The Baltics, a small but mighty region, is making waves in the startup scene. Home to some of Europe’s biggest startups and scaleups like Bolt, Vinted, Printful, Sun Finance and Skype, the region is bolstering Europe’s wider entrepreneurial community.
In 2022, startups in Lithuania, Latvia, and Estonia attracted over €1.6 billion in investment with over 124 deals. The success of the startup scene in the Baltics is remarkable considering the region’s population of 6.195 million.
Here are some key trends impacting entrepreneurship in the Baltics:
1️⃣ Condensed Ecosystems: The Baltics’ condensed ecosystems facilitate easy meetups with fellow founders and VCs. This encourages experience sharing and support at an unparalleled level1.
2️⃣ Professionals Turning Founders: A significant number of professionals are leaving corporates or mature startups to start their own ventures.
3️⃣ International Scaling: Founders from the Baltics focus on international scaling from the get-go due to the small local market.
4️⃣ Strong Associations Ecosystem: The Baltics have a very well-working associations ecosystem. Angel associations are one of the strongest in Europe.
5️⃣ Market Strengths: SaaS and Fintech have been historically strong due to existing expertise in the market. However, more marketplace business models are emerging.
Looking ahead into 2023, we can expect growth in vertical fintechs, marketplaces that heavily rely on logistics and distribution, wellness & femtech.
The Baltics’ entrepreneurial scene is a testament to what can be achieved with a supportive ecosystem, a focus on international scaling, and a drive for innovation. Let’s watch this space for more exciting developments! 🚀
