An inside look at the Lithuanian startup ecosystem
The Lithuanian startup ecosystem has been booming for the past few years. The proof lies in its startup community, which has almost doubled* and attracted over $100 million worth of investments. A friendly business environment advanced IT infrastructure, considerably low taxes, and favorable relocation conditions have influenced the increasing number of startups, foreign and local investments, establishment of new workspaces and events.
The startup culture in Lithuania is being fostered every year in terms of events and hackathons. Silicon Valley Comes to the Baltics, Startup Weekend, Login Startup Fair, and Barcamp are just a few of hundreds of events aiming to foster the entrepreneurial mindset. In addition, Lithuania offers more than enough space for everyone looking to find a creative working spot among like-minded entrepreneurs – Sunrise Valley, StartupHighway coworking space, HUB Vilnius. Speaking of which, Vilnius is looking to open up 900+ new working places in Vilnius Tech Park in the upcoming year and is considered to become the major technology hub for startups within ICT sector in Lithuania.
The Lithuanian startup ecosystem has raised a number of successful startups in marketing & advertising, audio, media (MailerLite, TutoToons, Copictures, Soundtest), life sciences (Integrated Optics, Biodeka), gaming, education, HR (Sharecruit, BliuBliu, NoBrakes, Planner5D) fintech, e-commerce (Worapay, CGTrader, Searchnode), and many other industries. More than half of it (73%) keeps their HQ located in Vilnius and 48% of those are operating globally already.
Lithuania can boast with 4 promising startup stars so far – Pixelmator, Vinted, YPlan and Trafi that have attracted significant amounts of foreign investments from such venture capital funds as Octopus Investments, Wellington Partners, General Catalyst Partners, Accel Partners and Insight Venture Partners. Other rising startups – MoboFree, WoraPay, CGTtrader, Planner 5D, TrackDuck, have as well received foreign investments from eVA Fund, Entrée Capital, Intel Capital, Kima Ventures and IMI.VC. According to StartupLithuania, new businesses are anticipating €27 million investment in 2015.
*In terms of startups established in 2014.
published on October 8, 2015