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“As the world’s leading tech companies announce layoffs, the number of local talents employed in Lithuanian startups over the last 6 months remains stable – around 17,300. There’s also a curious trend, whereby large startups continue hiring, while smaller ones are letting people go,” said Inga Langaitė, CEO of Unicorns Lithuania.
She claims that we may, therefore, assume that profitable startups are leveraging market changes to attract talented specialists, while early-stage ventures reliant on investment are forced to optimise their processes. Case in point – the number of employees grew at the following big startups: Vinted (+72), Nord Security (+75), and Kilo Health (+81).
According to Unicorns Lithuania, in Q1 2023, the gross wages of startup talent averaged €3,700, which is 16% or €500 more than last year. In Q4 2022, the average wage, including end-of-year bonuses, at startups operating in Lithuania reached €4,200.
TOP5 startups by wage (Q1 2023):
1. Game Insight – €12,150 (+20% compared to Q1 2022)
2. Tesonet Accelerator – €7,660 (-15% compared to Q1 2022)
3. Paysolut – €7,420 (+49% compared to Q1 2022)
4. Planner 5D – €7,330 (+4% compared to Q1 2022)
5. Cast AI – €6,870 (+14% compared to Q1 2022)
“Startup behaviour is changing, going from growth to survival mode, which includes revising processes and boosting efficiency and profitability. So far, it seems to be working – even with staff optimisation, wages and tax contributions are both rising. The Lithuanian startup ecosystem is showing no signs of impending mass layoffs. Compared to 2022, the number of employees has increased by 1,800 or 12%,” Inga Langaitė explained.
TOP5 startups by tax contribution (Q1 2023):
1. Wargaming – €8.34 million
2. Nord Security – €5.39 million
3. Kilo Health – €3.86 million
4. Vinted – €3.65 million
5. Bored Panda – €2.22 million
According to Unicorns Lithuania, there are currently 853 active startups in the country. To learn more about Lithuanian startup performance in Q1 2023, follow this link.
