear that the Lithuanian capital is a vibrant hub for innovation and investment.
Here, we shine a light on ten Lithuanian startups that are looking promising for this year ahead. We undertook comprehensive research to discover these startups, aiming to highlight the most promising and innovative game-changers. All of these startups are founded post-2019.
Zenith Chain: Based in Vilnius, this blockchain technology company was established in 2021. It provides a decentralized peer-to-peer exchange network that enables direct trading between crypto-market participants. Its blockchain tech is designed to handle asset transfers efficiently and is tailored for a specific use case. It has secured $1.4 million in funding so far and is growing at an exciting pace.
Mindletic: Kaunas-based Mindletic is a mental gym that aims to prevent emotional imbalances in the workplace. Its science-backed program includes personalized self-care, peer support, and access to certified psychologists. The startup promotes emotional hygiene and boosts psychological strength to enhance employee resilience and productivity. Founded in 2020, Mindletic works with global brands like Vinted and Swedbank.
Pulsetto: Vilnius-based Pulsetto is a world-leading technology that stimulates the vagus nerve, which is the primary connection between the brain and internal organs. By increasing the vagus nerve’s activity, it reduces heart rate, increases HRV (heart rate variability), and activates the parasympathetic nervous system, resulting in less stress, anxiety, and better sleep. Founded in 2021 it has raised €550 k so far.
Leafood: Vilnius-based Leafood employs vertical farming to cultivate sustainable and high-quality greens. Unlike traditional horizontal farming, it stacks multiple layers to grow leafy greens. The startup aims to alleviate the strain on the ecosystem and farmland, contributing to the restoration of natural ecosystems and preservation of soil, an essential component of life on Earth. Founded in 2021 it has raised €6.5 million so far.
Vow Health: The VOW platform provides a simplified and efficient approach to monitoring one’s health and preventing future health problems. Users can provide a blood sample that is analyzed by one of the platform’s partner laboratories. The results are then evaluated and explained by a VOW Health doctor, with the ability for users to securely track changes in their health data on their profile. Founded in 2020 it has raised €315 k to date.
Solvo: Vilnius-based Solvo offers a user-friendly and accessible platform for unlocking the benefits of cryptocurrency without any complexities or barriers. The aim is to empower users to invest, earn, and move their money with ease. Whether it’s investing in the Metaverse or earning on a preferred token, Solvo provides a fast, cost-effective, and profitable solution for managing one’s finances. Founded in 2022 it has raised $3.5 million.
kernolab: Vilnius-based Kernolab is a company that aims to revolutionize the financial services industry by bringing the best of fintech to any business. Their platform enables businesses to create customized banking and payment experiences for their customers without the limitations of traditional banking. With Kernolab, businesses can easily incorporate financial features such as accounts, payments, cards, loans, and more into their products. Founded in 2019 it has raised $1 million since its founding year.
Oxus.AI: Vilnius-based Oxus.AI is a provider of speech analytics software that caters to sales and customer support teams serving in any language. It boasts the best speech recognition accuracy for hard languages in the market. By analyzing all speech interactions with customers, Oxus.AI provides organizations with the most accurate, immediate, and useful insights to boost sales, improve customer retention, and enhance reps’ performance. Founded in 2020, the team has secured €1.1 million so far.
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