\The Baltic startups and scaleups to watch in 2021

\The Baltic startups and scaleups to watch in 2021

The Baltics is one of Europe's most exciting startup regions. So who should be on your watchlist?

It's a great time to be a Baltic startup.

So far in 2021, Lithuania has seen €277m in investment (compared to just €17.9m in 2020 and €151m in 2019). In 2020 Estonian startups received €115m in capital.

The Baltics have birthed Bolt, the Estonian ride-hailing app, and Vinted, Lithuania's increasingly popular secondhand clothes marketplace. Other, but exited unicorns include Skype and Wise (previously TransferWise.)

But with only two unicorns, the region has a lot of room for growth — and needs it if it's going to compete with more established markets.

Fintechs like consumer lender Sun Finance, which recently placed 2nd in the FT1000 with a compound growth rate of 752%, are particularly promising. And thanks to startup-friendly regulations, Lithuania is Europe's second-largest regulated fintech hub.

While many Baltic startups have also moved out of the small and underpopulated regions to capitalise on more established markets, as usual, this list only includes startups headquartered in Estonia, Latvia and Lithuania.

(P.S The data is from European Startups with valuation estimates from Dealroom. If there is anyone missing from this list, or anything is wrong, please let us know by email at [email protected]).

Key

Year founded

Amount raised

Last funding round

Valuation

Employees

Modularbank's logo

Modularbank

Cloud-native next-gen core banking platform

fintech / financial management solutions

modularbank.co

Tallinn, Estonia

2019

€4m

EARLY VC

€16-24m

10-50

Neurisium's logo

Neurisium

Neurisium builds AI-driven production management platforms

enterprise software / AI

neurisium.com

Tallinn, Estonia

2017

€4m

SEED

€15m

1-10

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Printify's logo

Printify

Printify is a print on demand marketplace that connects merchants and manufacturers

marketplace & ecommerce / ecommerce solutions

printify.com

Riga, Latvia

2015

€4m

SEED

€11-16m

100-500

F3's logo

F3

Develops a social app for asking questions and creating answers, with all content disappearing in 72 hours

social media / mobile app

f3.cool

Riga, Latvia

2018

€4m

SEED

€14-21m

10-50

Salv's logo

Salv

Helping finance beat criminals with smart AML technology

security / fintech

salv.com

Tallinn, Estonia

2019

€4m

SEED

€9m

10-50

Single.earth's logo

Single.earth

First nature backed crypto token

fintech / cryptocurrency

single.earth

Tallinn, Estonia

2019

€4m

ANGEL

€14-21m

10-50

kevin.'s logo

kevin.

Payment infrastructure for online and physical sales

fintech / payments

getkevin.eu

Vilnius, Lithuania

2018

€3m

SEED

€6-9m

10-50

Tipi's logo

Tipi

Smart communication tool

enterprise software / saas

tipihub.com

Vilnius, Lithuania

2017

€3m

EARLY VC

€11-16m

1-10

Ampler Bikes's logo

Ampler Bikes

Light electric bikes for urban cyclists

mobility / transportation

amplerbikes.com

Tallinn, Estonia

2014

€3m

SEED

€25m

10-50

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Edurio's logo

Edurio

An online survey, data analytics and reporting tools for improving teaching and learning in schools

education / enterprise software

edurio.com

Riga, Latvia

2015

€3m

SEED

€2-3m

10-50

Fresho's logo

Fresho

Online ordering and payments for wholesale suppliers

food logistics and delivery / marketplace & ecommerce

fresho.com

N/A, Latvia

2018

€3m

ANGEL

€11-16m

10-50

ZITICITY's logo

ZITICITY

Radically faster deliveries for business

logistics & delivery / transportation

ziticity.com

Vilnius, Lithuania

2017

€3m

SEED

€9-13m

50-100

MeetFrank's logo

MeetFrank

Secret recruitment app

jobs recruitment / mobile app

meetfrank.com

Tallinn, Estonia

2017

€3m

EARLY VC

€6-9m

10-50

AGroup's logo

AGroup

Human capital management solutions

SaaS / recruitment

agroup.lv

Riga, Latvia

2008

€2m

N/A

N/A

10-50

DoFinance's logo

DoFinance

Peer to peer lending platform for easy and smart investing

marketplace & ecommerce / fintech

dofinance.eu

Riga, Latvia

2016

€2m

SEED

€8-12m

1-10

Fixar's logo

Fixar

UAV solutions

robotics / marketplace & ecommerce

fixar.pro

Riga, Latvia

2017

€2m

SEED

€7-11m

10-50

Qoorio's logo

Qoorio

Discover humans

mobile app / social media

qoorio.app

Vilnius, Lithuania

2018

€2m

SEED

€8-12m

10-50

Viveo Health's logo

Viveo Health

Medical help via video bridge

health / marketplace & ecommerce

viveohealth.com/en

Tallinn, Estonia

2018

€2m

EARLY VC

€8-12m

50-100

Cachet's logo

Cachet

Aggregating and enriching cross-market data from gig platforms

marketplace & ecommerce / data

cachet.me

Tallinn, Estonia

2018

€2m

SEED

€4-7m

10-50

Fyma's logo

Fyma

AI vision system trained to predict the behaviors within urban technology environments using computer vision

AI / enterprise software

fyma.ai

Tallinn, Estonia

2017

€2m

SEED

€7-10m

1-10

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