Lithuania’s start-up ecosystem has reached a total enterprise value of €16.4 billion in 2025, according to the latest Dealroom report initiated by the Innovation Agency’s Startup Lithuania division. Over the past year alone, Lithuanian start-ups attracted €220 million in venture capital investment from 77 unique investors — a strong signal of renewed momentum in a challenging global environment.
The ecosystem’s growing maturity was further underscored at the beginning of the year by the emergence of a new unicorn, Cast AI, strengthening Lithuania’s position on the European innovation map.
“Over the past five years, Lithuania’s start-up ecosystem has grown 5.9 times — nearly four times faster than the Central and Eastern European average. Lithuania is no longer simply a growing ecosystem; it is becoming mature and internationally competitive,” says Edvinas Grikšas, Minister of Economy and Innovation. “Our goal is to ensure that this growth creates long-term value for the national economy and strengthens Lithuania’s position in global markets.”
Investment Growth Signals Structural Maturity
Lithuania stood out across the region in 2025, with venture capital investment rising from €131 million to €220 million year-on-year. Since 2020, Lithuania ranks second in Central and Eastern Europe for venture capital investment per capita, exceeding the regional average more than fourfold.
Karolina Urbonaitė, Head of the Innovation Agency’s “Startup Lithuania” division, notes a clear evolution in the capital structure:
“In the early stages, Lithuanian start-ups are primarily supported by local investors. However, as companies scale, international capital becomes increasingly important. The growing involvement of US investors is particularly significant, especially at breakthrough and later stages when companies expand rapidly in global markets.”
The largest funding round of 2025 was secured by Cast AI, which develops artificial intelligence solutions for cloud infrastructure. The company raised $108 million in a Series C round, marking the second-largest investment round in Lithuania’s start-up history, following Vinted.
Other notable deals include:
- Nexus AI – €30 million
- Atrandi Biosciences – €22.7 million
By sector, business software attracted the largest share of funding (€160 million), followed by health technologies (€34.7 million) and financial technologies (€16 million).
Resilience Amid Global Uncertainty
Although 2025 shows visible recovery, overall investment levels remain below the peak of the previous funding cycle. The slowdown reflects broader global dynamics, including geopolitical tensions, macroeconomic uncertainty and increased investor caution.
Longer decision-making cycles, stronger focus on capital efficiency and heightened risk aversion have reshaped venture capital flows across Europe. Against this backdrop, Lithuania’s renewed growth highlights the ecosystem’s resilience and ability to attract capital even under challenging conditions.
A Globally Minded Ecosystem That Stays Local
One of Lithuania’s defining strengths is its ability to scale internationally without relocating headquarters abroad. Only 26% of Lithuanian-founded scale-ups move their main headquarters overseas — the lowest proportion in Central and Eastern Europe. By comparison, the rate stands at 50% in Estonia and 70% in Latvia.
Lithuania also leads the region in women-founded start-ups. Eleven per cent of Lithuanian start-ups have female founders, exceeding both the regional and European averages. Since 2020, companies (co-)founded by women have attracted 21% of all venture capital invested in Lithuania. In terms of enterprise value created by women-founded start-ups, Lithuania ranks first in the region.
Strong Regional Growth: Vilnius and Kaunas
At city level, Vilnius remains the fastest-growing city in Central and Eastern Europe by start-up-created value and ranks third among regional capitals in venture capital attracted in 2025. The capital’s ecosystem is particularly strong in business software and health technologies.
“Vilnius’s growth is driven by consistently developed technological infrastructure, a supportive regulatory and business environment, and the ability to attract international talent and investors,” says Dovilė Aleksandravičienė, Head of Go Vilnius.
Meanwhile, Kaunas ranks third among non-capital cities in Central and Eastern Europe by venture capital attracted since 2020. The city has developed strong positions in energy, gaming and transport technologies, with companies such as Fivrec, TutoToons and Elinta Charge driving growth.
“Kaunas’s strength lies in its clear specialisation and growing concentration of technology companies, enabling it to compete with major regional centres,” says Tadas Stankevičius, Head of Kaunas IN.
Looking Ahead
Presented at the Innovation Agency’s annual event “Wrap up of 2025”, the Dealroom report reflects a start-up ecosystem that has transitioned from rapid growth to structural maturity. Despite global headwinds, Lithuania continues to strengthen its position as a competitive innovation hub in Central and Eastern Europe — with increasing international visibility and long-term economic impact.
