Spirits

work in progress

• Tadas' post on meeting Guillaume Pousaz boosts the Lithuanian spirit big time. I guess people now are recognizing the top league where some of our tech entrepreneurs are playing. Technology is a permission to build, and it takes time to appreciate the scale of what can be achieved - just in few years' time.
  (Also a reminder that the best way of networking is..building something impressive).
• Walk15 automates the platform SaaS style,  ZENOO is at the finish line for the fundraising campaign, and Laura will relaunch Faldan with the top department store this autumn. Trying to help all: Female Angels (Sifted), Woman VCs (1.1k twitter list).
• Here Equite and Strategy Labs sounds like Tiger Global + Bain, except it isn't. Yes it may help to build something innovative and profitable, but it's not some sort of startup accelerator. You cannot derisk pre-PMF startup and maximize return. It's a power law game and there is no ideal method to identify the top winners. (PS. If consultants knew know how to build unicorns like this, they would do it - much better business. PS.2. Ok sorry - some do, they leave and build - 20-30% of unicorn founders in DACH have consulting background).
• Spotos rapidly hiring to "deliver something simple, transparent and accessible for European freight business". New Girteka venture? No revenue but EUR 19m profit?..
• Nordic Business Forum features Tom Okman and Daumantas Dvilinskas among 35 under 35 - Young North European Business Owners.

Local gamedev school startup got too much applications from Ukraine and is looking for businesses who want to fund their studies - go for it. A twitter thread

rounds and capital

• Okredo open data platform raises EUR 650K to expand across Europe. Round was led by Lithuanian Business Angels Fund, Presto Ventures, and Lighthouse Ventures.
• Inspired by Vinted? LitCapital made an investment into Sena LT UAB (Horizontal Media), which develops a peer-to-peer (P2P) and business-to-customer (B2C) platform for used books in Lithuania. Terms not disclosed. This follows the initial investment from Per Moller. HM plans to both grow organically as well as acquire other players. Platform used by 130k user.

• Contrarian Ventures portfolio company Moixa has been acquired by a new home electrification business in the US - Lunar Energy. CV invested in 2019 at series B.
• Polands' Inovo coming with EUR 100m fund for CEE startups
• Audrius Janulis is now Venture Scout at Seedrs

roleplay

founder / operator guide

• Tech Kinship talked burnout, and Titas came with a concept of work as a river - indeed helpful. Early stage founders - it's more like building a dam before the tide arrives.
• How to get the most out of your angel investors
• Tomasz Tunguz has interesting takes on the venture market. Founders anticipate 30% ARR reduction. And hope - "some startups may escape a harsh repricing by virtue of their runway leaping from peak to ascent, avoiding the trough."

ecosystem

• Sifted reports CEE and Lithuania staying strong during the war in Ukraine - it did not stop Accel to lead series A for kevin.  
• If you see an immigrant founder trying to build a venture in the EU, offer as much support as you can because it is incredibly hard.
• Swedish Vassla Micromobility tech team launches in Vilnius, at Rockit.