Startup scene in Lithuania - weekly newsletter

Changing plans

Changing plans
Photo by Tadas Sar / Unsplash
Good late morning friends
Lithuania Tech Weekly #71
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Busy spring with all regional startup events, including of course Eimantas and MailerLite story. US tech scene in panic, European is trying to get a sense or just slow to react? Some large scaleups going with layoffs (now Klarna), and it's getting a little brutal. With new valuations (down to single-digit multiples) we will see unicorn production slowing down - much more revenue is suddenly needed for this fancy label.

work in progress

rounds and capital

  • Civinity signs agreement with MELP employee benefits management platform and invests in the company as a business angel (looks like on-going round)
  • Otherwise, activity in LT slowed down quite a bit.  On the macro, a great summary on what is happening with seed (seed VCs not sure anymore what late VCs gonna buy..). Are we possibly double-hit by having local VC funds undercapitalized? It's time for these long lists of angel investors (here and here) to show they are serious and not just opportunistic - go after founders you believe in, build syndicates and co-invest (with CoInvest), and celebrate 5 years later.

roleplay

founders' guide

insights

ecosystem

  • There is a hill we were expecting a trial run, but instead having a slow climb. It's called open data, a resource that is fairly low-cost to release and has multiple positive externalities. Most importantly, it brings more trust, transparency, and efficiency to the market. Tech ecosystem can take it further - by building products and services based on open data sets, and scale these businesses once working. Data access has been a great enabler for the likes of Trafi, Okredo, no surprise Andrius Bogdanovičius (Scorify) has an opinion (in LT) about the current process.

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Jamie Larson
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