Lithuania maintains its position as the fastest-growing startup ecosystem in CEE

According to the Lithuanian startup landscape report, in 2023, Lithuania maintains its position as the fastest-growing startup ecosystem in the СEE region. The report shows that between 2018 and 2023, the Lithuanian ecosystem's value grew by 7.1 times. This is more than in Estonia and in Latvia, as well as in other Central European regions. By 2023, the value of the ecosystems in CEE increased only by 3.6x, in Estonia - by 2x, and in Latvia - by 5,9x.

At the same time, Estonia has taken the lead in the CEE region in terms of venture capital investment. In 2023, its startups raised €420,3M. Lithuania was in second place with €292M. Latvian startups raised €67M, which put it in ninth place after Hungary and Ukraine.

The report highlights that Estonia ranks first among CEE countries in terms of venture capital investment per capita in 2023. VC investment per inhabitant is estimated at €310 in Estonia, €112 - Lithuania, and €37 in Latvia. 

Among the most funded industries in Lithuania were enterprise software, security, and energy. Energy startups showed significant growth, raising €92,3M in 2023, compared to €13,5M in 2022. Fintech startups, on the other hand, experienced a decline in 2023, raising €7,2M, compared to €222,6M in 2022.

According to the report, Coinvest Capital was the most active venture capital fund in the country, closing eight rounds. Practica Capital closed six rounds. and Firstpick - five. In 2023, Lithuanian investors participated in 32% of the total VC rounds in the country. Among the most active Baltic funds were Latvian BAD.ideas and Estonian StarupWiseGuys, and the most active CEE fund was Czech Presto Ventures.

The Lithuanian Startup Landscape Report 2023 was prepared by Amsterdam-based data platform on startups, growth companies, and tech ecosystems Dealroom.co, Vilnius-based government initiative Innovation Agency Lithuania, national startup ecosystem facilitator Startup Lithuania, pan-Baltic law firm TRINITI JUREX, Vilnius-based business community Tech Fusion, and Lithuanian Practica Capital.