Lithuania is the only country in the Baltic region with a tendency to increase venture investment in 2023

Lithuania is expected to be among one of three European countries and the only one in the Baltic region to increase venture investment in 2023 compared to last year. In addition, it ranks at the 15th place among the top 30 European countries by amount of venture capital invested in startups, outperforming Estonia in two positions.

According to the 2023 State of European Tech report made by UK-based investment firm Atomico, the amount of venture capital investments invested into European startups is going to fall by almost half this year compared to last year. The data provided in the report is as of 30th September 2023.

On the other side, in 2023, Estonia remains a leader among the top 28 European countries in terms of the number of unicorns per 1 million inhabitants. Estonia has 4.5 unicorns per 1 million inhabitants. Lithuania is in 13th place with its 0.7 unicorns, and Latvia - is in 17th place with 0.5 unicorns.

Also, Estonia was included in the top 20 European countries that have had the most amount of funded companies and their total capital raised in 2023. It appeared 15th in the ranking, where the most funded companies (76%) have raised less than $5M in total.

Estonia and Lithuania were also amongst the 26 top European countries that were more successful in total capital invested in the last three years (2021-2023) than in the three preceding years (2018-2020). Estonia reached the third position, and Lithuania - 10th.

Talking about the number of funded startups per capita per European country in 2023, Estonia received the first position (more than 400) out of the top 31 countries. Latvia got 14th position, and Lithuania -15th (each one with more than 100 funded startups).

In terms of the number of exits and IPOs, Estonia was awarded 16th position out of the top 22 European countries.

The State of European Tech report is based on the data provided by several deal counting platforms, alongside a survey of more than 4,1K founders, VCs, LPs, and startup operators.