Colts roaming

work in progress

• Edtech is always fun to revisit, and double-fun to see promising growth. Memby became profitable last year, with EUR 1.6m in revenue. Corepetitus is a more recent player, gross 38% profit margin on EUR 3.1m rev last year - crushing it locally. Baltic Sandbox has also backed an edtech startup - mathos - recently. We are also tracking STEAM Academy, which added 27 schools in Ireland and Chicago since our last mention 10 weeks ago, nice (they have also launched Exoclass - a spin-off for educational / tutoring organizations to manage admin; it looks like Edufy is a somewhat similar idea). Alfa Klase is hiring a marketing manager, they might have secured early investment. Turing College hits profitability at EUR 2m in revenue.

• The headline comes from Bloomberg, but behind new labels is Saul Klein (LocalGlobe). The idea is super simple – let's focus on revenue instead of valuations, which are way too volatile. (We need Saul to spend more time in the Baltics, where this has been the founder mindset for a long time). Tech firms, bringing in at least $100m in revenue annually, are suggested to be called "thoroughbreds", while startups with a minimum of $25m revenue – “colts.” Here's a quick look at LT:

(marked with *where they are very close to the number, or data is not publicly available). Anything missing?

• GenAI. Dealroom and Accel looked at where best-funded AI startup founders come from, and it's pretty clear you need Google, DeepMind, Meta, and Stanford on your LinkedIn to access large checks. (It will be far more interesting to check this in 10 years and compare companies). In LT, WhiteBridge.AI graduates from Plug&Play, has a dress code, too. sintra.ai has expanded the team, and the product offering (work into play). Jongri is to help companies analyze and bid for tenders.
• Electrify. Bolt has launched a Bolt-branded electric passenger ferry in Stockholm. Lectrium expanding the product to help dealers sell EVs easier.
• People moves. Guste moves from Moixa to Gorilla, an energy data scale-up. After 3.5 years and kickstarting Bolt Drive business, Lukas Yla is leaving for Saudi Arabia. Uldis is leaving Nexpay to pursue other opportunities – we do hope the Pursuit of Scrappiness pod will keep going.
• Breakouts. Before larger round announcements roll in. Omnisend SEO playbook and learnings (Rytis presentation); they are now at ARR $50m! Ovoko team has been growing revenues 2x every year since 2019 (it was EUR 1m then), which brings us to EUR 22m last year. Another scale-up to watch is Eneba - EUR 33m revenue, profitable, expanding into a game distribution model from the current marketplace setup. Who else to watch?
  
  I might just leave you with the quote from CAST AI job posting (join them here):

However, this is merely the beginning. Our product roadmap is filled with exciting innovations that are yet to come, and we’re on track for unicorn status by 2025.

rounds and capital

• Estonian startup Bisly raises EUR 6.2M Series A to expand its smart building platform. Led by Foxway founders, joined by Aconterra, SmartCap Green Fund, Pinorena Capital, and several angel investors.
• Danish startup Viio (70V portfolio) closed a EUR 3.3 m seed round.
• Latvian digital career assistant Orbit8 has secured EUR 115k in an angel investment round.
• Not sure if that's a complete set, but these seem to be Baltic Sandbox Ventures portfolio companies (not listed online) – Axiology, mathos, Freya Cultivation Systems, Biohifas, BrachyDOSE, KaiSense, Blackswan Space, SKYCORP Technologies, VitalSigns Oy, Libera Global AI, Glassity, Trashify Tech, WeSky, Repsense, Yield Systems, AKO Technical, Wayren (listed here)

sponsors

Privileged to receive support from a group of core sponsors, who decided to get onboard. They have some newsletter invites, too!

Cloudvisor [AWS partner dedicated to startups]
PayPal [Global integrated payments solution]
Vinted [largest C2C European marketplace, always hiring]
Tech Zity [tech hubs and campuses across Lithuania]
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]

resources for supporters

• Startup lists for the Baltics - Drone startups, Marketplaces, Sportstech
• Repeat Lithuanian founders

founder breakfast - join us

• Excited to be hosting a founder breakfast in Vilnius - we have Magnus Hambleton from byFounders, early-stage New Nordics investor. Register here - limited spots, it will be fun to meet in person.