Lithuania Tech Weekly #66
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work in progress
- Home businesses. Martynas Nikolajevas launches Arrilo to democratize the second home dream for the Europeans (see how below). Danish Reform (think IKEA+Danish design) raised €25m round led by Experienced Capital and naturally LT is their production supply base via subsidiary here.
- Marketplaces. Top 100 marketplaces globally - including Vinted, of course (note how much growth potential there). Reading deep dive into Cazoo, European used car giant - an inspiration for Ovoko? Sustained growth, expanding to FR, PL.
- Payments. Connecting growth of .kevin (150 people!), Montonio series A with Stripe annual letter: "On average, businesses from Austria, Belgium, Germany, the Netherlands, and Poland have increased their sales from EU customers by over 40% after accepting popular European payment methods (such as Sofort, iDEAL, and Bancontact) and reduced transaction costs by 40 basis points..." Five LT startups at Lighthouse FINITIV 2022 Spring Program.
- Vilnius Tech Leads - The One with Stakeholders [April 21st, also youtube] Speakers from Toptal, Vinted, Nortal.
- Techchill [April 28th]. TEDxVilnius Live 2022 [April 24th]. Wix - How to break into UX writing [April 27th].
rounds and capital
- Pulsetto raises EUR 500,000 from Kilo Health, third startup in their portfolio. Pusetto has developed a device for vagus nerve stimulation - to address depression and other health issues.
- Montonio raises EUR 11m series A, led by Index Ventures. They have been first investment in Estonia for Practica Capital, who took part at both pre-seed and seed.
- Pijus Makarevicius (via WeChange.group) is investing EUR 100k into Ikrautas - EV charger service providers.
- After leaving Oxygen Healtcare, Mindaugas Savickas co-founds InvArch, all-in-one solution for everyone seeking copyright protection within web3 (recently raised $1.75M)
- Lithuanian Private Equity and Venture Capital Association has a new Board.
Did you donate money to one of the Ukraine causes this month? Yes? You're awesome. No? Now is you chance. Me and the authors of this newsletter are donating to Blue Yellow. Join us. €5 is nice. €20 is cool. €50 is awesome. €100 makes you a rockstar. Over €9000 gets you closer to Zalensky levels and would just be a good meme. Donate to Blue Yellow or other relevant organizations.
- Lessons from recruiting Bizops team at Opendoor
- "Power is earned and power is taken. It isn’t given away. You cannot wait for somebody to give you power. You need to take it" - On Career, Power, and the Australian Dream
Martynas Nikolajevas, Founder, Arrilo
What's your unique insight/proposition for the second-home market?
There is a shortage of second home properties across Europe, driven by significantly expanded group of people able to work remotely. Also, premium second homes are heavily underutilised - they sit empty ~10 months a year.
How large is this opportunity?
Our analysis estimates a shortage of second homes in the ballpark of 3-4M units in Europe. Assuming an average property value of €150k, we can talk about a sizeable TAM. We think that the shortage can be addressed with co-ownership, and consumer feedback suggests this model resonates with the audience.
What are key milestones for Arrilo to hit next?
Milestones for next 6 mo: match 5 homes in Southern Spain to co-owners from Northern Europe; rise financing to accelerate product development and geographical expansion; open 2 more markets; build a distribution network; and one more thing we’ll prefer to keep under wraps for now.
- The new High Potential UK Visa allows those who have completed a degree from one of 37 universities outside of the UK in the last 5 years to move there freely without an employer for 2 or 3 years (for PhD grads).