The Baltics — small, but mighty

The Baltic Startup Scene Report 2019/2020 is out!

What is special about this year’s report?

Let’s dive deeper into each Baltic country for some key insights:


  • Estonia dominates the Biggest deal list and also is a leader in the Baltics in terms of startup funding volumes, however, in terms of year over year change — has less growth than Lithuania.
  • The number of startups is up by 61.69% compared to 2019.
  • Estonian startups dominate the Cybersecurity vertical in the “Startups to watch” list possibly due to strategic focus on this area by government and Startup Estonia, as well as 2 editions of Startup Wise Guys CyberNorth accelerator program.
  • Estonia has experienced the biggest drop among Baltic countries in terms of issued startup visas in 2020 compared to 2019.
  • While experiencing a slight drop in recent years, historically Estonia has the highest ratio of female founders in the Baltic states.


  • Latvia is experiencing a low period in terms of startup funding with most activity in the pre-seed stage in 2019/2020 which could be linked to accelerator fund and business angel activity.
  • While being the smallest Business Angel Association in the Baltics in terms of members, LatBAN has the highest average deal per startup — 70K eur.
  • Latvian startups are most represented in Hardware, Robotics, and IoT, as well as Sustainability and Medtech verticals in the “Startups to watch” list.
  • Latvia has 9% of startups with at least 1 female founder, the lowest ratio in the Baltics


  • Lithuania has maintained the best traction in terms of startup funding compared to the other 2 Baltic countries, H1 2020 vs H1 2019 grew by +128.48%.
  • There is more female representation among Business angels and recently founded startups.
  • Have significant representation among Fintech, SaaS, and Transportation verticals in Startups to watch list.
  • Has had the most new startup visas issued in H1 2020 compared to Estonia and Latvia.




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