A study of the Lithuanian startups shows that most startups operate in the fields of business software, financial technology, and wellness. As of now, all key information on Lithuanian startups is available through the updated Lithuanian Startup Database.
A joint initiative between the Startup Lithuania (a unit of the Innovation Agency) and the startup associationUnicorns Lithuania has resulted in the development of a system that enables real-time tracking of the growth of startups operating in Lithuania: both individually, as each Lithuanian startup now has its own profile with key information on its activities, investments secured, and job vacancies, as well as by filtering and analysing startups by industry in which they operate and by business model.
According to the latest data, Lithuania currently has over 850 startups. Around two thirds of them follow the business-to-business (B2B) model, one third follows the business-to-customer (B2C) model, and up to 5% offer products or services to the government and public sector (B2G).
Information on the investment environment for startups is sourced from Ventury.app. As of this year, the total investment across the Baltic countries has surpassed EUR 100 million. Specifically, Estonia has secured EUR 47 million, Lithuania – EUR 34 million, and Latvia – EUR 28 million.
TOP 5 industries where Lithuanian startups are most active:
1. Business Software & HR, 25%.
2. Financial Technology (FinTech), 14%.
3. HealthTech, Life sciences & Wellness, 10%.
4. Advanced Manufacturing & Industry, 7%.
5. AdTech & Creative Tech, 6.5%.
Roberta Rudokienė, the Head of Startup Lithuania at Innovation Agency, emphasizes the importance of establishing a uniform and comprehensive database for Lithuanian startups. She says: ‘Our goal is to truly understand the landscape of startups in our country and stay attuned to the thriving startup ecosystem. By gathering such data, we can conduct a qualitative analysis of the sector. This not only helps us identify the challenges and opportunities within the ecosystem but also effectively present and promote its potential on the global stage. It positions us to be recognized in international rankings and reviews.’
Roberta Rudokienė, Head of Startup Lithuania (Innovation Agency)
Inga Langaitė, Head of Unicorns Lithuania, an association of startups, notes that the trends in Lithuania closely align with global patterns. This serves as a testament to the maturity of our country’s startup ecosystem and underscores the potential for further substantial growth.
‘Lithuanian startups are developing and operating in promising industries, focusing on the global market. They embrace sustainable business models, attract top talent, prioritize transparency, and exhibit high ambitions. We are on the right path; we simply need time for new success stories to unfold’, says Langaitė.
Inga Langaitė, Head of Unicorns Lithuania
Based on the data from Q1 2023, Lithuanian startups have already contributed EUR 83 million to the national budget, and the sector employs 17.5 thousand professionals, who enjoy an average salary of EUR 3.7 thousand. Startups are currently looking for over 500 employees in various fields such as IT, cybersecurity, product development, sales, marketing, human resources, customer service, and management.