The Baltics is one of Europe’s most exciting startup regions. So who should be on your watchlist?
It’s a great time to be a Baltic startup.
So far in 2021, Lithuania has seen €277m in investment (compared to just €17.9m in 2020 and €151m in 2019). In 2020 Estonian startups received €115m in capital.
The Baltics have birthed Bolt, the Estonian ride-hailing app, and Vinted, Lithuania’s increasingly popular secondhand clothes marketplace. Other, but exited unicorns include Skype and Wise (previously TransferWise.)
But with only two unicorns, the region has a lot of room for growth — and needs it if it’s going to compete with more established markets.
Fintechs like consumer lender Sun Finance, which recently placed 2nd in the FT1000 with a compound growth rate of 752%, are particularly promising. And thanks to startup-friendly regulations, Lithuania is Europe’s second-largest regulated fintech hub.
While many Baltic startups have also moved out of the small and underpopulated regions to capitalise on more established markets, as usual, this list only includes startups headquartered in Estonia, Latvia and Lithuania.