Startups in Lithuania: Nord Security paid the most in taxes, Game Insight offers the highest wages, and Vinted is the biggest employer

According to Unicorns Lithuania, in Q1 2024, startups operating in the country paid €91.5M in taxes, which is 8% more than last year, but 6% less than in the previous quarter.

Today, Lithuanian startups employ 18,000 talents, whose number has remained stable (it was 17,800 the year prior), and the average wage has reached €4,100, i.e., increased by €400 over the year.

“The short-term changes observed in the markets today are related to economic uncertainty and geopolitical tensions, to which Lithuanian startups were also forced to adapt. To this end, they’ve been endeavouring to reduce costs, optimise routine processes, and increase their profitability so as to grow more effectively and more sustainably in the future. Taking a long- term perspective, however, we can see that the Lithuanian startup ecosystem keeps growing, and is already among the leaders in Central and Eastern Europe. According to Dealroom, in 2018-2023, our startup ecosystem’s value grew faster than in other European countries, namely – seven-fold, from €1.9 to €13.7B,” said Inga Langaitė, CEO at Unicorns Lithuania.

TOP 5 startups by amount of taxes paid (Q1 2024):

1. Nord Security – €6.19M 

2. Wargaming – €6.08M 

3. Vinted – €5.51M 

4. Baltic Classifieds Group – €3.18M 

5. Oxylabs – €2.67M 

The biggest current employers in Lithuania are as follows: Vinted (1,418), Nord Security (1,209), and Wargaming (907). According to a survey of 120+ ICT employers jointly conducted by Unicorns Lithuania, Work in Lithuania, and Google, by 2025 the surveyed companies plan to hire no less than 7,600 extra IT specialists – the same number as is currently employed. As many as 80% of respondents said that, by 2025, demand for talent in their companies will likely increase, while 20% stated they currently had no intention to hire any more specialists. However, not a single one of the 124 surveyed companies specified any plans for layoffs. In terms of the reasons for hiring extra staff, 7 out of the 10 companies with plans for such reported intention to develop new products or services, 60% boasted increased demand for their current products, and 50% had plans for expanding into new markets. 

TOP 5 startups by wages paid (Q1 2024):

1. Game Insight – €11.120 (+13% compared to Q4 2023) 

2. mano.bank – €9,590 (+135% compared to Q4 2023) 

3. Payhawk – €9,420 (+3% compared to Q4 2023) 

4. Nuvel – €8,520 (+96 compared to Q4 2023) 

5. Cto2B – €8,400 (+13 Q4 2023) 

According to Unicorns Lithuania, there are currently 950+ startups active in the country. Click this link to learn more about the Q1 2024 performance of startups operating in Lithuania.