2023年立陶宛创业生态系统_25页_7mb

Lithuania's Startup Ecosystem Summary 2023

Core Content

Lithuania's startup ecosystem continued to grow steadily in 2023, establishing itself as one of the most promising and dynamic startup hubs in Central and Eastern Europe (CEE). The ecosystem's value increased by 7.1 times between 2018 and 2023, reaching €13.7B, surpassing both the Baltics and the broader CEE region in growth. This growth highlights the ecosystem's ability to attract talent, infrastructure, and resources, creating high-value opportunities and stable investments.

Main Points

Ecosystem Growth

• Enterprise Value Growth: The combined enterprise value of Lithuanian startups grew from €1.9B in 2018 to €13.7B in 2023, a 7.1x increase.
• Regional Comparison: Lithuania's growth rate (7.1x) outperformed the CEE average (3.6x) and the Baltics average (2.7x).
• Market Share: Lithuania increased its share of the total enterprise value in the Baltics from 27% to 31%, and in the CEE region from 5.5% to 6%.

Investment Highlights

• VC Investment: Lithuanian startups raised €292M in 2023, ranking second in CEE and second in VC investment per capita.
• Top Sectors: Enterprise Software, Security, and Energy were the most funded sectors in 2023, with Energy showing significant growth compared to 2022.
• Investor Participation: Lithuanian investors participated in 32% of total VC rounds in 2023, showing strong local engagement.
• Angel Investment: Lithuanian business angels invested €10.5M in 2023, with 70% of that going to Lithuanian startups. The average investment size was €28k, up from €51k in 2022.

Vilnius as the Startup Hub

• Startup Concentration: Vilnius is the epicenter of Lithuania's startup scene, accounting for 91% of the country's combined enterprise value and 96% of its total funding.
• Startup Numbers: Vilnius has over 890 startups, with 3 unicorns, and a combined ecosystem value of €12.4B.
• Key Sectors: The city is a leader in ICT, Fintech, GameDev, Biotech, and Laser tech, with notable companies like Vinted, TransferGo, and PVcase.
• New Projects: The opening of CyberCity and the development of the Tech Zity project, which aims to be the largest Tech Campus in the EU, further boosted Vilnius' status as a tech innovation hub.

Key Players in the Ecosystem

Startup Lithuania

• A national startup ecosystem facilitator under the Innovation Agency Lithuania.
• Focuses on supporting founders through workshops, acceleration programs, consultations, and international collaboration.
• Acts as a bridge between ecosystem players to foster growth and scaling of startups.

Practica Capital

• An early-stage VC fund exclusively investing in Baltic entrepreneurs.
• Has made over 60 investments in tech startups, including notable companies like PVcase, TransferGo, and Interactio.
• Manages four funds with over €130M in AUM and added more than €100M in dry powder in 2023.

TRINITI

• A leading pan-Baltic legal advisory firm with 100 professionals and expertise in startups, M&A, and private equity.
• Offers services in 8 languages and is recognized for its success on clients' terms.

Vilnius TechFusion

• A brand representing Vilnius' leading technology sectors: ICT, Fintech, GameDev, Life Sciences, and Laser tech.
• Developed by Go Vilnius, the city's official development agency, which provides support for entrepreneurs, investors, and relocating talent.

Dealroom.co

• A global startup and venture capital intelligence platform providing data and insights on ecosystems in Europe and beyond.
• Used to curate and analyze data for this report, with data sourced from public records and verified by their team.

Future Outlook

• Legal Changes: Lithuania introduced more investor-friendly legal reforms, including the legalization of different share classes, enhancing the startup environment.
• ESG and AI Trends: ESG and AI are becoming increasingly important in the startup scene, with a focus on compatibility with suppliers and customers, and proper AI management and IP protection.
• Investor Trends: The ecosystem showed resilience against global and European VC trends, with a faster and less painful recalibration.
• Fundraising Momentum: Lithuanian-domiciled funds added over €100M in dry powder in 2023, with continued fundraising expected in 2024.

Conclusion

Lithuania's startup ecosystem is growing rapidly, driven by strong VC investment, a dynamic capital city, and supportive legal and financial frameworks. The ecosystem's success is attributed to its focus on innovation, talent attraction, and strategic investment in key sectors like Enterprise Software, Security, and Energy. As the ecosystem matures, it is well-positioned to continue its upward trajectory, offering significant opportunities for entrepreneurs and investors alike.