\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

RCG Lighthouse's logo

RCG Lighthouse

Lighting as a service

energy / B2B

rcg-lighthouse.eu

Riga, Latvia

2014

€1m

SEED

€2-3m

10-50

CopyMonkey.ai's logo

CopyMonkey.ai

An AI that creates unique product descriptions for ecommerce

marketing / marketplace & ecommerce

copymonkey.ai

Riga, Latvia

2020

€1m

SEED

€3-4m

1-10

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GoRamp's logo

GoRamp

Provides a single cloud solution for manufacturing companies in the SME space

security / cloud & infrastructure

goramp.eu

Vilnius, Lithuania

2017

€1m

SEED

€2-3m

10-50

ProcurementFlow's logo

ProcurementFlow

Connects stakeholders and helps to streamline the buying process of goods and services

saas / enterprise software

procurementflow.com

Tallinn, Estonia

2018

€1m

SEED

€2-4m

1-10

Biomatter Designs's logo

Biomatter Designs

Pioneering the technologies for generative protein design at the intersection of synthetic biology and AI

biotech / health

biomatterdesigns.com

Vilnius, Lithuania

2018

€1m

SEED

€2-3m

10-50

Montonio's logo

Montonio

Point of sales financing solution

fintech / mortgages & lending

montonio.com

Tallinn, Estonia

2018

€1m

SEED

€2-3m

1-10

PVcase's logo

PVcase

Solar engineering software

clean energy / energy

pvcase.com

Kaunas, Lithuania

2017

€1m

SEED

€30m

10-50

Sparq's logo

Sparq

Millennial neobank

fintech / financial management solutions

sparq.eu

Tallinn, Estonia

2019

€1m

SEED

€2-3m

10-50

Chatex's logo

Chatex

The safest cross-messenger crypto wallet and P2P exchange

fintech / cryptocurrency

chatex.com

Tallinn, Estonia

2017

€0m

SEED

€1-2m

10-50

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Haslle's logo

Haslle

Helps managers to track their employee, team, and projects expenses

fintech / enterprise software

haslle.com

Vilnius, Lithuania

2019

€0m

SEED

€688k-1m

1-10

Ligence's logo

Ligence

AI powered automated heart ultrasound analysis system

health / medical devices

ligence.io

Vilnius, Lithuania

2019

€0m

GRANT

€1-2m

10-50

Smart Vision's logo

Smart Vision

Online shop for prescription glasses

marketplace & ecommerce / fashion

smartvision.lv

Riga, Latvia

2018

€0m

SEED

€2m

1-10

Solfeg.io's logo

Solfeg.io

An interactive app for learning and teaching music

music / saas

solfeg.io

Riga, Latvia

2017

€0m

LATE VC

€200-300k

10-50

Sonarworks's logo

Sonarworks

Company behind precision audio software used by Grammy-Award winning music creators. Now delivering individually personalised sound experiences for music lovers

music / manufacturing

sonarworks.com

Riga, Latvia

2012

€0m

SERIES A

€20-30m

50-100

HYGEN's logo

HYGEN

Decentralised refueling solutions for gaseous fuel powered vehicles

energy / transportation

hygengroup.com

Riga, Latvia

2011

€0m

LATE VC

€13-19m

10-50

Discontract's logo

Discontract

Matching service buyers and service providers

job recruitment / mobile app

discontract.com

Vilnius, Lithuania

2019

€0m

SEED

€1-2m

1-10

Perfection42's logo

Perfection42

AI-based technology for game developers and 3D animators

gaming / media

perfection42.com

Vilnius, Lithuania

2018

€0m

SEED

€800k-1m

1-10

Boommio's logo

Boommio

Digital marketing platform for the FMCG sector

marketplace & ecommerce / marketing

boommio.com

Vilnius, Lithuania

2020

€0m

SEED

€1-2m

1-10

IPOhub's logo

IPOhub

Find and invest in IPOs and share issues from the largest European SME growth market platform

fintech / investment

ipohub.io

Tallinn, Estonia

2017

€0m

SEED

€800k-1m

1-10

DriveX's logo

DriveX

AI vehicle verification

insurance / transportation

drivex.ee

Tallinn, Estonia

2019

€0m

ANGEL

€800k-1m

10-50

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