Lithuanian startups have contributed over EUR 100 million in taxes to the national budget for the second consecutive quarter, according to data from the Unicorns Lithuania association. In Q3 2024 alone, startups paid EUR 105 million in taxes, representing a 14% increase compared to the same period last year, though 9% less than in the previous quarter.
Sector-wide salaries have also risen year-on-year, with the average pre-tax wage increasing by EUR 400 to reach EUR 4,100, while employment numbers have remained steady at 18,700. According to Gintarė Verbickaitė, the head of Unicorns Lithuania, some startups declared their annual corporate taxes in Q2, while others issued bonuses after the first half of the year, leading to a noticeable surge in tax contributions (Q1 – EUR 92.9 million, Q2 – EUR 115.4 million, Q3 – EUR 105 million.
The past quarter was exceptional for Lithuanian startups and tech companies. Highlights include Flo Health achieving unicorn status, Ovoko raising EUR 20 million for its e-commerce solutions for used car parts, Oxylabs securing its 100th patent, and Hostinger expanding its global customer base to 3 million.
She emphasised that these results reflect the sector’s immense potential, with startups making steady progress towards becoming a key driver of Lithuania’s economy. Unicorns Lithuania aims for the information and communication sector to contribute 20% of the country’s GDP by 2030.
Top 5 Lithuanian Startups by Taxes Paid (Q3 2024):
- Vinted – EUR 9.6 million (+57% vs Q3 2023)
- Wargaming – EUR 7.2 million (+7% vs Q3 2023)
- Nord Security – EUR 6.7 million (+8% vs Q3 2023)
- Baltic Classifieds Group – EUR 4.9 million (+55% vs Q3 2023)
- Gurtam – EUR 2.6 million (+64% vs Q3 2023)
Other startups exceeding EUR 1 million in quarterly tax contributions include KiloHealth, Oxylabs, Hostinger, Flo Health, Surfshark, Omnisend, Ovoko, Nordcurrent, and CarVertical.
Top 5 Startups Paying the Highest Salaries (Q3 2024, pre-tax):
- FatMap – EUR 15,970 (+181% vs Q3 2023)
- Xirgo Global – EUR 10,860 (+107% vs Q3 2023)
- Payhawk – EUR 9,520 (-6% vs Q3 2023)
- Watalook – EUR 8,670 (+26% vs Q3 2023)
- Game Insight – EUR 8,490 (+2% vs Q3 2023)
Currently, over 1,000 startups operate in Lithuania, with around one-third employing more than 100 people. The largest teams are at Vinted (1,502 employees), Nord Security (1,243), and Wargaming (867).
Many of the startups grow rapidly without external capital, remaining profitable while retaining their teams and attracting new talent. These companies are globally active, resilient, and hold significant potential. It is expected that 2024 will surpass 2023 in tax contributions, with startups already adding EUR 313.3 million to the budget in the first nine months compared to EUR 375.1 million for all last year. The year is also expected to close with a larger talent pool. However, further growth requires investment in high-value-added talent and more favourable conditions for scaling tech businesses.
