Lithuanian startups paid €472.6 million in taxes last year with monthly salaries averaging over €4,000

Startups operating in Lithuania, and the technology companies that have grown out of them, collectively added €472.6 million to the country's budget in 2024 through taxes paid. This represents an increase of around €71 million on 2023 levels. The average salary paid in the sector continues to grow steadily, with a €400 increase compared to a year ago. The average monthly pre-tax salary in startups is now €4,200, according to data from the association Unicorns Lithuania.

"Lithuanian startups are continuing to grow, expand, conquer new markets, and attract investments even in challenging economic and geopolitical circumstances. A closer look at the statistics reveals a sector with even greater potential. For example, last year 89 companies in the startup sector paid more than €1 million in taxes. This is up from 74 the year before. This means we have a growing number of stable and strong technology companies. Our sector now employs a record 19,000 people, and startups established in other countries are also successfully expanding in Lithuania. Overall, we see very positive growth trends for Lithuania’s technology companies and unicorns of the future", says Gintarė Verbickaitė, CEO of Unicorns Lithuania. 

The Top 5 startups in Lithuania in terms of tax paid in 2024 were: 

1. Vinted - €38.00 million (+ 61% compared to 2023) 

2. Binance - €27.82 million (+ 192% compared to 2023) 

3. Wargaming - €26.4 million (- 4% compared to 2023) 

4. Nord Security - €23.83 million (+12% compared to 2023) 

5. Baltic Classifieds Group - €19.25 million (+ 24% compared to 2023) 

Two other tech companies, Oxylabs and KiloHealth, passed the €10 million annual tax threshold in 2024. Meanwhile, the likes of Gurtam, Flo Health, Surfshark, Hostinger, Omnisend, Ovoko, carVertical and Bored Panda all made it into the top 15 higher taxpayers. 

The Top 5 startups for average monthly pre-tax salary in 2024 were: 

1. Tesonet Accelerator - €9.8k (+25% compared to 2023) 

2. Payhawk - €9.4 thousand (+ 94% compared to 2023) 

3. Game Insight - €9.1 thousand (- 5% compared to 2023) 

4. FatMap - €8.8 thousand (+ 53% compared to 2023) 

5. Stock Invest.us - €8.5 thousand (+ 53% compared to 2023) 

According to Unicorns Lithuania, over 1,000 start-ups are active in Lithuania today. Around 40% of them are paying monthly salaries that are higher than the national average. 

"It is important to emphasise that startups create value for their employees not only financially, through salaries, bonuses or options. They also offer career benefits, such as the opportunity to live in Lithuania while working on innovative products and services for the global market. This allows them to rapidly develop their knowledge and skills, potentially using these to build their own businesses in the future", points out the CEO of Unicorns Lithuania. 

According to G. Verbickaitė, the sector’s continued growth in both tax payments and salaries provides a solid basis for predicting that start-ups and technology companies can become a significant driver of the Lithuanian economy. "Unicorns Lithuania" has set a target for the ICT sector to generate 20% of Lithuania's GDP by 2030,” she comments. 

For more data on the performance of Lithuanian startups in 2024, click here.