5 min read

Ways to scale

Ways to scale
Photo by Dainius N. on Unsplash
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Lithuania Tech Weekly #114

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In the summer of 2022, the previously closed-off industrial area was made accessible to the city, major musical events, the film industry, and contemporary artists found areas to express their talents…

…and in 2024 it will grow into the biggest technology hub in Europe which will be filled with startups and other creative businesses.

rounds and capital


CoinGate - Head of Marketing
Letry (edtech) - Egle is in search of a co-founder
ConnectPay - Business Development Executive
RSI Europe - Supply Chain Manager
10 Speed - Product Owner
Paylar - CEO
Algori - Senior Sales Representative
IPXO - Sales Manager
walk15 - Sales Manager for Germany

Don't miss Techchill 2023 - 15% ticket discount with the code techphilomatsxtechchill

further insights

Germany radiates a lot of bureaucracy and precious little welcoming culture

founder's guide

three questions

Milda Jasaite, Senior Director of Corporate Development, Vinted

What should founders do to make sure they are better prepared to be acquired, if that comes along unexpectedly?

I think it's crucial to have good fundamentals (not easy!). While there are certain tactics related to the acquisition process that can be useful, I believe they are minor in comparison to the points below:

  • Developing a unique company and valuable assets that are hard to find or replicate: whether it's cutting-edge technology, a strong presence in a particular market, a team with specialized expertise, valuable datasets, or innovative products... this is key
  • Sound financials and runway management allows being strong in unexpected situations
  • Making sure that your vision for the company is aligned with your Board of directors and key shareholders. Depending on the lifecycle of the investor’s fund or their strategy - some could be more short-term oriented, some more long-term. It's helpful to be able to come as a united front when faced with an exit opportunity.

What are the distinct features of Vinted M&A strategy - and what have you accomplished so far?

One of the key distinctions is that we think about the integration as soon as we jump on the first call with the founder, and we want this to be a joint exercise. Are we aligned on the vision, do we see culture fit, how exactly are we integrating the teams, technology and operations? How can we preserve the key elements that made the acquired team successful and also benefit from the best practices at Vinted? These are some of the questions we think about very early on.

Our most recent highlight is joining forces with Rebelle, a premium fashion marketplace -through a public-to-private transaction - as they were listed on Nasdaq First North Growth Market Exchange. Previously we have successfully acquired platforms running similar types of businesses in Spain and Netherlands, and also added a few new capabilities through acquihires.

You spent time with Earlybird in Berlin - what change do you want to see in tech ecosystem in Lithuania and Baltics?

It's crucial to develop solutions that break out of the limitations of the local market. When the market size is only around 300M EUR, it can be challenging to make a compelling case for VC investment, so it's important to position your solution in a broader context.

To attract capital and build a strong team, it's crucial to create a compelling narrative. You need to be able to explain how your product will scale, what sets you apart from the competition, and what milestones you've already met that increase your chances of success. If you can tell a convincing story about your company, it will be easier for external parties to grasp its potential.

Furthermore, there has already been significant progress in our ecosystem with the rise of successful tech scaleups and increased investment from global funds. This progress reflects that we are moving forward, and it's important to keep pushing ahead!

Three advantages of ice hockey against other sports.

It's the fastest team sport in the world ;)