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Although the Lithuanian startup sector currently employs roughly the same number of specialists (18,100) it did in Q2 2023, the average salary has increased by 16% or €600, reaching €4,400 in Q2 2024. According to Unicorns Lithuania, there are more than 1,000 startups active in the country today.
“The growth trends of the Lithuanian startup ecosystem indicate that we might become the leading tech country in Europe already this decade. To achieve this goal, we’ll need more new, startups and the continued growth of existing players”, says Gintarė Verbickaitė-Bačiulienė, CEO of Unicorns Lithuania.
TOP5 startups operating in Lithuania by tax contribution (Q2 2024):
1. Vinted – €12.86 million
2. Wargaming – €7.32 million
3. Nord Security – €6.04 million
4. Baltic Classifieds Group – €4.26 million
5. KiloHealth – €3.10 million
In Q2 2024, a total of 21 startups crossed the €1 million threshold, as compared to 13 in Q2 2023, which represents a 62% increase. Apart from those already mentioned, startups that have paid more than €1 million in taxes in Q2 2024 are as follows: Gurtam, Flo Health, Oxylabs, CarVertical, Surfshark, Zen, Omnisend, Bored Panda, Ovoko, mano.bank, Kongsberg NanoAvionics, SME Go, Paystrax, TransferGo, Hostinger, and Nordcurrent.
According to Gintarė Verbickaitė-Bačiulienė, this is a great example of the Lithuanian startup sector’s growing strength and maturity: the ecosystem today consists not only of young, small businesses, but also of successful scale-ups that have been around for over a decade, and are continuing to expand their scope of operations. In Q2 2024, the startups with the highest headcount in Lithuania were: Vinted (1,457), Nord Security (1,212), Wargaming (901), Oxylabs (499), and Planas Chuliganas (398).
TOP5 startups operating in Lithuania by salary (Q2 2024):
1. Wargaming – €11,950 (+126% compared to Q1 2024)
2. Payhawk – €9,570 (+2% compared to Q1 2024)
3. Cast AI – €9,290 (+24% compared to Q1 2024)
4. Probanx – €9,180 (+56% compared to Q1 2024)
5. Oberlo – €8,860 (+36% compared Q1 2024)
“The startup ecosystem is an important driver behind the growth of the entire tech sector, both having a significant impact on the development of the national economy. And since this sector is oriented towards export and essentially global, it is less affected by economic cycles and geopolitical challenges. Tech companies are creating well-paying, impactful jobs that contribute to the national budget with taxes and boost general purchasing power. To realise the full potential of Lithuania’s tech sector we must expand the startup ecosystem, support the establishment of high added value businesses, employ well-qualified talent, and create the right conditions for existing startups to become the country’s key driver of economic growth. For successful companies to continue expanding in Lithuania, we must also ensure investment in defence, foster new talent, and create an environment conducive for capital growth”, emphasises Gintarė Verbickaitė-Bačiulienė.
For full data on the performance of startups operating in Lithuania, follow this link.
