Lockdown anyways | #51

Lockdown anyways | #51

work in progress

  • ConnectPay is set to grow rapidly - at EUR 3.6m revenue now and looking at 11m next year. In the all-revealing article they are stepping into the payments market, starting with DE, NL, FI. (for anyone who has tried Paysera, it serves as an inspiration to start new payment company...)
  • SearchNode scores #1 in G2 E-commerce search software list.
  • Tubular has announced the biggest pages on Facebook... and Crafty Panda is #1 with over 2B of monthly views. With 50% team growth this year, we are witnessing the great return of Bored Panda 2020, fantastic!

rounds and capital

  • RRR.lt secures €1 million investment to fuel international expansion - from Practica Capital. New e-commerce player, which brings a software package for the used car parts sellers.
  • Also in auto wholesale world, in the US - Signal Automotive secured USD 20m to foster growth. Kestas Barzdaitis is the head of technology there and software is being developed by the Androiti team in Kaunas.
  • Estonia is having a massive year, with Bolt now adding $182 m to funding. That's 450m in funding this year- see the shameless graph below


  • In a rocket mode - Interactio, which seems to be taking off since the pandemic started, from less than 20 employees to 50 in 5 months. Clearly have found themselves in the perfect market when all went remote.
  • Very similar trajectory with Whatagraph, too and they also have an office in Klaipeda. So new hopes for the port city?
  • Data Science and Engineering roles with Eliq - Contrarian portfolio startup from Sweden.
  • Karma Ventures (Estonia) is looking for a dealflow manager, based in Europe.
    • Founding teams + senior positions
      • Ligence (ML for ultrasound) - Data Scientist
      • Fast-growing payment solution provider Kevin is adding Chief Compliance Officer

founder guides

  • Reading about other funding rounds can be depressing, we get it. For inspiration, AirBnB story with emails
    • AirBnB went public recently, now valued $88 billion.
    • In 2008, Brian Chesky got intros to 7 prominent investors in Silicon Valley, attempting to raise $150k at a $1.5M valuation. 5 rejected, other 2 did not reply.
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  • 4 Signs You’re Building A World-Class Team (or principles to follow) - from NFX
  • List of the best newsletters to read (and get less done) on European tech


  • Startup WiseGuys released 2020 Baltic Startup report - very well worth your time. Long story, but
    • Baltics don't really belong to the CEE in terms of funding and performance (Estonia is performing exceptionally globally, so Lithuania and Latvia benefit from averages).
    • On average, Baltics are demonstrating 5x more funding per capita than the 14 countries in the CEE region, with 80.80 eur and 15.15 eur, respectively. Grap below explains better (easy to guess countries?)
    • Startups don't get born in VC meeting rooms. That starts early. In Finland example, in "2008 only 3% of the university students considered an entrepreneurial career. In 2014 this had changed to over 40% due to Nokia’s decline and positive role models from the startup field supported by the media" - says Claes Mikko Nilsen from Nordic Ninja
      • What are these numbers in the Baltics? If policymakers would be focused on this, we are likely to get the true benefit long term.
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      • Startup Lithuania wrapped up year 2020 in a virtual event. Challenged year in terms of funding, but the direction and growth of many players have been staggering. Qoorio is the startup of the year, Pixevia - emerging technology, Ligence - newcomer, Midletic - response to Covid-19. Mambu has been awarded as the relocation of the year, while Tesonet acknowledge well for their contribution to the ecosystem. Now upwards!