work in progress

Device-led. If software is now too easy, too competitive, no moats — hardware can build that edge. Software moved away from being deterministic, but this still stands in hardware. Software makes building almost too easy, but hardware is what captures the context, the data - or solves real world atom problem.

Suddenly a bunch of startups in the Baltics became more interesting. Notice how Latvia stands out with some truly creative takes on gadget-first businesses (only one in picture above is Estonian).

Consumer is the most exciting space — just look at skyrocketing growth by the likes of Pulsetto (just launched Fix X) or Fieldy. We can't forget Axiometa either. What is overlooked is how nicely (and sustainably) other device-led consumers businesses grow. For car / motorcycle enthusiasts, that is OBDeleven (20M rev), Monimoto (beyond 5M), Mbito (fast-growing). In sports and hobbies, it is Hackmotion (10M+) and Deeper (20M+, strong growth last year). Smaller, GameChanger Audio has been building pedals for music instruments. Amazing to report these companies are all growing... profitably.

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Businesses need some hardware, too. Latvians came up with famous Giraffe360 (beyond 10M rev, backed by Founders Fund) camera for real estate agents, Catchbox (6M last year, passed 1M monthly revenue this year) with professional wireless microphones, and a newly launched Handwave (3.65M raised, palm payments for retailers). More complex products - robots – is where VC bets tend to go most. Is it drones (many, we are leaving defence / dual use aside this time), or the likes of Aerones (again Latvian monster, we are guessing EUR 30-40M revenue) and Starship robotics (22M rev 2025 Estonian entity), recently backed by Plural.
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Women researchers > tech founders. We've been noticing the trend of Lithuanian researchers turning science into products, and starting new ventures abroad. Truly impressive batch, novel ideas and deeptech products. We list 14 founders:

Domain edge. “Earned advantage concept is as old as Y Combinator. Amazing products get built by founders who have experienced the problem first hand. Fresh example this week - EnforceShield raised 1.7M seed - with Rytis having attorney experience, incl time spent with Orbio and tech customers. Immediate other stories include Onodrim, Ovoko, Axiology, Eany, Repsense, GREI, Saltz, Evergrowth, where founders have first-hand experience in the industry they are serving.

Circularity. Stellantis aftermarket division — SUSTAINera — joins Ovoko marketplace, with already 7000 sellers across Europe. Refurbished LEGO sets by Sort A Brick are coming very soon. Tesonet joins EUR 20M Index-led Nomos investment round - which is a full-stack power company (plugs home batteries, EVs, heat pumps and solar to the energy market). Renewable Energy Certificates may sound niche, but does not stop Estonian Soldera from growing rapidly.

Expensive tokens (but crypto days). Law enforcement strikes against Bankera founders: allegations of EUR 45M assets wasted. Happening after 15min deep investigation.

Aggregate pipes. Startup founders know, if there multiple channels firms use - they will try bundle into one interface / platform or API. Shipping and multiple carriers is one problem to solve: Swotzy has been named the #3 fastest growing startup in DACH & CEE in the Sifted 100 for 2026, and OrderKrab (ex-Vinted founder) will try to follow the trajectory.

People moves. Bernardas steps into CEO role of InRento, taking the lead from the founder Gustas — already funded 126M in projects at 0% default rate. After 13 years and incredible journey - one of early marketplace scale-ups that became global leader in the field, raising capital and navigating growth, followed by a successful turnaround — Dalia is leaving CGtrader. Ahmad is new Head of Baltics at EBRD. Aivaras is now Head of Product at Incogni. Zane joined Mintos. Ernestas leaving Podimo for smth new. Nijole is now CMO at Horizontal Media.

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rounds and capital

EnforceShield announced a €1.7M seed round led by Vendep Capital, with FIRSTPICK joining the round.

Creem. Estonian billing and monetisation platform has raised a €5 million seed round led by Polish fund Inovo VC to fast-track its growth.

Furniture1 completes another acquisition - this time FurnOn in the UK. Pijus and the team not stopping, looking also at Balkans, Marocco, Georgia too.

Costpocket has been acquired by Mynt in Estonia; terms not disclosed.

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roleplay

Oxylabs - Head of Marketing, Data Scientist
‍Hostinger - Head of Product (agentic ecommerce)
Ovoko - Head of Marketing, Engineering Manager
‍Eneba - Heads: Finance, Accounting, Influencer+Affiliate
‍Eldorado - CFO
‍Surfshark - Brand Strategist, Head of Affiliates
‍VIALET - Content Project Manager
‍Military Intelligence and Counterintelligence - Developers, analysts
‍Solid IO - Co-founder (Life Sciences)
‍Monopulse - Product Owner + UAV Engineer
‍Ace Waves - Events & Workplace Manager
‍Kaching Appz - Full-stack devs

brand + design

Can you dig it. NordVPN just drafted Shaq for their global campaign. It’s sort of a milestone when a Lithuanian tech company has both the budget and the cultural capital to tap into one of the most recognizable athletes on the planet to promote their product. And he is coming to Lithuania to see Zalgiris first Euroleague season match. Fingers crossed there are no Shaqtin' a Fool moments.

founder's guide

A good product needs a push. Here’s a good example between selling a good product and marketing it in 1 photo.

This is genuinely good. Do less of what others do. 60+ new creative growth ideas

Interesting profile / interview with Kaidi Ruusalepp. From Nasdaq CEO in Tallinn, to founding Funderbeam, to Nordic nature hospitality brand. We generally recommend reading Fomo Observer to track Estonia well.

further insights

Not too surprising is it? Most people prefer traditional architecture.

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A small thing that quietly costs startups a lot: the AWS reseller they pick determines which AI models they can actually use. Cloudvisor is now an authorised Anthropic reseller.

ecosystem

Couple takes on what might happen to Air Baltic - Karolis and Simonas

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