Do not freeze | Lithuania tech weekly #2

Do not freeze | Lithuania tech weekly #2

work in progress

  • Interactio is having a wild ride, ending the year with 6X growth and now ignoring cold calls from VCs
  • Electrification is a thing (markets might need up to $2.5 trillion to turn the auto industry around), just in time Dancer registers the first Lithuanian electric bus in Klaipėda. Other startups to watch in the space - Elinta Motors (e-cargo vans) and Elinta Charge (hardware),as well as In Balance Grid (software)
  • Contribee is a new player in the new hype - creator economy. Here's a decent summary of the startup landscape.. someone has to put Qoorio there!
  • In one of these random top 10 startup lists, we find Fleming, a medical AI startup with EUR 1.3 m funding. Hope it works for them, but it's EU funding, not VCs backing. Too bad this might lead to early PR spending, as sometimes happen.
  • Contrarian Ventures playing the global game, introducing Climate 50 - leading investors in the sustainable energy transition. List reveal date is... today! "The Mida's list for climate VCs"

rounds and capital

  • Biomatter Designs has raised €500,000 seed led by Practica Capital, with 70V and angel investors. The startup has developed a machine learning-powered platform for next-generation computational protein design. More action coming out of research labs!
  • In successful crowdfunding, Monimoto brings onboard almost 400 investors and €404,400 of funding. This will lead them to the US market for further growth.
  • LitBAN keeps going with 75 active members and a total of EUR 5m+ invested since 2018; last year EUR 2.2m is mentioned as the total.
  • A few months ago, Haslle received seed investment from a "Lithuanian fund with Russian roots" - (total of EUR 172k along with Axel Springer Porsche). Disruption happening on Cats website.
  • Change Ventures announced the second close of Fund II at €31M, becoming the largest seed fund in the Baltics; also hired Gabrielė to scout Lithuanian founders.
  • Estonian proptech startup Rendin raises €1.2 million, led by Tera Ventures and Iron Wolf Capital participating.

Where and how to find Angel investors in Lithuania? New brief available on - feel free to share with early-stage founders. Open for suggestions / additions if any. We looked at publicly announced deals 2020 and angel investors mentioned - the leaderboard below. Beware not a great data set, based on public releases.



  • Computational Protein Engineer? Find this and other roles at Biomatter Designs.
  • Kilo Marketing team grew three-fold last year, and more than 30+ openings in total now, including C level
  • Transfergo seems to be having a good boost, hiring in LT but also Poland, Turkey, with 40+ openings
  • Yapily, series A startup opens Vilnius offices and starts hiring engineers.

founder guides

  • Term sheet - a little different approach used byFounders, and good summary why. Note they are open to Baltic investments.
  • Benefits of Share Options in Vinted case - a good way to attract top talent, especially when your valuation accelerates
  • Hiring. Perfect performance prediction is a fantasy, but there are ways to improve the process:
    • Use structured interviews, boring but work (unstructured are literally worse than nothing)
    • Use intelligence or relevant tests
    • Don't discuss who to hire, just use average scores of a+b


Norwegian pop group A-ha was critical in the introduction of electric car incentives in Norway. Fun

  • "So they drove repeatedly through toll stations without paying. Every time, they received a fine, which they didn't pay. According to the rules, the car was then confiscated." But A-ha, would get that car back, and...


  • Pretty good (actually, great!) to be on the very top of most favourable locations for startup founders - in terms of stock options regulation. Getting policy right + getting the message through, will encourage more talent to start ventures.
  • How do countries leap-frog? Great blog post by Agne Paliokaite as she looks at some most remarkable transitions of Ireland, Singapore, and other. What's in the recipe?
    • Bold strategies targeting priority areas for investment and promoting strategic partnerships within them
    • Building the necessary capabilities for leapfrogging
    • Smart regulation
    • ..and one critical element, that enables it all. Do we have that now?
  • Ministry of Defence and INVEGA signed the agreement for the new fund launch, that will invest into defence/security tech, dedicating EUR 15 m. The analytical part does not look impressive tough.
  • In another blog post, we looked at what's important to track if our tech ecosystem would embark offensive this year. We call for a more holistic approach and pushing entrepreneurship at the forefront in policymaking.