Lithuania’s startup sector is booming, contributing an impressive EUR 202.5 million to the country’s budget in the first half of 2024. This represents a 10% increase, or almost EUR 20 million more than the same period last year, according to data from the association Unicorns Lithuania. The second quarter of 2024 saw startups paying EUR 110.5 million in taxes, up from EUR 92 million in the first quarter. Vinted led the way in tax contributions during this period, while Wargaming paid the highest salaries.
Currently, 18.1 thousand professionals are employed in the Lithuanian startup sector, a figure that has remained steady since last year. However, the average salary in this sector has increased by 16%, or EUR 600, reaching EUR 4.4 thousand in Q2 2024. Unicorns Lithuania reports that over 1,000 startups are active in the country today.
“The growth trends in Lithuania’s startup ecosystem indicate that we are on track to become the leading technology country in Europe within this decade. The emergence of new startups and the expansion of existing ones are crucial for achieving this goal,” says Gintarė Verbickaitė-Bačiulienė, CEO of Unicorns Lithuania.
Top 5 Tax-Contributing Startups in Lithuania (Q2 2024)
1. Vinted – EUR 12.86 million
2. Wargaming – EUR 7.32 million
3. Nord Security – EUR 6.04 million
4. Baltic Classifieds Group – EUR 4.26 million
5. KiloHealth – EUR 3.10 million
In Q2 2024, 21 startups exceeded the EUR 1 million per quarter tax threshold, up from the same period last year. Notable contributors include Gurtam, Flo Health, Oxylabs, CarVertical, Surfshark, Zen, Omnisend, Bored Panda, Ovoko, mano.bank, Kongsberg NanoAvionics, SME Go, Paystrax, TransferGo, Hostinger, and Nordcurrent.
Employment and Salaries
The largest employers among startups in Lithuania in Q2 2024 were:
– Vinted: 1457 employees
– Nord Security: 1212 employees
– Wargaming: 901 employees
– Oxylabs: 499 employees
– Planas Chuliganas: 398 employees
Top 5 Highest Paid Startups in Lithuania (Q2 2024)
1. Wargaming – EUR 11.95 thousand (+126% compared to Q1 2024)
2. Payhawk – EUR 9.57 thousand (+2% compared to Q1 2024)
3. Cast AI – EUR 9.29 thousand (+24% compared to Q1 2024)
4. Probanx – EUR 9.18 thousand (+56% compared to Q1 2024)
5. Oberlo – EUR 8.86 thousand (+36% compared to Q1 2024)
“The startup ecosystem is vital for the growth of the technology sector and the national economy. This sector is export-oriented and global, making it less vulnerable to economic cycles or geopolitical challenges. Technology companies create high-paying, high-productivity jobs that contribute to the country’s tax revenue and overall purchasing power. To realize the full potential of Lithuania’s technology sector, we need to grow the startup ecosystem, encourage high value-added businesses, attract highly skilled talent, and enable startups to drive economic growth. Ensuring investment in defense, talent development, and capital growth conditions is essential for the continued expansion of successful companies in Lithuania,” emphasizes Gintarė Verbickaitė-Bačiulienė.
For all data on the performance of Lithuanian startups in 2024, please visit: https://unicorns.lt
