In the dynamic landscape of 2023, the Lithuanian startup ecosystem has become a focal point of innovation and investment, as reported by Unicorns Lithuania, which identifies over 850 active startups in the country.
The previous year witnessed a notable surge in average investment size per startup, signalling the sector’s vitality. Prominent startups such as NordSecurity and Surfshark doubled their valuations. Noteworthy sectors experiencing considerable traction include fintech, health tech, manufacturing, ad tech, and cybersecurity.
The presence of a transparent and encouraging tax environment further solidifies Lithuania’s competitiveness within the regional startup landscape. In contrast to a broader European trend projecting a significant decline in venture capital investments for 2023, Lithuania distinguishes itself alongside Romania and Luxembourg as a notable exception, showing an upward trajectory in startup investments, as indicated by insights from Atomico.
In this article we are covering 10 exceptionally promising Lithuanian startups, all founded post-2020, that are all leaving their marks in their respectable niches.
Divaks: Vilnius-based Divaks specializes in the cultivation and breeding of insects, transforming them into premium sources of protein. In collaboration with the Buhler Group, they are working on establishing an industrial-scale yellow mealworm plant. Since its inception in 2020, the startup has successfully secured €4.5 million to advance the development of its innovative textured insect protein.
Fleming: Vilnius-based Fleming is developing the first human-like AI for continuous psychological care. Their advanced language models enable Fleming to convey emotions and sound like a human. Founded in 2020, Fleming already serves over 1.2 million customers worldwide. The startup raised €2.5 million to support healthcare professionals and patients with AI.
HeavyFinance: Founded in 2020, HeavyFinance, an agricultural loan marketplace, already facilitated more than €14 million in loans for small and medium farmers owning more than 45.000 hectares of arable land. These investments, made by both retail and institutional investors, help European farms automate processes and shift to more sustainable means of agriculture. They have raised €4.3 million so far.
Mindletic: Vilnius-based Mindletic is a mental gym that aims to prevent emotional imbalances in the workplace. Its science-backed program includes personalized self-care, peer support, and access to certified psychologists. Founded in 2020, they have raised €500k to help employees boost their resilience and emotional intelligence in their workplace.
Monerchy: Founded in 2022, Monerchy is a new-age open banking, payment, and e-commerce solution for both European and emerging markets. Vilnius-based Monerchy develops solutions that make it easy to connect the necessary payment elements for both receiving payments and disbursements. The company has raised €2.3 million in total funding.
Pulsetto: Vilnius-based Pulsetto is a company creating a device worn around the neck, to stimulate the vagus nerve and help to reduce stress and anxiety. The product comes with an app loaded with various programs to optimize sleep, combat burnout, and more. Founded in 2021, the company has already surpassed the 2 million sales mark in 2023 and is profitable. Pulsetto raised €500k in total funding.
Repsense: Vilnius-based Repsense, is on a mission to track and evaluate publicly available internet information and provide services to corporations, media monitoring firms, and communication agencies worldwide. Founded in 2021 they have raised raised €1.3 million in total funding to chart an exciting trajectory in the world of artificial intelligence and text analysis.
SME Bank: Vilnius-based SME Bank is a neobank offering digital banking and lending products for businesses, with a focus on providing fast financing solutions for SMEs. The bank takes a tailored approach to each case, believing that easing financing constraints can foster new growth opportunities for SMEs. Founded in 2021 the company has raised €4.5 million to help SMEs obtain better credit conditions.
Torus: Based in Vilnius, Torus operates as a SaaS intelligence platform designed for payment providers and banks, aiming to enhance profitability in card transactions. Torus aids card issuers and acquirers in reducing fees paid to card schemes through advanced analysis of billing data. Founded in 2021, the company has secured a total funding of €347k.
Watalook: Founded in 2020, Watalook provides a platform for 24/7 online client self-booking, a smart calendar that fills in the free time gaps first, sends automated text message updates and reminders for appointments, collects client data and provides insights like revenue, appointment frequency, cancellations or no-shows, etc. This Vilnius-based beauty tech startup has raised over €825k.
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Read the orginal article: https://www.eu-startups.com/2024/02/10-promising-lithuanian-startups-you-should-keep-an-eye-on-in-2024/
