If 2023 was a year of surging efficiency and profitability indicators for Lithuanian startups, the anticipation is high for even more significant changes in 2024.
In the previous year, the Lithuanian startup ecosystem saw an influx of EUR 272 million in investments. However, a striking 80% of this sum was attributed to three major investments – Lithuania’s second unicorn Nord Security and Surfshark (USD 100 million), solar park design software leader PVcase (USD 100 million), and cloud optimization platform CAST AI (USD 55 million). Currently, with over 870 active startups, Lithuania boasts an ecosystem that employs nearly 18,000 talents, contributing €275 million to the Lithuanian budget in the first three quarters of the year.
CEO of “Unicorns Lithuania,” Inga Langaitė, predicts that 2024 will witness Lithuanian startups adopting bolder business growth plans, with significant breakthroughs expected in the latter half of the year, driven in part by advancements in artificial intelligence technologies.
Which startups are worth keeping an eye on in 2024?
1. Cast AI:
– Despite its founders and management being based in North America, Cast AI, an AI infrastructure engineering robot for businesses, is developed in Vilnius.
– The Cast AI engineering center in Vilnius has over 50 employees with an average salary of EUR 7,000 before taxes. In 2023, the startup secured €20 million in March and an additional €35 million in November.
2. Amlyze:
– A financial crime prevention startup that raised €1 million in 2023 and is gearing up for geographical and team expansion.
– The startup’s team includes notable experts from the Financial Market Supervision Authority of the Bank of Lithuania, enhancing its growth potential.
3. Vinted Go:
– Specializing in integrating and optimizing third-party carrier infrastructure for Vinted’s customers, with a network of post offices in over 1,000 points in France.
– In its first year, Vinted Go grew to a team of 120 talented individuals and expanded further by acquiring the Dutch company Homerr in October.
4. PV Case:
– A leading solar park design software startup that attracted €100 million in 2023.
– Anderson Optimization, a popular siting platform for solar farms in the US, invested USD 100 million, consolidating PVcase’s position as a key player in the industry.
5. Atrandi Biosciences:
– A startup advancing life sciences through innovative analytical tools for research, diagnostics, and therapeutics.
– The company, with 65 employees in Lithuania and the US, is actively developing a unique capsule technology for multi-step molecular biology processes, focusing on oncology research applications.
6. HeavyFinance:
– The first Lithuanian climate technology company granted an EU crowdfunding service provider license in 2023.
– With 10,000 registered investors and €40 million already invested in loans to European farmers, HeavyFinance raised €3.3 million in 2023 and is expanding its reach.
7. Omnisend:
– An e-commerce marketing automation platform operating without external investment.
– Despite challenging markets, Omnisend reported a remarkable 56.2% revenue growth in 2022, reaching €20.9 million. The company’s products are utilized by over 100,000 e-commerce businesses globally.
8. CarVertical:
– A profitable vehicle history reporting startup demonstrating exceptional leadership in 2023.
– The company allocated €500,000 to buy back shares and donated €100,000 to a social initiative supporting forest preservation. CarVertical’s inclusion in the Financial Times’ list of Europe’s 1000 fastest-growing companies further solidifies its position.
9. Hostinger:
– With Daugirdas Jankus becoming the new CEO in October, Hostinger Group reported a 64% increase in consolidated sales revenue in 2022, reaching EUR 69.6 million.
– Hostinger aims to maintain its growth trajectory and become the leading hosting services business globally.
10. TransferGo:
– CEO Daumantas Dvilinskas announced a significant push toward unicorn status in mid-2023, emphasizing profitability.
– TransferGo has raised €127 million, attracted USD 127 million in investment, and has over 5 million registered users in 160 markets. In 2023, Monika Snitkė joined as the new Head of Operations.
11. Ovoko:
– Operating in Lithuania as RRR.lt, Ovoko is a major e-commerce platform for used car parts in Western and Northern Europe.
– After receiving a €1 million investment in 2020, the company expanded rapidly, securing €14 million in 2022. Ovoko was honored with the “Rising Star” award at the Vilnius TechFusion Startup Awards in 2023.
12. Oxipit:
– A Lithuanian biotech startup applying artificial intelligence and image recognition technologies to medicine.
– Oxipit’s products, ChestEye and ChestLink, have attracted €3.8 million in funding. The startup’s team comprises professionals with a history of significant achievements in artificial intelligence.
These 12 Lithuanian startups exemplify the vibrancy and innovation present in the country’s entrepreneurial landscape, promising exciting developments and continued success in the year ahead.
