Baltic deeptech startups have raised over €164M YTD in 2024

The Baltic deeptech startups have raised over €164M in almost five months of 2024, while, in total, the Baltic startups across all the industries have raised €310M in the same period. Most of the investments for Baltic deeptech startups came from C rounds (€40-100M).

Baltic startups across all industries have raised €706M in 2023, and most of the investments were made by startups operating in non-deeptech or AI sectors. The highest amount of rounds was raised in growth stage rounds (€100-250M) and Series C.

In 2024, the combined enterprise value of deeptech and AI startups accounted for 20% of the total value of the Baltic ecosystem. 13% was reached by AI startups, and 7% by deeptech startups. According to the report, this indicator was twice as low in 2019 (5% by AI startups, and 5% - by deeptech startups).

In 2024, the Baltic deeptech startup ecosystem has grown by more than 3x for five years reaching €2Bln. This indicator is the highest in Europe and surpasses the Nordic countries and the UK, which have 2,9x and 2,8x growth respectively. In 2019, the combined enterprise value of deeptech Baltic startups was €646M. 

Looking at the situation of Baltic startups across all the industries, in 2024, the top-funded industries were transportation (€90M), robotics (€79M), and fintech (€58M). This year, the highest number of rounds was raised by fintech startups - 12. They were followed by enterprise software companies - 11. Among the largest rounds was a designer of autonomous delivery vehicles Starship Technologies, which raised €83,6M, and hydrogen technology developer Elcogen, which raised €31M. 

The report was published by Lithuanian Iron Wolf Capital, Amsterdam-based Dealroom, which provides data on startups, growth companies, and tech ecosystems in Europe and around the world. Government organization Startup Estonia, Baltic law firm Walless, and Latvian fund and accelerator Commercialization Reactor also participated in conducting this report.