Baltics showed a prevailing amount of business angel and bridge rounds in Q1 of 2023

Lithuanian fund Firstpick made a report for 2022-2023 about venture investments tendency in Baltic countries, which showed that in the first quarter of 2023, there were more business angel and bridge rounds. Accelerators and business angels invested €1,6M in 10 startups, and four companies raised €28,5M in bridge rounds. And there were only five seed rounds closed, with a total amount of €9,5M, two series B and later stage rounds with a total sum of €31M, and no series A rounds.

According to the report, the most active venture funds in 2023 were Lithuanian funds Firstpick (closed eight deals), Practica Capital (3), Estonian fund Specialist VC (3), and Lithuanian fund CoInvest Capital (2).

The best multiple of money (MoM) return deals were investments in Lithuanian-US AI-driven cloud optimization platform Cast AI (€18.8M), Estonian cybersecurity platform Rangeforce - €17M, three deals with marketplace startups, including €15M venture deal of Estonian car subscription service Planet42. 

Four fintech startups took the fourth position and raised a total of €6,3M. Among them are Estonian investment platform Grünfin and Estonian anti-money laundering platform Salv. €5,6M was secured by three biotech startups with Lithuanian biotech Droplet Genomics and Estonian biotech ÄIO. There was only one healthtech company, Lithuanian developer of AI solutions in radiology @oxipitAI Oxipit. It raised €4,7M.

Firstpick also noted, that there were 140 venture deals in the Baltics in 2022, with €1,7B raised investments. That is 26% less than in 2021, with 190 deals, and €1,9B raised investments.