Which venture firms have been powering the growth stage for Lithuanian startups? We looked at 2018-2021 investment deals (excluding strategic).
Mix of firms, thesis important
- Looking at the last 3 years, the sample size in Lithuania is still fairly small. Just now we are arriving at more ecosystem maturity, where multiple growth deals are expected in one year.
- We don't see the same firms backing several startups, with a little exception of InReach Ventures (earlier Oberlo, recent Eneba). They are known for the data-driven sourcing.
- Verticals and thesis have been important - is it Fintech (Transfergo) or Mobility (Ziticity). Other funds are just more generalist by nature (Evli, Mangrove, Index)
- Lightspeed Venture Capital Partners are in a special spot with Rytis Vitkauaskas being a partner in Europe. Recently joined by Paul Murphy (ex Northzone).
Heading towards series A?
- Firms and partners change, but people connections remain. Most seasoned Lithuanian founders have a good network across Europe.
- Some Baltic seed funds (and angels) are better connected compared to others
- There is no lack of funds across Europe, Lithuania has quickly built a reputation, and many growth VCs are open to going across the borders.
Burda Principal Investments
Evli Growth Partners
Insight Venture Partner
Mangrove Capital Partners
Vostok Emerging Finance