Shipping–native

work in progress

• Expansionist. One of the most fun trends to see – firms ramping up for new markets. Thrilled to see Turing College acquiring Boom Training, to transform UK apprenticeships. Looks like Turing has doubled or so in 2024, true edtech disruptor, needed as the job / skill dislocation is coming around, at scale. Another acquisition announced – CUJO AI takes over Domos in Norway, a pioneer in application outcome analytics. Also, got to take on new markets, and you want to be multiproduct in SaaS by the time you have 10,000 customers. Already impressive business and furhter accelerating speed — Hostinger announced 65% growth, hitting awesome EUR 182 in revenue. Tingit is rolling early – and gets featured on French TV. Many more are breaking into new markets, we see hiring signals and that's perhaps why TalentHub expanded into Lithuania, too.

• Fintech. Robinhood has officially received a brokerage license from the Bank of Lithuania. Softloans will partner with payswix. Revolut Bank fined in LT – EUR 3.5m for breaching anti-money laundering rules. Latvian Handwave (hiring) is a palm-based payment and authentication solution, which is now Firstpick portfolio company with a "seed" tag. AMLYZE team launches AMLTRIX, a community driven framework for understanding, detecting, and mitigating illicit financial behaviors (looks like a sound strategy to advance their leadership in the field).
• Defence. Innovation checks for defence (up to EUR 100k). European Defense Tech Hackathon coming to Vilnius on May 4-6, 2025. Astrolight CTO Dalius explains their tech on TV. BROSWARM visited by Proto Industrija (video). Estonian DefenceTech Meetup April 15. European Resilience & DefenseTech Investor List for fundraising founders. Following impressive growth (approx EUR 20m sales FY25), RSI Europe targets 20m equity funding round, appointed Superia as financial advisor (reported by Mergermarket). Upgrading defence (at this required rate) is not only about technology and suppliers – steep learning curve for purchasers, too, and Armed Forces managed to get some Chinese models.
• AI-native and other fresh graduates. Perfection42 is rolling out the alpha version of AI platform for VFX, animation, and marketing professionals. Gerda launches Eatimo, AI-powered pantry assistant. You know it's AI age when two Italians in Lithuania start building a platform for public procurement. Plug and Play Expo Day winners – Strato Create, OLEC Technology, Unbound Autonomy, and public Choice - RoadMaster VR.
• Builders gonna build. Was great to meet some no-bs builders this week, and can tell gravity is around this new local shipping company – _basedspace. The Maersk of Lithuania, I hope, and here few projects they host. Comuna, which is like IG but with sanity check, looking at new phase of growth (and where we pick news). Keyla is creative ads with AI. monkeflow is high-performing emails, 1-click. ToxicScan reveals harmful chemicals hiding in everyday items. Cogrant is AI-powered platform to transform how EU grant proposals are written.

• Media. Quite a powerhouse with logo on Vokieciu street – Mediatech – is investing in 15min Group. Excited to follow what new initiatives or products might follow.
• The office - and the city. Roman (Sigli) offering free office space for early-stage startups. Eiviltas (Hostinger) will guide Open House Vilnius visitors exploring Cyber City (May 10-11)
• People. Former Deputy Finance Minister Mindaugas joins Public Policy team at Wolt. Andrius leaving TrustGuru to focus on PluralSales. Dimitrijus starts as CEO at CoinGate Gift Cards. NEO Finance will have new CEO appointed. Ruta joins namuku as Co-founder and CMO. Paulius is now Chief of Staff and PVcase. After nearly a decade, Kestutis Tyla leaving Vinted.

rounds and capital

• If LT has a clear lead with bootstrapped giants, EST keeps the lead on Series A rounds (2021 to 2025 Q1 we have 21 🇪🇪 and 12 🇱🇹)

• Rytis and DIG team closed $100M DIG Ventures Fund II, dedicated to back Europe’s next generation B2B SaaS, AI, and cloud infrastructure startups.
• BSV backs QurieGen for EUR 2.2M pre-seed to build "Google Maps for cells", in a round alongside Tensor Ventures (lead), Lighthouse Ventures, Moondust Ventures, 22 Hor Invest, and Tim Draper.
• UP Catalyst has received an EUR 18M loan from European Investment Bank to expand its carbon materials production.
• Must watch for emerging managers – Justinas (Willgrow) shares Family Office strategy deploying capital in venture funds (list includes koshla ventures, Seedcamp, DIG and many others). Btw, Tesonet LP commitments are also listed on their updated portfolio web.
• No capital, and Dancer Bus in no more – company enters insolvency, as founder reports. Few of these electric buses were produced and run in Klaipeda.

three questions

PayPal has been powering number of large Baltic scale-ups for years. We asked Efi Dahan, VP, General Manager, Central and Eastern Europe & Israel how Baltic region compares to other markets, and what makes these startups special.

The Baltic countries – Estonia, Latvia, and Lithuania – have become some of Europe’s most dynamic and innovative business hubs. At PayPal, we've been following this trend for years, and our research reaffirms it. According to last year's Early-Stage Startup Index: Challenges in the Era of Cross-Border Commerce, an impressive 81% of Lithuanian startups selling products or services also operate internationally. In Latvia, this number rises to 92%, while in Estonia, it reaches 89%, underscoring the region’s strong focus on global expansion.

Born Global Mentality
The entrepreneurial mindset in the Baltics is not just about starting a business – it's about solving problems, scaling efficiently, and competing on the international stage from day one. This gives Baltic startups a unique advantage, helping them grow faster, attract investors, and establish a strong presence in global markets. This mindset is also reflected in our data. More than half (54%) of our respondents – early-stage startups – stated that they expect to reach annual revenue of 10M EUR from online sales within three to four years. In my opinion, this demonstrates a mature approach to business growth planning, as well as clearly defined goals set by entrepreneurs.

Building a successful global brand requires more than ambition – it demands strong international partnerships. Baltic startups with international expansion in their DNA, embrace cross-border collaboration, actively engaging with foreign investors, clients, and industry leaders. According to our Startup Index report, 79% of launched startups already sell abroad, targeting key markets like the UK, Germany, and the USA. EU membership further supports their global reach through market access and regulatory alignment At PayPal, we experience this firsthand - supporting Baltic startups as they grow internationally by providing seamless cross-border payment solutions, secure transaction management, and access to a trusted global network. Our mission is to empower these businesses to confidently expand beyond borders, accelerate growth, and effortlessly connect with global customers.

founder's guide

• Understanding Chief of Staff role
• The metrics that matter for a successful exit
• Scale Exchange event with Hostinger and Unicorns Lithuania, April 17th
• The Evolution of Marketplaces
• Building a Deep Tech Company? Most Startup Advice Doesn’t Apply

For deep tech, the endpoint is usually objectively valuable. It’s not about convincing investors that people will want your product or that the business can scale — it’s about whether it’ll work (and if you can execute). When we shifted away from selling on vision alone and reframed in terms of our probability of success, it transformed our fundraising.

• Too often early stage founders try to replicate scale-up GTM motions. Here is getting to $10M ARR in very early markets.
• Mindaugas, CTO and Vinted, shares his story of becoming a father.

sponsors

Cloudvisor [AWS partner dedicated to startups]
Hostinger [making online presence accessible to everyone worldwide, hiring]
PayPal [Global integrated payments solution]
Oxylabs [Step into the world of web data gathering]
VIALET [Business accounts for growth, hiring]
Presto Ventures [investing in startups – security, defense, aerospace]
15MIN Group [all the news you need to know]
Superangel [Pre-Seed, Seed and Series A for tech companies]