The secret sauce girlpower - Startup Wise Guys

REPORT 2018--2019

The secret sauce

OF BOLT, PRINTFUL, AND OTHER CULTURE-DRIVEN COMPANIES

Biggest investment deals

WHO RAISED THE MOST IN 2018/2019?

Hiring challenges in the Baltics

WHAT CAUSES HEADACHES FOR THE REGION'S FAST-GROWING STARTUPS?

#girlpower in the Baltic tech scene

BALTIC STARTUP SCENE Report 2018--2019

THE BALTIC STATES IS A BOOMING SPACE FOR STARTUPS

Despite their small size, the three Baltic countries are showing impressive results in digitalization and being a booming space for startups. Continuously ranked among places with best tax regimes, ease of doing business, and tech savviness, the Baltic states are quite an interesting phenomenon in the European startup scene. Estonia alone is home to some of Europe's fastest growing companies ? including four unicorns. In the meantime, the neighbouring countries of Latvia and Lithuania are also catching up.

This is the second time the Startup Wise Guys accelerator and EIT Digital join their forces to publish the Baltic Startup Scene Report. While each Baltic country regularly comes up with data and reports, the region is rarely analyzed as a whole and benchmarked with other countries and regions in Europe.

Last year's report was well-received ? 500 printed copies were distributed among stakeholders from the Baltics and abroad. There were also close to 1000 downloads of the digital version of the report.

For some time, the international perception of the Baltics was synonymous with Estonia. Recently, however, Latvia and Lithuania have been striding towards closing the gap. So, what is the status now? Are the ecosystems closer in development than outsiders consider them to be? This report sheds light on the true case of the Baltic ecosystems, and where they stand in the larger European context.

Fabio Pianesi EIT Digital

After publishing the first report in 2018, we saw deep curiosity and positive rivalry among Baltic ecosystem players. In the meantime, many stakeholders from abroad, like investors, tech journalists, CxOs of corporations, were impressed with how the small Baltic countries have managed to be frontrunners in all things digital and startups. We were happy to see that data combined with quality insights sparked in them a deeper interest in Baltics.

Therefore this year we have kept the best from the first report, but also upgraded and added more founder stories and experiences, indicated some challenges faced by ecosystems and startups, added a new section on women in tech and top events to attend, listed not only local, but also foreign VCs interested in the Baltics, and last but not least ? added new verticals to our curated Startups to Watch list. We hope you will enjoy this report!

Zane Bojare

Startup Wise Guys

BALTIC STARTUP SCENE Report 2018--2019

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CONTENTS

Baltics in a Nutshell

8 Investment & Funding

10 Biggest Deals

Blockchain and the

12 aftermath of the ICO craze

Ecosystem

28 Tech Events in The Baltics

31 Startup Funding in the Baltics

35 Startup Accelerators 38 Baltic Women in Tech 41 Corporate Innovation

in the Baltics

44

Startups to Watch

Benchmark

16

Baltic Benchmarking with Europe

18

Living & Working in the Baltics

22

Startup Visas in the Baltics & Europe

Longer Reads

Access to talent in the

62 Baltics ? what challenges do local startups face?

65 Company culture in the Baltic startup scene

67 Where in the world are Baltic startups?

BALTIC STARTUP SCENE Report 2018--2019

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