Discoveries

work in progress

• Bootstrapped unicorn. When the first financing round is after 10 years and at $100m - you have discovered a bootstrapped unicorn! For LT this event is a 100% increase on unicorn statistics, for Nord Security - getting partners onboard for the next phase, growing in multiples, not in percentages.
• Real startup estate. TechZity introduced Lilium - a laaarge new industrial conversion in Vilnius. RoboLabs moved to a new home in Betono Fabrikas, what they call the coolest office in town (see pictures) - and have 220 sqm for another team (email to join).
• Towards new internet. Syntropy lands a large enterprise deal with Entain. BitDegree is launching Learnoverse — the crypto learning metaverse. Eliq launches PV disaggregation for prosumers.
• Content. POS podcast with Rytis Vitkauskas, partner at LSVP.  Interview with Dogo co-founder, Tadas Žiemys (in LT). Socialhack interview with Contribee co-founders, as many dropped Patreon during the war (in LT). Alex Gibb podcast with Ieva Vaitkevičiūtė, founder and CEO of Mindletic.

rounds and capital

Nord Security round comes at perfect time given LT early-stage venture financing is out of steam in the first quarter. Not only Ukraine - most local seed funds have little powder available, while others active across Baltics are probably trying to keep up with all inbound. Invega says there is more capital coming.

• Nord Security has raised a $100M financing round at a $1.6B valuation, led by Novator Partners with participation from General Catalyst and Burda Principal Investments (and others).
• Roq.ad keeps expanding (70V portfolio) and looks like Iron Wolf Capital has recently invested, too.
• Equite (multi-asset alternative investment firm) is putting EUR 500k into Sherlook - a new price comparison product, that we still need to learn about. Looks like startups in LT are enjoying a goldmine reputation - new financiers flocking in. We're less optimistic about this array of business models, as you can't avoid power law dynamics and competitive moats best VC firms have to build. Equite plans to incubate several teams until MVP.
• ROCKETO completed Crowdcube campaign with £400k raised.
• Change Ventures, SWG, Lemonande Stand investing EUR 1.5m pre-seed into Estonian Kwota (web3 meeting carbon emissions).
• Carbon and Finance Platform Earthbanc raises $1.5 m pre-seed, with Katalista Ventures participating.
• Tuul, Estonian scooter sharing startup, raises EUR 3.1m at Nasdaq, Baltic First North Market.

roleplay

founder guide

• Doubling down on... best employees.
• Really good GTM summary, perhaps because it is simple?
• Many CFOs take a cautious look at M&A, however, it worked out just fine overriding it for Zuck (acquiring Instagram)

insights

• Stratechery - Why Netflix should sell ads
• Internet killed mainstream culture
• A newsletter for parents (and care about science)
• How to cripple the Russian death machine for good

ecosystem

• Lithuania launches Innovation Agency - a big new step. It will essentially combine three agencies that were supporting businesses, doing export, innovation,  and startup promotion in Lithuania. New entity will total 300 employees, work with funds in hundreds of millions annually - they could really make a difference.

Thank you all - appreciate all replies, ideas, shares and mentions. Keep them coming and enjoy the weekend.