\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

HeavyFinance's logo

HeavyFinance

Marketplace to invest in mortgage loans to help businesses in farming, forestry and infrastructure

agritech / fintech

heavyfinance.eu

Vilnius, Lithuania

2020

€0m

SEED

€800k-1m

1-10

Cogastro's logo

Cogastro

Core management system for edible insect farms

innovative food / enterprise software

cogastro.com

Šlienava, Lithuania

2019

€0m

SEED

€400-600k

1-10

Advertisement
Jeff App's logo

Jeff App

Personalised matchmaker for people and loans

fintech / lending

jeff-app.com

Riga, Latvia

2019

€0m

SEED

€608-912k

1-10

Marine Digital's logo

Marine Digital

Maritime logistics platform

transportation / logistics & delivery;mobility

marine-digital.com

Riga, Latvia

2019

€0m

ANGEL

€1m

1-10

EvoEstate's logo

EvoEstate

Aggregates and sources real estate investment opportunities from all around Europe

real estate / fintech

evoestate.com

Tallinn, Estonia

2019

€0m

SEED

€560-840k

1-10

Asya.ai's logo

Asya.ai

Practice mindful communication with an app

social media / mobile app

asya.ai

Riga, Latvia

2018

€0m

SEED

€480-720k

1-10

Contribee's logo

Contribee

Membership platform for content creators and organisation to monetise their audience

financial management solutions / marketplace & ecommerce

contribee.com

Kaunas, Lithuania

2020

€0m

SEED

€400-600k

10-50

Kedeon Solutions's logo

Kedeon Solutions

Transparent food quality monitoring

food / logistics and delivery

kedeon.com

Riga, Latvia

2019

€0m

GRANT

€145-218k

1-10

LastMile's logo

LastMile

Same day grocery delivery

food logistics and delivery / food

lastmile.lt

Vilnius, Lithuania

2019

€0m

SERIES C

€218-327k

10-50

Advertisement
Abalt's logo

Abalt

Provides expertly prepared company information

enterprise software / saas

abalt.lt

Vilnius, Lithuania

2020

N/Am

PRE-SEED

N/A

10-50

Cargo stream's logo

Cargo stream

The management platform for the whole logistics chain of land transportation

transportation / marketplace & ecommerce

cargostream.lt

Vilnius, Lithuania

2019

N/Am

BOOTSTRAPPED

N/A

10-50

CoalTech's logo

CoalTech

Developed additives for coal fuel in power plants to produce more energy from less coal

energy efficiency / waste solution

coaltech.eu

Riga, Latvia

2020

N/Am

N/A

N/A

1-10

ConnectPay's logo

ConnectPay

Banking made easy

fintech / banking

connectpay.com

Vilnius, Lithuania

2017

N/Am

BOOTSTRAPPED

N/A

50-100

Dserve's logo

Dserve

Self-checkout software for restaurants

food / instore retail & restaurant tech

dserve.app

Vilnius, Lithuania

2018

N/Am

SEED

N/A

1-10

Foros's logo

Foros

All-in-one platform for buying, selling and growing your green assets

agritech / marketplace & ecommerce

foros.com

Vilnius, Lithuania

2017

€1m

SEED

€5-7m

10-50

Freidesk's logo

Freidesk

Offers a better way to ship goods for businesses of all sizes and to manage orders for carriers

logistics / transportation

freidesk.com

Vilnius, Lithuania

2019

N/Am

BOOTSTRAPPED

N/A

10-50

Grofit.eu's logo

Grofit.eu

Connecting impact investors with sustainable energy projects

investing / energy

grofit.eu

Vilnius, Lithuania

2021

N/Am

BOOTSTRAPPED

N/A

1-10

IPXO's logo

IPXO

The world's first IP marketplace

marketplace & ecommerce / saas

ipxo.com

Kaunas, Lithuania

2020

N/Am

N/A

N/A

10-50

Kilo.Health's logo

Kilo.Health

Health and wellness ecommerce solutions

health / wellness beauty

kilo.health

Vilnius, Lithuania

2013

N/Am

BOOTSTRAPPED

N/A

100-500

Klix's logo

Klix

One account for secure purchases in online stores

fintech / payments

klix.app

Riga, Latvia

2019

N/Am

BOOTSTRAPPED

N/A

1-10

Logos provided by Clearbit