Innovation Agency Lituania Press Release
The total value of Lithuania’s startup ecosystem reached €16.4 billion in 2025, according to the latest Dealroom report initiated by Startup Lithuania, a division of the Innovation Agency. In just one year, Lithuanian startups attracted €220 million in venture capital investments from 77 unique investors. The ecosystem’s growing maturity was further confirmed earlier this year with the addition of a new unicorn to Lithuania’s startup map — Cast AI.
“Over the past five years, Lithuania’s startup ecosystem has grown 5.9 times — nearly four times faster than the Central and Eastern Europe average of 1.6 times. Lithuania is no longer just an emerging ecosystem; it is becoming mature and competitive on an international scale. Our goal is for this growth to create long-term value for the national economy and strengthen Lithuania’s position in global markets,” says Minister of Economy and Innovation Edvinas Grikšas.
Investment Growth and Capital Structure Maturity
In 2025, investment growth in Lithuania stood out across the region — the amount of venture capital attracted increased from €131 million to €220 million year-on-year. Looking at the period since 2020, Lithuania ranks second in Central and Eastern Europe in terms of venture capital attracted per capita and exceeds the regional average by more than four times.
“We are seeing a clear maturation of the investment structure — at early stages, Lithuanian startups are most often supported by local investors, but as companies grow, international capital plays an increasingly important role. Particularly significant is the involvement of U.S. investors, which becomes decisive at breakout and later stages when companies are rapidly expanding in global markets,” says Karolina Urbonaitė, Head of Startup Lithuania at the Innovation Agency.
The largest investment in 2025 was secured by Cast AI, a company developing AI solutions for cloud infrastructure, which raised USD 108 million in a Series C round. This marked the second-largest funding round in the history of Lithuanian startups, surpassed only by Vinted. Nexus AI ranked second by investment size, raising €30 million, while biotechnology company Atrandi Biosciences placed third with a €22.7 million investment.
By sector, the largest share of investments in 2025 went to business software, which attracted €160 million. Health tech startups received €34.7 million, while the fintech sector attracted €16 million.
Despite the rebound seen in 2025, overall investment levels remain below the peak years of the past cycle. This decline reflects broader global trends driven by ongoing geopolitical tensions, macroeconomic uncertainty, and a more conservative approach from investors. Heightened risk aversion, longer decision-making cycles, and a stronger focus on capital efficiency have reshaped venture capital flows across Europe, including Lithuania. Against this backdrop, the renewed growth in 2025 highlights the resilience of Lithuania’s startup ecosystem and its ability to attract capital even in challenging conditions.
Signs of Ecosystem Maturity
Lithuania’s startup ecosystem also stands out for its ability to scale globally without relocating headquarters abroad. Only 26% of scaleups founded in Lithuania move their main headquarters to other countries — the lowest figure in the entire Central and Eastern Europe region. By comparison, this figure reaches 50% in Estonia and 70% in Latvia.
Lithuania also leads in the share of female-founded startups. Eleven percent of Lithuanian startups have female founders, exceeding both the Central and Eastern Europe and overall European averages. Since 2020, companies founded by women (either solely or jointly) have attracted 21% of all venture capital invested in Lithuania, and Lithuania ranks first in the region by the total company value created by female-founded startups. However, around 90% of the total value of female-founded startups is driven by the unicorn Vinted.
Startup Growth in Cities
At the city level, Vilnius remains the fastest-growing city in Central and Eastern Europe by startup-created value and ranks third among regional capitals in venture capital attracted in 2025. Business software and health tech dominate the capital’s ecosystem.
“The growth of Vilnius’ startup ecosystem is driven by the consistent development of technological infrastructure, a supportive regulatory and business environment, and the ability to attract international talent and investors. This allows the city to maintain a competitive position across the entire region,” says Dovilė Aleksandravičienė, Head of the official Vilnius city business and tourism development agency Go Vilnius.
Kaunas ranks third among non-capital cities in Central and Eastern Europe by venture capital attracted since 2020. The city is particularly active in the energy, gaming, and transportation sectors, with growth driven by startups such as Fivrec, TutoToons, and Elinta Charge.
“Kaunas’ strength lies in its clear specialization and growing concentration of technology companies, enabling the city to compete with major regional hubs. This shows that Lithuania’s startup ecosystem is strong not only in the capital,” says Tadas Stankevičius, Head of Kaunas IN, the city’s business, investment, and tourism agency.
The Dealroom report was presented at the Innovation Agency’s annual event Wrap Up of 2025. The report was initiated by Startup Lithuania together with partners: venture capital fund Coinvest Capital, law firm Triniti Jurex, fintech hub Rockit, Kaunas IN, and Go Vilnius.
The full Dealroom startup ecosystem report can be found here.
