Funding in the Baltics | #47

Funding in the Baltics | #47

work in progress

  • Remember Eneba? They post lots of blog posts, 1200 in two years! On a serious note, sellers listed over 30k games on the platform (GTA V most popular), had 20m visitors, localized in 15 languages... impressive pace
  • We hear Millo has shipped some units and it comes with iOS app Tesla of blenders?
  • Sort of missed this one - Lithuanian startup Promos working in the field of FMCG promotion, with a dedicated app and 10k users in Spain
  • Honestly, the government is also work-in-progress. Highly likely Ausrine Armonaite will be the new minister, and this already is a positive message. While all the talk now is covid related (helping firms survive), someone has to think about how to turn this challenge into an opportunity (which industries are growing during the pandemic and why?)

rounds and capital

  • GoRamp closes a EUR 450k round to expand in Poland and Western Europe. They cut time for manufacturing customers to manage orders and do tenders - hoping for accelerated growth now. This is undoubtedly an industry that fits Keith Rabois criteria - we will see how the solution will prove itself.
  • Giraffe360, a Latvian startup, closed 4.5 m round to further expand in proptech with their unique camera-as-a-subscription service. HQ in London.


Andris and the Change Ventures team made a great report on Baltic startup funding (based on 141 deal info, 55% of total)

  • Seems to be little slowing down in 2020, covid (or perhaps fears of economic crash), impact on early stage not series A or growth
  • Pre-seed valuations at EUR 1.8m, seed at EUR 7.7m
  • Estonia's ecosystem maturity means seed funding rounds are 1.5x larger than in Latvia & Lithuania, and valuations 30% higher.
    • Noting seed tickets in Latvia and Lithuania seem to be comparable to overall Nordic/European averages (in the range EUR 0.8-1m), so Estonians are really hitting high with 1.5 m on average.


  • Help find a great candidate for Women Go Tech programme director, here
  • Great Change Ventures team is looking to hire associate or analyst, for the Lithuanian market. We hope they don't repeat mistake Vilnius VCs make forgetting diversity (this leads to less diverse investments and performance) - in-depth analysis for Nordics here.
  • Omnisend, a bootstrapped eCommerce marketing automation platform, has made it to Deloitte Technology Fast50 list in the UK. Now actively recruiting more senior leaders across the team.
  • Reneza, a software solution for landlords and administrators, is expanding their team, changed from MB to UAB, will hear about new funding?
  • There is an increasing number of technology companies landing in LT for front-middle-back office ops. Some recent openings include fintechs Saldo or Sezzle


  • Poor advice hurts, and there is lots of poor advice in the emerging tech scene. Here's how to think what to trust and on what issues
  • Getting smart to challenge your CMO next week - suggest turning your team into creators, by Alex Lieberman
  • Building a marketplace? Is it large enough for VCs? Here's a calculator