Lithuanian startups raised €128M in 2024

According to Dealroom's latest report, Lithuania's startup ecosystem continues to grow strongly. Last year, its total value increased by €2B, and in the decade since 2014, the value of Lithuanian startups has grown 39 times - from €419M to €16B.

The value of Lithuanian startups has grown 6.8 times in the last five years, which is the best result in Central and Eastern Europe. Latvia ranks second (5.5 times), Estonia is the fifth (1.9 times).

In Lithuania, three companies stand out among startups: Nord Security, Vinted and BCG. They have already reached the "unicorn" status. Other startups may soon join the "unicorn club": Kilo Health, PVcase, argyle, Ovoko and TransferGo.  

In 2024, Lithuanian startups received €128M in investments. Although the volume of investments at later stages decreased, the activity at the initial stages remained at a high level. The startup Ovoko, an e-commerce platform for selling used auto parts, received the most significant investment. Last year, it raised €20M.

Most of the investments went to Lithuanian startups operating in the financial technology sector (€48.8M). Trade and e-commerce startups attracted €29.7M, while transportation companies attracted €23.2M. AI-based solutions attracted €38.8M, closed-loop economics €20M and payments €15.6M.

Vilnius and Kaunas lead among Lithuanian cities in the number of startups. In the capital in 2024, there were more than 1,050 startups and €123M of venture capital investments. Kaunas has more than 180 startups with €4.3M in investments.