4 min read

Seeds (would) grow

Seeds (would) grow
Photo by Ernesta Vala / Unsplash
Welcome back friends
Lithuania Tech Weekly #78
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Thanks for checking in - sorry for those who missed the letter yesterday. Saturday is also good, no? Most of you run the week meeting to another, chasing targets and KPIs. Saturday is perfect to reflect on how my weeks are going, am I doing the best work? What Eric Schmidt use to do with his coach, Bill Campbell.

The newsletter today is landing with more thoughts and fewer links

work in progress

  • Reduce and recycle. Genius Sports made a call to close the Vilnius data centre and it looks like around 100 people are affected. Luckily Ignas and others share lists and obvs there is no lack of offers. The best practice to handle layoffs = take care of your people, which is help them get new jobs. Something more messy is happening with Game Insight, which is divesting operations in Russia.
  • Pets. ZENOO is fundraising, Rocketo launches in Hong Kong, Boop connects pet owners and pet caregivers - a sort of pet super-app in the making.
  • Economy where are you (we turned the music off early). A recession of sorts is around the corner, Martynas pulls some ideas on how to prepare. LT ecosystem is being punished for early-stage capital being hugely dependent on public funding - two accelerator funds having a gap (until end of the year), most local seed stage funds are at the end of deployment. Lithuanian angels are active in good times, but the majority are opportunistic and/or lifestyle investors. See Estonia as a comparison - 47 rounds by now, and around EUR 22m from local investors, when LT stands at 15 rounds and just a couple of millions raised locally!). Even Dealroom data shows there is still plenty of capital (and ongoing action) in Europe.
  • Media/Content. Lead generation on "rented" platforms is not necessarily sustainable, so the content remains king. Watalook adds a podcast, and so does jobRely (Startup Recruitment Failures). Pursuit of Scrappiness is co-hosted by Uldis Teraudkalns - must be good for his fintech startup Nextpay, especially recruitment. With regards to "AI meeting sales" - just follow Mindaugas Bružas (Oxus.AI) for his regular posts.

rounds and capital


iDenfy - CMO
jobRely - Head of Sales
Vinted - Senior Business Analyst, M&A team
BitDegree - CPO
Searadar - HR Manager
Breezit - Sales Manager (Lithuania)
MyBee - Baltic Head of Aftersales
NeoPay - Sales Project Manager
Zabolis and Partners - Investor Relations Manager


  • (Writing this at the public library with plenty of English books and one of the best coffee in town, I am reminded of the importance of public (and private) infrastructure. Not fancy buildings - public services and attitude come first).
  • Exams. Another panic attack after students massively failed in national math exams. Appreciate Kuodis' discussion on what exactly this might mean since issues persist in the education system, but this does not seem to stop the economy. If we talk university degrees, holistically looking it is knowledge/skills + network + credentials. Not to mention we are losing (lost ) connection between what is being taught to what is actually needed at work. It makes freeCodeCamp (and the likes) a nonprofit unicorn.
  • Regulation - do we know what and why worked in policy? Is that a bit of a Lithuanian problem, not being certain what actually makes a difference? Point in case - Stripe just ran a report on European Tech Ecosystems, and "The Baltic States (Estonia, Latvia and Lithuania) are seen by startups to have the most innovative approach to regulation, spontaneously cited by 36% of users". There is so much more to achieve with regulatory arbitrage, it is money much better leverage then marketing euros. Related thoughts from Estonia - why risky thinking can benefit the government.

founder guide

TP x Unicorns Lithuania

Lithuania has 766 active startups that are playing an increasingly significant role in the country’s economy. In 2021, they paid almost €200 million in various taxes while attracting €428 million.

What awaits us? More selective investment, slower growth and hiring. Some are ringing the alarm, others are still only whispering about it, but the market facts that we all see don’t really care. Winter is coming for the economy, and everyone will feel the cold gusts of wind. How can one prepare for the crisis and even find opportunities in it? Some of the global startups, who got used to the US approach to business, will have to turn to European or even Lithuanian conservatism. Those who learn to be nimble in the face of change, to responsibly plan, be smart about expenses and stick together even during the winter will prevail. For such a startup, a crisis can offer an opportunity, not a verdict. Unicorns Lithuania invites Lithuanian startups to join and grow together the whole ecosystem!

Become a member

three questions (recent issues)