Startup Fair: Vilnius invites startups to one of the largest startup events in the region
The Baltic States' premier startup event, Startup Fair, returns to Vilnius, Lithuania, on 3rd October. This year's event expects to attract over 2,000 participants and 430 investors from 68 countries. Attendees will have the opportunity to hear from over 60 speakers, watch a startup competition, and network with key players in the industry.
Organised by Startup Lithuania, the national startup ecosystem facilitator, "Startup Fair. Pulse 2024" features a lineup of international speakers, including investor Wouter Vorstman, NileBorn founder Jorgen Persson, Industrifonden's Investment Director Rebecka Löthman Rydå, and DN Capital Associate Raoul Fiano. The event's highlight will be the Pitch Battle, where selected startups will pitch their ideas for a chance to secure funding from the Lithuanian Business Angels Network (LitBAN) and Coinvest Capital. This year, the Pitch Battle boasts a prize pool of €3 million, reflecting Lithuania's strong appetite for investing in innovative startups.
Vilnius, known for its leadership in cybersecurity and ranking as the EU's second-best city for medical technology, will once again showcase its innovative spirit. Now in its 12th year, the event will explore current entrepreneurial trends, discuss the impact of AI, and provide ample networking opportunities within Lithuania's vibrant startup ecosystem.
Karolina Urbonaitė, CEO of Startup Lithuania, highlighted that Lithuania's startup ecosystem saw substantial growth last year, driven by several government initiatives. One notable effort was the launch of InnoHub Lithuania in Silicon Valley by the non-profit governmental agency, Innovation Agency Lithuania, providing Lithuanian startups with crucial networking opportunities in the US. The Ministry of Economy and Innovation also partnered with the startup accelerator Plug and Play, which committed to running five acceleration cycles for 60 Lithuanian startups over three years.
"In some cases, growing a start-up in Lithuania is easier than in the US, which is considered a start-up paradise. Here, innovators get a lot of help and support from the state. The start-up community is also a sharing and collaborative one,” said Urbonaite.
Globally, AI startup funding has been on the rise. Crunchbase reported a 4% increase in venture capital funding for AI startups, totalling $12.2 billion in the first quarter of 2024 compared to the previous quarter. Lithuania has contributed to this trend with its own success stories. In June, SpikeAPI, an AI-focused startup from Lithuania, secured $3.5 million in seed funding, and in May, Pixevia, a developer of AI-powered stores, announced a €1.5 million investment.
Lithuanian startups primarily focus on sectors such as Business Software (25%), FinTech (15%), HealthTech, Life Sciences, and Wellness (10%), Advanced Manufacturing (7%), and AdTech and Creative Technologies (6.5%). Notably, Lithuania's life sciences sector has seen an 11-fold increase over the past decade, boasting the highest growth rate in Europe at 33%.
Rūta Pukenė, Acting Head of the Startup Association Unicorns Lithuania, observed significant breakthroughs in green innovation and biotechnology. The FinTech, HealthTech, and e-commerce sectors continue to perform robustly. As Europe strengthens its defence technology capabilities, there are growing opportunities for creating high-value businesses. It's crucial now to identify pressing problems, take calculated risks, and leverage technology to create real value.
According to Dealroom, Lithuania's startup ecosystem is valued at €13.7 billion and attracted €292 million in VC investment in 2023, with Nord Security and PVcase each raising €100 million. The country is home to nearly 1,000 startups, employing 18,000 people.
