Lithuania

Lithuania

Activation Phase

We have growing and vibrant startup ecosystem - the number of startups is constantly growing, Lithuanian startups attracted record investments in 2018, new players are engaging in the ecosystem.

Roberta Rudokienė
Head of Startup Lithuania

Sub-sector Strengths

Fintech

The Bank of Lithuania offers a Fintech regulatory sandbox. Lithuanian Fintech startups have access to 34 countries through the CENTROlink system which provides gateway to the Single Euro Payments Area (SEPA), and can issue their own IBANs through Bank of Lithuania APIs. In 2018, the number of companies in the country’s Fintech ecosystem grew by 45 percent. Local startups in Fintech are joined by a number of global players including Revolut and Earthport. Lithuania-based TransferGo raised $17.6 million in 2018.

Mobility

Dana Incorporated, which engineers solutions for powered vehicles and machinery, is opening a new service center in Lithuania. Vilnius-based mobility startup Trafi, official travel planner app of the 2016 Olympics, raised $7 million Series B round and launched world’s first mobility as a service in Vilnius in 2017, then Berlin in 2019. Car sharing startup CityBee raised $124 million in a venture round in 2018. Five companies — CityBee, Flash, MyScoote, Swop & Unicorn Scooters —are developing a scooter-sharing system.

Why you should invest in Lithuania

SOFTWARE STARTUP OUTPUT
850-1,050
GLOBAL AVG.
1,010
ECOSYSTEM VALUE
$156 m
GLOBAL AVG.
$5 bn
Top 10 Global Ecosystem
Affordable Talent
5
Exit Growth
INDEX
4
Output Growth
INDEX
9
Funding Growth
INDEX

Reasons to move your startup to Lithuania

EARLY-STAGE FUNDING PER STARTUP
<$50 k
GLOBAL AVG.
$284 k
TOTAL EARLY-STAGE FUNDING
<$50 m
GLOBAL AVG.
$837 m
SOFTWARE ENGINEER SALARY
$26.6 k
GLOBAL AVG.
$58.3 k

Attraction policy

Unlike most countries, Lithuania’s Startup Visa Programme has no capital or employment requirements.

Universities

Vilnius University, Vilnius Gediminas Technical University, and others support Sunrise Valley Science and Technology Park which provides space, support, and talent.

Ease of Doing Business

It takes three days to start a business, and Lithuania ranks 14th for ease of doing business globally.

Startup Community

Startup Genome
Partners & Members

Featured Articles from
Local Ambassadors

Apply to be an ambassador
We still don't have any ambassador in Lithuania. Contact Us to apply to be our first ambassador.

Get connected

Are you interested in diving deeper into this ecosystem? Drop us a message. Our Ambassadors and Partners can plug you in.