6 min read

Seasoned founders

Seasoned founders
Photo by Vilnius University - thank you, Foundation!
Lithuania Tech Weekly #169
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Job board - early-stage Baltic startups - here

Newsletter is invitation-only (1 invite for 2024)
Many invites for subscribers and sponsors

work in progress

    • Salesforge – 150k EUR syndicate funding from BADideas.fund and an additional 100k EUR from DEPO Ventures (hiring senior AE) .
    • SUBmerge Baltic (LV), taking home the 10,000 EUR TechChill Community Cash Prize
    • FleetFox – 75k EUR in funding from BADideas.fund + Snap 10k credit
    • Silo Team (SE) – 250k EUR investment offer from Look AI Ventures

upcoming Burga factory in Kaunas

Scalewolf investments
  • Defence tech. "Founders say they can feel the heat of the war when in the Baltics, while in Western Europe it feels so distant". This pod with Edvinas Kerza from Scalewolf made me think – there is probably more opportunity in the Baltics, besides inspiring and backing local tech entrepreneurs (although it looks quite promising Estonians are pulling events ahead, 200 people there). But if we are little more creative, with dedicated funding (Scalewolf, CoInvest, Baltic Sandbox, Lemonade Stand), close networks with Ukrainians, ability to run experiments quickly in the war scene, we should be inviting many more European/NATO miltech founders to spend time here. That might lead to new team formations, local scaling/production – or simply successful investment cases. It's worth considering to double-down on this thesis and ease geo-focus. But someone has to take the initiative, call all these European VCs to build decent dealflow (strange not to see Scalewolf on that table yet).
    • (Think about it - as a LP, Ignitis made a return with Contrarian ventures exactly because their scope was not limited to LT or Baltics, but investing wherever best energytech founders are. What if Invega/MOD learns from this and rinse-repeat?).

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rounds and capital

There is now a certain rhythm in announcements as main early-stage investors are deploying capital and running acceleration batches. Interestingly, all three rounds are with second-time founders, so this list is handy if you want to be around for series A.

  • Saltz.app, a fresh products marketplace launched by Andrius and Tomas, co-founders of Oberlo, has raised a EUR 3M seed round. It was led by Lifeline Ventures, with Illusian Family Office (Miki Kuusi, founder of Wolt), Change Ventures, Mantas Mikuckas, Rytis Vitkauskas and former Shopify executives also joining.
  • Softloans secured EUR 1M pre-seed round, led by FIRSTPICK and with undisclosed angels (one of those being Moose Ventures?). They do embedded revenue-based lending solution to SMEs.
  • CTO2B, SaaS platform for automated DevOps on cloud infrastructure, closed also EUR 1M pre-seed. Practica Capital led the funding with participation from FIRSTPICK and several business angels.
  • In Latvia, inGain raises EUR 650k to offer no-code SaaS loan management system for fintechs, a round led by Trind VC and Fiedler Capital, with angels participating.


Privileged to have them 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]

  • Working in a list of Baltic tech companies which are growing fast, that are either profitable (or can be profitable). Noticed some amazing tech stories get forgotten simply because they don't announce rounds every couple years. Do you know any, especially in Estonia and Latvia? Good examples in LT could be Orbio World, CarVertical, RSI Europe, and many smaller. Hit reply, please.


founder's guide

further insights


Early-stage startup jobs, Baltics
Join the leadership team before Series A
(Submit your opening for free)

BitDegree - Product Owner (and more roles)
Horizontal Media - COO
Evergrowth - Senior Accountant
ConnectPay - Sales Operations Manager