Lithuania’s high quality of life and low cost of living has created a great environment for a number of startups – these are the 10 we think you should know
A little known, tiny country with 3 million residents in Northeastern Europe is springing up to become the next IT tech hub in the region. Its high quality of life and education and low cost of living has created a great environment for a number of growing startups in a variety of fields, from e-commerce to transportation, fintech, 3D printing, and many others.
Here is my current list of top 10 startups in Lithuania.
This is a peer-to-peer marketplace to sell, buy, and swap clothes. A huge community of 11 million members around the world communicate directly and Vinted has the features of a social networking service. The company raised $27 million in December as well as €20 million from Accel and Insight Venture Partners in January, 2014. At this point, the startup has raised nearly $60 million.
A graphic editor for Mac and iOS, Pixelmator features selection, painting, retouching, navigation, and color correction tools. In less than 10 years of operation, they have won various recognitions, including the App Store’s App of the Year 2011, iPad App of the Year 2014, and many more. Also, Pixelmator for iPad was featured at the Apple Special Event in October 2014.
It claims to be the “world’s most accurate public transport app” based on machine learning, data from the crowd, and self-learning algorithms. Octopus Ventures lead their $6.5 million Series A funding round in 2015. Working in six countries and with more than 250,000 users, I think Trafi is soon to become a category leader worldwide.
TransferGo is a ‘pure-play digital’ international money transfer service that is regulated by the UK Financial Conduct Authority (FCA) as an authorized payment institution. TransferGo claims to be 10 times cheaper than banks and cash bureaus; they also guarantee same business day delivery without extra charge. Their service is currently available in 39 countries. In December, they raised a $2.5 million seed investment from various fintech angels, including lead investor Mark Ransford, as well as Practica Capital fund.
It is the biggest email marketing platform in Lithuania and in the top 10 worldwide. MailerLite serves 130,000 users worldwide, from global brands to small businesses and freelancers. With 20 employees, they offer 24/7 customer support in 7 different languages. They have clients from more than 120 countries including UEFA, Opera, BMW, GoPro, Birkenstock, Dojo App, and many others. Bootstrapped, profitable, and transparent, this Lithuanian startup veteran is an outlier in their approach to business.
Exacaster is a big data predictive analytics technology company developing advanced machine learning algorithms and software platforms. Its solutions help businesses predict customer churn and strategize for suggesting higher priced products to relevant customers, recommending relevant products, segmenting customers, and implementing real-time dynamic pricing. Currently, the 5-year-old startup has clients in nine countries and more than 10 million consumers daily.
This is a platform to buy, sell, and swap your stuff with trusted people. Launched in early 2011, MoboFree has become one of the largest mobile social and trusted classifieds platforms in West Africa and raised an undisclosed round from eVentures Africa Fund. It has more than 4 million registered users, 2.2 million of whom are regular monthly users. Most of their user base is in Nigeria, with a growing presence in Zimbabwe, Uganda, and Ghana as well. Participants are generating an average of 65 million page impressions each month.
In October, the startup secured $10 million in venture funding for the commercialization of its non-invasive Intracranial Pressure (ICP) system, which measures cranial pressure associated with conditions such as brain hemorrhages, traumatic brain injuries (TBI), and stroke. The funding will support expansion to Europe, Australia, and other regions, a 510k submission to the FDA, and selling their products in the U.S. The company is also considering developing its non-invasive intracranial pressure monitor, which it claims is one-of-a-kind globally, in Lithuania.
9. Planner 5D
Planner 5D is an online tool to create detailed home plans like an interior designer pro easily. So far, the startup has raised an undisclosed round from StartupHighway. With a huge community of 3.6 million amateur interior designers, you can easily develop floor plans and interior designs without any prior professional skills. It’s one of the easiest ways to work together and share your project with your friends — or partner.
One of the largest databases of 3D models, it serves as a marketplace for computer graphics, 3D printing, and virtual reality. Customers can pick from a wide range of top quality 3D models or hire a designer for a custom job if the model needed is not found on the platform. CGTrader enables talented 3D designers to showcase their work, get valuable feedback, and interact in a designer-friendly environment.
It was very difficult to pick only 10 startups. Here are just some of the cool and growing #LTstartups that didn’t make it to the top list: AdDuplex, Worapay, Plag, Plate Culture, Tutotoons, LaSpell, Dropbyke, Nano Avionics, SpectroCoin, TableAir, Pipelinepharma, Hello Hungry, Deeper, Eylean Board, Jet Cat Games, SearchNode, PlaceILive, and many others. To find out more about them, visit Startup Lithuania, Lithuania’s startups news and events portal.
Are you interested in exploring opportunities in Lithuania. One good way is to hire tech talent or outsource from Lithuanian: Check out newly launched platform OutsourceLithuania. If you would like to visit Lithuania in person, the best event to put on your calendar is LOGIN conference, which takes place annually.
The views expressed are of the author.
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