6 min read

3x 3x 2x 2x

3x 3x 2x 2x
Photo by Sweder Breet on Unsplash
Lithuania Tech Weekly #175
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Job board - early teams - here
(Spike Technologies, JumpTask, Alfa Klase, Leya AI, Pulsetto, others)


work in progress

  • Triple triple double double. Looking at these tweets and thinking locally:

In LT, our scale-up heroes have been optimizing for the combination of two – cashflow + still aggressive growth, such as 50% annual. Hostinger just revealed EUR 110m revenue 2023, and has been growing impressing 50-60% lately. They are not alone – some other startups have been expanding at similar rate, and we are talking from tens of millions revenue basis: Vinted, Nord Security, Surfshark, Oxylabs, Nordcurrent (50% YoY), TransferGo (50% YoY), PVcase, Omnisend... Who else? Kilo Health grew massively until Y22, but slowed down in 2023 (EUR 234m revenue). The bar for fresh Baltic founders is pretty high!

  • Defence. I do revisit NfX's piece Find The Fast Moving Water. It talks of importance of identifying rapidly shifting market / technology. Many VCs have learned that while top founders would walk through walls in any industry, you don't need to be the greatest when your market suddenly turns hot - the tide lifts them all.
When you get in the fast moving water, you know it. Everything lights up at once. Everyone wants you. Customers, teammates, investors, press.
European Defence Tech from Dealroom. Yellow circles around Baltic tech (missed any?)

I genuinely see opportunity in defence, it's moving fast now. Doubling down on defence is totally justifiable given Baltics need to ramp up military capabilities anyways (awesome to see quick action by CoInvest Capital, ScaleWolf, NGL, angels and others). Further, it can be a breakthrough moment for accumulated R&D competencies in lasers, sensors, materials – and drone tech, of course. Should we continue debating why we are spending EUR 35M on Palantir, or perhaps instead let's focus on building at least one Palantir in the Baltics? Ragnar (Pipedrive founder) is launching Darkstar coalition, get involved. Edvinas Kerza (ScaleWolf) expects fund to grow, more capital – and rightly so, talks about attracting founders from elsewhere to build in the Baltics. The European Defense Tech Hackathon end of June in Munich.

  • Consumer. Building a consumer app is huge undertaking, and Triin is closing Soilie (learnings). Joiner App is pushing for virality, including protests against loneliness (and just raised EUR 0.5m). No good advice, perhaps only follow what Nikita has to say. Alternatively, try building a mega-successful game that goes beyond viral. For inspiration, Human Fall Flat has 50m copies shipped, now launched in China at Nintendo Switch - and goes #1 right away.
  • People. Unicorns Lithuania has a new Board and actively recruiting new CEO. Board to be led by Arnas Stuopelis (Hostinger), with Toma Sabaliauskiene (Nord Security), Mantas Katinas (Wargaming), Mantas Mikuckas (Vinted), Rytis Laurinavicius (Omnisend), Gabriele Montvile (Oxylabs), and Agne Selemonaite (ex-ConnectPay).
  • Looks like the Dream Team keeps inspiring – signals both from Thomas Plantenga and JB Daguene. Can you find these shirts on Vinted?

  • Bloomberg features Willgrow, Family Office started by Mindaugas Raila, known for Girteka empire. Willgrow has EUR 500m under management and some allocations with great VCs - Khosla Ventures, Seedcamp, and others.

rounds and capital


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Cloudvisor [AWS partner dedicated to startups]
PayPal [Global integrated payments solution]
Vinted [largest C2C European marketplace, always hiring]
Tech Zity [tech hubs - they've got last office with amazing terrace available]
Presto Ventures [investing in early-stage B2B startups and marketplaces],
15MIN Group [all the news you need to know]
Wargaming [award-winning game developer, careers]


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