Market Places | Lithuania tech weekly #6

Market Places | Lithuania tech weekly #6

work in progress

  • Marketplaces are something here - starting with Vinted, but also CGTrader, Oberlo, Eneba, Discontract and some others. Some are "imported", such as small LT team for 1stDibs (hiring as the company is rumoured to IPO at $ 1 b), or Treatwell. Similar to them, Watalook (SWG alumni) is building a marketplace for beauty freelancers, and we found their leaked strategy (maybe not)
  • DTC cosmetics brand MATH SCIENTIFIC is making good progress, surprised if they are still local? For more DTC+style+ambition check The Knotty OnesNO MORE accessories, and OVO things
  • Beyond borders. A common thread is Poland first, as Properenty (landlord software, SWG alumni) is doing. New chapter there for Edtech startup Digiklase, which launches Poland, too, after reaching 3000 students goal locally. HeavyFinance guys are entering Bulgaria, then Portugal, somewhat more exotic.
  • SME Finance isn't complaining about 2020 with 57% revenue growth, reaching EUR 7.7 m.
  • Ligence: AI is wrapping up 2020 and this year expects to have CE marked device in the market, as well as to close EUR 1.6 m in funding.
  • What looks like a fancy fridge in your black kitchen is actually no use - these are shock dynamometers from Laba7, 70V portfolio startup.

rounds and capital

  • Boommio, the customer engagement and acquisition startup secured EUR 250k from 70 ventures.
  • Besides expanding, Furniture1 is exploring partnerships and looking to invest into furniture / e-commerce players.
  • Invega has started a public consultation for the new defence fund - MILInvest. A reminder that it has EUR 13.5 m allocated, but will require the operator (to be selected) to invest across stages (pre-acceleration to even growth?). Additional private investment is required, too.

founder guides

  • Marketplaces. Thinking about building one, too? Version One has an e-book on them. a16z presents top 100 list and key takeaways. What are the platform take rates?
  • Product Management. What skills a senior product manager should acquire?


  • Teachers Lead Tech is hiring frontend and backend developers for an important mission.
  • Billo is recruiting a number of roles across sales, product, marketing.
  • Vilnius losing a COO, Nord Security gaining one (Povilas Poderskis).
  • Marketplace for car repairs and cleaning (such a Lithuanian concept!) is searching for JavaScript developer / Co-founder.
  • Reverse search - Digital Explorers is looking for companies to host trainees. This year they are bringing 15 bright Nigerian women, with training provided at Turing College


  • You don't want to jump on any smart Clubhouse discussion until you have read/listened to Benedict Evans' The Great Unbundling.
  • Jeff Bezos masterplan
  • Hubspot acquired the Hustle, in a similar fashion Stripe has done with Indie Hackers. Austin Rief says a trusted distribution channel is a better investment compared to 2.5 minutes of Super Bowl ads.
  • We thought this Vinted outdoor advertising is for hiring first, but apparently, Vilnius is among leaders for the ‘thriftiest’ shoppers


  • Eimantas with compiled a huge data set and made a great yearly review on the Lithuanian startup ecosystem:
    • Scene - 650 startups, 10,350 jobs
    • Impact - EUR 124 m in taxes locally,
    • Growth (yearly) +35 %in taxes, +26% in jobs, +6% in salaries
  • 5 trends Philomahts are seeing
    • The large ones (Nord Security and Vinted) are set to grow. Nord group growing and diversifying, while Vinted is well funded and performing.
    • The challengers keep coming, reinventing. We see next tier players (Transfergo, Hostinger, Kilo, Bored Panda) making another leap forward in 2020. Expect more startups to step into 100+ m valuation mark.
    • As the scene matures, expect more exits, primarily acquisitions, like Paysolut just had.
    • Dynamic, pay-forward culture, more founders/operators active as angels. We kind of have it, and this is the velocity we actually need.
    • Significantly more funding available across stages, which provides more leverage for the founders and encourages thinking big.

There is room to grow, and 20% is more than likely in 2021. See how the startup scene compares to the business services industry in terms of jobs. An obvious turn would be like: