A guest post by Edmundas Balčikonis, CEO of Trackduck
Lithuania is one of the smallest countries in Europe with a population of 3 million. However, our startup ecosystem has been growing constantly with record activity in 2014 and more than $100M in investments over the past few years. In 2015 Lithuanian startups plan to raise more money than ever before. Here is just a portion of startups who are going to take the lion share of it. We have confirmed the numbers with all startups except for the first biggest three.
Elephants in the room
Vinted is one of the leading global marketplaces for second hand clothes. In 2014 they closed $27M in its second institutional financing from Accel Partners and Insight Ventures – one of the largest rounds ever in the region. Vinted is continuing talks with more investors for an unconfirmed amount. Follow: twitter.com/Vinted, linkedin.com/company/2909062
GameInsight is a global game development giant, which moved its headquarters to Vilnius, Lithuania in 2014. In 2013 GameInsight closed a $25M series A from IMI.VC fund and is nowfundraising a new investment in the hundreds of millions. Connect: twitter.com/game_insight, angel.co/game-insight, linkedin.com/company/1266268
YPlan, the “Tonight’s going out app” has been on a fundraising spree for quite some time now and has raised $37.7 Million in 3 Rounds from 16 Investors. Seems like right now Yplan is very well funded and focused on execution, however the word is out that by the beginning of 2016 YPlan will raise a round significantly larger than their previous $24m in 2014. Connect: twitter.com/YPlan, linkedin.com/company/2666272
The A-teams
By the way, you can see and meet most of these startups during the biggest annual tech conference in the Baltic region this May – LOGIN 2015. It attracts around 5 thousand people every year and has become the main fundraising, hiring and networking event. Thus, many of them will pitch or have a booth in LOGIN Startup Fair, the annual meeting point for #LTstartups. Here are the startups rasing A rounds:
MoboFree is #1 social e-commerce marketplace in Nigeria with strong footprint in Uganda, Zimbabwe and Ghana with almost 4M registered members who are generating up to 2M daily pageviews. In Nigeria alone there are unused items worth $526M being sold on MoboFree at this very moment. They are raising $2,5M investment to expand further in Africa. Connect: CEO Neringa Pazusyte, angel.co/mobofree-1, twitter.com/MoboFree_com.
Eylean Board is an agile project management software for teams using Kanban, Scrum or any other methodology. 4 person team is generating $200K yearly income from Tesla, British Petroleum, Sandvik, Velux and many other enterprise clients – there over 7K company accounts registered. Eylean is raising $1M Series A to take B2B project management tools to another level. Get in touch: CEO Vidas Vasiliauskas, angel.co/eylean, twitter.com/eyleanboard.
TransferGo is a London-based (Level39) fintech startup founded by Lithuanian founders that is currently raising $6M Series A. From 2012 till 2014 they grew their active user base by 24% month-on-month and became the leading international money transfer service for the CEE migrants, who make transfers across 33 countries within Europe with same-day settlement for only 99p. TransferGo is planning to open additional worldwide channels soon which will include USA, Asia and African countries. Connect: CEO Daumantas Dvilinskas, angel.co/transfergo, twitter.com/TransferGo
WoraPay has just been recognised by The FinTech50 2015 as one of the hottest FinTech businesses in Europe. They help banks and other mobile wallets enable remote mobile payment methods as well as gather access to new markets and merchants. The network was launched in the CEE with major merchants (such as Lukoil, largest petrol station chain in the CEE; prominent entertainment arenas and restaurant chains) and local mobile wallets, is now launching in the UK and Spain counting top European mobile wallets as their customers. WoraPay is now raising $2.5M for further growth. CEO Aurimas Bakas, https://angel.co/worapay, https://twitter.com/worapay.
Adtarget.me is a fast growing advertising platform with 2x revenue increase in 2014, running 300 retargeting campaigns simultaneously in 10 countries. After 2 years working as a closed platform for large advertisers, Adtarget.me is opening a self-service platform and raising $1.3M series A for marketing and further development. angel.co/adtarget-me, twitter.com/adtargetme, CEO Eimantas Sabaliauskas
Widerfi, (previously Cheap Data) is a unique APN Euiternet provider in the world with real life implementation in a commercial MNO infrastructure. Their user acquisition rate is 4% and they managed to acquire 4000 users in just 6 month after initial launch in Lithuania. Raising $2.4M more for further growth. Connect: CEO Darius Maik, angel.co/widerfi, twitter.com/CheapDataCom
Planner 5D is a cross-platform service allowing users to create floor plans and interior designs without any special skills. Has over 3M users worldwide and is raising $2M series A. CEO Sergey Nosyrev, angel.co/planner-5d, twitter.com/planner5d.
Copictures is a one stop shop for selling, trading and printing stock images or photos without having to care about the legal details. Selling your pictures to news media has never been so easy. 500 professional photographers have already joined and terabytes of pictures have been uploaded. Currently Copictures are raising $2M to scale global operations. CEO Simonas Rudaminas, angel.co/copictures, twitter.com/copictures.
CGTrader is the leading 3D model marketplace for 3D printing and computer graphics. In 2014 CGTrader grew four times and now unites 150,000 professional 3D designers globally, offering 100,000 unique 3D models for sale. They are raising $3M series A. Connect with CEO Marius Kalytis, angel.co/cgtrader-1, https://twitter.com/cg_trader.
OppSites’ economic development platform connects cities and real estate development professionals in a single $250 billion dollar annual market. Six months since its launch, OppSites has raised a seed round and is already working with 150 cities across the United States. OppSites cloud-based 3D data visualization and analysis software connects city development priorities with investment partners. Meet CEO Ian Ross, angel.co/OppSites-2, https://twitter.com/OppSites.
TutoTOONS is a powerful platform for creating your own mobile games without any coding skills. This drag and drop game builder launched in 2014 and has managed to break even in just one year with more than 80 games published and 8M game downloads. They are raising $1.5M series A for growing community and scaling the business. CEO Mantas Radvila, angel.co/tutotoons, twitter.com/tutotoons.
Seed Rounds
TrackDuck [disclaimer – I’m the co-founder and CEO of TrackDuck] is a B2B SaaS startup, which covers all your digital project feedback needs – from the first mockups to a live website. Launched in January 2014 TrackDuck is being used by 12,000 designers and developers in 129 countries. In the beginning of 2014 they raised $250K and are now raising $500K more for expansion in the UK and other European countries. CEO Edmundas ‘Eddy’ Balcikonis, angel.co/trackduck, twitter.com/TrackDuck
PlaceILive.com is a location based platform that provides ‘smart’ neighbourhood information to help you find the best place to live. System is available in 5 cities (Berlin, London, Chicago, San Francisco and New York). They have 150K monthly active users (25% weekly growth). Raising seed round of 700K EUR. https://angel.co/placeilive-com, https://twitter.com/PlaceILive, https://www.linkedin.com/profile/view?id=34481792
Tinggly – global experience gifts company (eCommerce, gifts). Currently raising seed round of $500K. Launched in December 2014, Tinggly is on a mission to change the gift giving culture.They are targeting the UK & US audiences, looking for partnerships with startups in the travel industry. Get in touch: angel.co/tinggly, twitter.com/TingglyTeam, linkedin.com/profile/linas
Aciety, a B2B search engine for high-end IT services is raising $300K. During just one year they have managed to develop their Beta, screened 4000+ B2B partners, attracted 90+ prominent companies (which employ 2500+ software engineers) and closed deals with clients like Expedia. Get in touch: angel.co/aciety, twitter.com/Aciety, linkedin.com/in/tpagirys,
Mobile Worker – B2B startup making SaaS platform for field service and mobile workforce management. In 2014 – 15KAndroid App downloads in 160 countries. In 2015 four major Norwegian construction companies, that employ more than 100 employees each, bought their solution. Get in touch: https://angel.co/mobile-worker, https://twitter.com/mworker_com, www.linkedin.com/in/augute
Web Robots, B2B DaaS seed Serving customers in the US, Australia and Europe. Largest customer brings in a revenue of $20K annually. 135 robots in production. Ability to extract data from 1M web pages per day. https://angel.co/werobots/, https://twitter.com/werobots, https://www.linkedin.com/pub/tomas-vitulskis/2/560/8ab 250K EUR
Omnisend (http://www.omnisend.com/), the email marketing platform specialized for e-commerce, helps online retailers increase their revenue through newsletters. Launched in February 2014, Omnisend now serves more than 6000 online stores from 115 countries and is the No.1 email marketing service in the Shopify app store (https://apps.shopify.com/featured/marketing). Further on Omnisend’s roadmap are behavior-based and sales-related automated features that will be extra sales drivers for their clients. Raising seed $500K. Co-founder and CEO Rytis Lauris (http://www.linkedin.com/in/rytisl), https://angel.co/company/omnisend/, https://twitter.com/omnisend, https://www.linkedin.com/company/omnisend
GETSHOPIN is a complete ecommerce solution that allows people to setup their online stores in no time without any coding or designing knowledge.. They have achieved remarkable traction in Lithuania, opening 15 shops every single day and have successfully launched in Nigeria with 1,000 stores in under 3 weeks.. They are raising 250K Eur to become the No. 1 solution in Lithuania, Latvia and Nigeria in 5 months.https://twitter.com/GETSHOPINCOM, https://www.linkedin.com/in/cepkus
ReHobby is a p2p marketplace for used hobby equipment. They have raised a seed roundin 2013. Launched in Germany with fishing equipment marketplace MeineAngelruten.de. Registered over 2,000 users in just 13 weeks since launch. Currently raising late seed: 100K Eur to establish their brand in Germany. Expansion to other markets and other hobbies in 2016. https://angel.co/rehobby-1 https://www.linkedin.com/in/ugniusl
Dragdis is a visual bookmarking tool for designers., raised $250,000 in 2013. Stats: 63,000+ users, 3,500,000+ items saved, 15% MAU, growing 10% everymonth, mostly because of WOM. Now Rraising late seed: $500K https://angel.co/dragdis, https://twitter.com/dragdisapp, lt.linkedin.com/pub/domas-sabockis/28/878/334/en
MobiFOR, is a SaaS platform that lets users create an online store without the need for programming skills. The startup ecosystem is growing rapidly in Lithuania and MobiFOR has already received quite a lot of attention. After a great start in Lithuania, we adapted MobiFOR for the Indonesian market and are now trying to enter it. MobiFOR currently has more than 400 registered merchants in the first 4 months after launch, and 100 of them are active on MobiFOR at least once per week. 80 percent of MobiFOR’s active users are signing up for the premium plan. https://angel.co/mobifor, https://twitter.com/MobiFORstore, CEO Nerijus Abrutis 450K
Playgong is an app based around a community of sports players and built for precise matchmaking, result sharing and local leaderboards. Launched Android app beta version. Currently improving UI and UX based on feedback and creating a responsive web app. Raising seed $550K. CEO: Dmitry Lashkov.angel.co/playgong, twitter.com/playgong, www.facebook.com/playgong.
JobRely, a crowd sourced recruitment platform startup with predictive HR analytics raising $400K seed round. In 9 months over $120k bonuses to referrers were offered by 100+ companies in Lithuania. More than 1000 users reach 20k professionals (13% weekly growth last 2 months). angel.co/jobrely, twitter.com/jobrely, CEO Vytenis Pakenas
Bliu Bliu is a B2C education startup helping people learn languages. Bliu Bliu is fundraising for series A of $1.2M series A after impressive growth in 2014 – over 450 monthly subscribers and 12k monthly users. angel.co/bliu-bliu, twitter.com/bliubliu, CEO Claudio Santori
PlateCulture connects people who love cooking & hosting dinners with people who love eating authentic home cooked meals. Focus market is Southeast Asia. They are currently growing user base by 80% monthly, there is one new home restaurant opened every day. angel.co/plateculture, https://twitter.com/plateculture https://www.linkedin.com/in/redamarkeviciute [email protected]
EveBUZZ is a social network that helps you to arrange meet-ups with friends or like-minded people nearby. They launched closed beta version of the EveBUZZ mobile app in October and have already had more than 400 meetups organized. https://angel.co/evebuzz, https://twitter.com/EveBUZZ, https://www.facebook.com/evebuzzapp, CEO Jurgita Makselyte
Looking for an angel
velvet is a social mobile dating app, which only started working on the idea in 2015 but already launched their closed beta version. They are looking for $300K angel round. Connect: angel.co/velvet, CEO Donatas Bubinas
ESQUOIA is manufacturing the next generation notebooks. They have successfully ended 2 Kickstarter projects, which raised over $45k. First product released is a reusable whiteboard notebook. Company sells its production to partners worldwide from Europe to Asia. CEO: Valdemar Tunkevic twitter.com/esquoia
StartupBake, B2B, Startups $100K seed
StartupBake is a marketplace that connects Ruby on Rails developers with entrepreneurs from all around the world.
Unlike most developer market places, StartupBake only specializes in Ruby on Rails and gives developers an opportunity to monetize their projects and bespoke code putting it in front of potential buyers.
“Right out the oven – freshly baked Ruby on Rails startup projects for sale. Choose the one you love and customise it to your own taste”
startupbake.com/store, angel.co/startupbake, twitter.com/startupbake, www.linkedin.com/in/shast, linkedin.com/profile/view?id=221037723
Neurontools, Neuromarketing, Private finances, Developing working prototype. angel.co/neurontools linkedin.com/in/davidaidas $30K
ThinkToolkit – B2B SaaS, B2C Marketplace Angel/Seed Currently actively acquiring new customers. Few promising partnerships under negotiation with well known and established Danish presentation design outsourcing company and a market place for presentation content. https://www.linkedin.com/profile/view?id=145437484, 100K EUR
Trinyte is a B2B SaaS application that helps dental technicians and prosthodontists manage the process of producing dental prosthetics and improve the efficiency of their work based on a procedural protocol for dental architecture. They previously raised $90K from an angel investor and are now looking for a $360K seed investment.
JetCat Games is a game development studio that recently moved to Vilnius from Belarus and won local pitching competition. JetCat is working on a Helicopter Wars MMO game. They need $250K seed to finish development and start marketing activities. CEO Raman Ulasau
There is more where this came from.
This list is just part of startups from Lithuania that are doing awesome things. I have left out all the crowdfunding startups, all the life-science startups and so on. If you’re one of such startups – just leave a comment below about your company and I’ll make sure to include you in the next post.
For investors and others interested in what’s going on in Lithuania – follow Startup Lithuania, go to Twitter and search for hashtag #LTstartups or come down to Lithuania the biggest annual tech conference in the Baltic region this May – LOGIN 2015.
Rocket image by shutterstock
A pixel art image by shutterstock
