Lithuania’s startup scene has been evolving with increasing combined enterprise value from 2017 to 2023, showing strong growth and resilience in venture capital and entrepreneurship. Prominent startups that gained the attention of many investors continue to be born and grow in this country.
The Baltic country maintained its position as the fastest-growing startup ecosystem within the Baltic region in Europe in 2023. In 2024, Lithuanian startups showed a promising future, as many received funding in the year’s first quarter (Q1).
Let’s look into the top funding rounds of Q1 2024 in Lithuania. For those seeking job opportunities, some of the companies are hiring!
Argyle
Founder(s): Shmulik Fishman
Founded in: 2018
Funding: $30M (€27.7M)
Hiring: Yes, check job opportunities here.
Argyle is a fintech firm originating from Vilnius and now headquartered in New York. The Lithuanian startup specialises in assisting lenders in verifying income and employment data.
The company aims to establish a comprehensive network for income and employment information to modernise financial services.
On March 5, the company announced a $30 million (€27.7 million) funding round led by Bain Capital Ventures, Checkr, SignalFire, and Rockefeller. The capital injection will enhance the verification process for upcoming clients.
Axiology
Founder(s): Marius Jurgilas
Founded in: 2020
Funding: €2M
Hiring: No
Axiology is a platform built on Distributed Ledger Technology (DLT) for trading and settling securities. Serving as an alternative capital market infrastructure, it streamlines capital market transactions by offering a robust trading and settlement system using DLT.
With its innovative technology, Axiology aims to leverage new EU regulations to reduce costs associated with issuance, trading, settlement, and reporting, thereby improving the EU capital market for businesses and individual investors.
In February, the company secured €2M in funding from angel investors, Coinvest Capital, and Baltic Sandbox Ventures.
This funding will help Axiology build a complete and compliant infrastructure, making it one of the EU’s first platforms for tokenised financial securities.
Evergrowth
Founder(s): Jean-Baptiste Daguené, Mantas Urnieza, Tadas Cekavicius, Aivaras Rastenis, and Algimantas Padegimas
Founded in: 2014
Funding: €2M
Hiring: Yes, check job opportunities here.
Evergrowth, headquartered in Lithuania, seeks to transform sales strategies through AI technology. Its platform empowers sales professionals with highly targeted, AI-enhanced research tailored to their Ideal Customer Profiles (ICPs) and personas.
The platform also offers a distinctive, customer-focused AI coach and assistant, empowering sales teams to craft personalised outreach strategies for each prospect or client.
The company secured €2M in its first funding round in February. Impellent Ventures and Practica Capital led the round, highlighting the impact of Baltic SaaS startups.
Leya AI
Founder(s): Donatas Tamošauskas and Mindaugas Bruzas,
Founded in: 2020
Funding: €1M
Hiring: Yes, check job opportunities here.
Leya AI is an edtech startup based in Vilnius, Lithuania, aiming to democratise access to personalised coaching using Large Language Models.
The learning platform is accessible to billions of people, offering them a personal AI Tutor powered by Generative AI. This feature provides real-time speaking practice and feedback like a human tutor.
In February, Leya AI secured €1M in a pre-seed funding round. Investors included V-Sharp Venture Studio, Inventure, BADideas.fund, and several angel investors.
Cyber Upgrade
Founder(s): Aurimas Bakas and Andrius Minkevičius
Founded in: 2023
Funding: €650K
Hiring: Yes, check job opportunities here.
Cyber Upgrade is an AI-powered platform tailored to meet the unique cybersecurity requirements of SMEs, prioritising accessibility and inclusivity.
The platform incorporates gamification and includes an AI chatbot as a virtual cybersecurity officer. This chatbot aids each SME in implementing practical cybersecurity solutions.
Furthermore, it integrates an educational component, employing an interactive game-like interface to keep team members abreast of the latest cybersecurity practices.
Cyber Upgrade raised €650K in pre-seed funding with investment from FIRSTPICK, NGL and others in February.
MELP
Founder(s): Vidmantas Šiugždinis, Robertas Šaltis, and Juozas Sargūnas
Founded in: 2020
Funding: €635K
Hiring: No
MELP is an HR tech company developing a mobile app and online platform for managing employee benefits. The app provides a user-friendly digital tool for customising employee benefits, catering to both large and small businesses.
The MELP platform allows companies to offer employee benefits and empowers employees to select from over 6,000 goods and services available in the international e-shop as their preferred incentives.
Based in Lithuania, the platform secured €635K in an early-stage funding round from Coinvest Capital and NGL in January. The startup plans to use the funds to expedite its international expansion efforts.
LupaSearch
Founder(s): Rasa Siskute-Bagdoniene and Paulius Nagys
Founded in: 2021
Funding: €200K
Hiring: No
LupaSearch is an AI-enhanced vector search engine that intuitively understands customer preferences.
Its advanced search technology utilises sophisticated algorithms to analyse user behaviour and respond to queries in real-time, revolutionising online customer interactions for businesses.
With its cutting-edge AI and Natural Language Processing (NLP) technology, LupaSearch simplifies customer searches, enhancing performance and profitability for e-commerce platforms.
Based in Kaunas, the startup secured a €200K funding round in January, with investment from existing backers Snekybox and AdeoWeb.
Broswarm
Founder(s): Ernestas Žvaigždinas, Karolis Žvaigždinas, and Mindaugas Talaikis
Founded in: 2023
Funding: $100K (€92K)
Hiring: No
Broswarm is a military technology startup specialising in mine detection. Dedicated to revolutionising global mine detection methods, the Vilnius-based company employs multisensor fusion and machine learning technology.
Its mission is to enhance the speed, safety, and effectiveness of demining operations worldwide, ultimately saving lives and reclaiming land for safe use. Broswarm also seeks to tackle the pressing issue of mine detection in Ukraine.
The company raised $100K (€92K) in seed funding from ScaleWolf this March. The funding will enable the startup to advance its multisensor array technology and patent its unique mine detection method.
Broswarm plans to launch its product by summer and conduct field tests in Ukraine later this year.
Read the orginal article: https://siliconcanals.com/news/startups/8-startups-secured-largest-lithuanian-funding-rounds-in-q1-2024/
