REPORT / Q3 2026 UPDATE / DATA TO 30 SEPTEMBER 2026
Baltic startup funding report
Baltic startups raised €326m in 71 rounds in the first nine months of 2026, against €506m in 140 rounds a year earlier.
Funding data for Baltic startups is scattered. Rounds are announced by companies, funds, angel networks and the press, often months after they close, and no single database has them all or has them right.
This report builds one record from all of them. We cross check startup databases against company, investor and press announcements, take out grants and loans that are reported as rounds, and add the rounds that were never fully recorded.
It covers venture rounds and exits of startups headquartered in Estonia, Lithuania and Latvia, and of startups that started there and moved their headquarters abroad. It uses the same record and rules as our CEE startup funding report and its country reports, so the three countries can be set against each other and against the rest of the region.
We add a quarter every three months. If you are raising in the Baltics, it shows how many rounds close, at what size, and who writes the first cheques.
Highlights
€326m in the first nine months, down 35% on a year earlier (€506m). The largest round is Oxylabs' €118m growth round, 36% of the total.
52 seed and later rounds this year, against 77 a year earlier, and 71 rounds in all against 140. Pre-seed is where the record of recent rounds is least complete, and its count will rise as late rounds surface.
Seven venture-backed exits by September, against 13 in the same months of 2025. Buyers include Mynt, Pipedrive, Raintree System and Quantum Systems.
01 / THE MARKET
The market
Capital down 35% on the same months of 2025. Rounds: 71 against 140.
SHOW DATA
| Row | Pre-seed | Seed | Series A | Growth | Total |
|---|---|---|---|---|---|
| 2024 | 29 | 132 | 69 | 251 | 482 |
| 2025 | 21 | 129 | 125 | 377 | 651 |
| 9M 2026 | 7.3 | 77 | 78 | 163 | 326 |
The Baltics raised €482m in 2024 and €651m in 2025. The largest 2025 round, CAST AI's €98m, was 15% of that year. 2026 has €326m so far.
9M 2026 covers January to September 2026. The dashed line marks the same months of 2025.
SHOW DATA
| Row | Pre-seed | Seed | Series A | Growth | Total |
|---|---|---|---|---|---|
| 2024 | 105 | 94 | 12 | 10 | 221 |
| 2025 | 87 | 75 | 15 | 13 | 190 |
| 9M 2026 | 19 | 39 | 6 | 7 | 71 |
221 rounds in 2024, 190 in 2025 and 71 so far in 2026. Some rounds are recorded months late, so the latest quarters will rise.
| Row | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|
| Capital | €506m | €326m | ▼ -35% |
| Rounds | 140 | 71 | ▼ -49% |
| Pre-seed rounds | 63 | 19 | ▼ -70% |
| Seed rounds | 54 | 39 | ▼ -28% |
| Series A rounds | 12 | 6 | ▼ -50% |
| Growth rounds | 11 | 7 | ▼ -36% |
Quarter by quarter, capital swings with the timing of large rounds. The count of rounds is the steadier signal.
The latest quarter is still filling in and will rise.
02 / THE BALTICS, COUNTRY BY COUNTRY
The Baltics, country by country
The Baltics raised €106 per person in 2025, against €15 across the ten CEE countries.
The same record and rules for all ten countries, so the comparison is like for like. Capital per person divides each country's capital by its population.
| Country | €m 9M 2026 | Change | Rounds 9M 2026 | Change | € per person 2025 | € per person 9M 2026 |
|---|---|---|---|---|---|---|
| Estonia | 133 | ▼ -48% | 39 | ▼ -49% | 258 | 97 |
| Lithuania | 182 | ▲ +3% | 28 | ▼ -42% | 75 | 63 |
| Baltics | 326 | ▼ -35% | 71 | ▼ -49% | 106 | 53 |
| Czechia | 513 | ▲ +101% | 47 | ▼ -15% | 28 | 47 |
| Bulgaria | 199 | ▲ +91% | 22 | ▼ -4% | 32 | 31 |
| Hungary | 122 | ▲ +3% | 22 | ▼ -35% | 13 | 13 |
| Slovakia | 55 | ▼ -24% | 11 | ▼ -39% | 21 | 10 |
| Ukraine | 282 | ▲ +336% | 50 | ▼ -29% | 2 | 7 |
| Poland | 226 | ▼ -10% | 67 | ▼ -27% | 10 | 6 |
| Latvia | 12 | ▼ -84% | 4 | ▼ -73% | 43 | 6 |
| Romania | 105 | ▲ +14% | 30 | ▼ -6% | 9 | 6 |
Population on 1 January 2025.
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| Estonia | 324 | 353 | 133 |
| Lithuania | 129 | 217 | 182 |
| Latvia | 29 | 81 | 12 |
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| Estonia | 112 | 97 | 39 |
| Lithuania | 73 | 68 | 28 |
| Latvia | 36 | 25 | 4 |
In 2025, Estonia closed 97 rounds and raised €353m, Lithuania closed 68 rounds and raised €217m and Latvia closed 25 rounds and raised €81m.
03 / STAGES AND ROUND SIZES
Stages and round sizes
The typical seed round in 2025 was €1.7m.
Rounds by company stage. Where one round can move a stage's total, the count and the typical round tell more than the capital.
| Row | Rounds 2024 | €m 2024 | Rounds 2025 | €m 2025 | Rounds 9M 2026 | €m 9M 2026 | Median 2024 | Median 2025 | Median 9M 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Pre-seed | 105 | €29m | 87 | €21m | 19 | €7.3m | €0.1m | €0.1m | €0.4m |
| Seed | 94 | €132m | 75 | €129m | 39 | €77m | €1.9m | €1.7m | €2.0m |
| Series A | 12 | €69m | 15 | €125m | 6 | €78m | €5.5m | €7.3m | €8.6m |
| Growth | 10 | €251m | 13 | €377m | 7 | €163m | €20m | €34m | €9.1m |
Median shown where at least three rounds of the stage disclosed an amount.
Pre-seed
105 rounds in 2024, 87 in 2025 and 19 so far in 2026. The typical pre-seed round in 2025 was €0.1m.
Seed
94 rounds in 2024, 75 in 2025 and 39 so far in 2026. The typical seed round in 2025 was €1.7m.
Series A
12 rounds in 2024, 15 in 2025 and 6 so far in 2026. The typical Series A round in 2025 was €7.3m.
Growth
10 rounds in 2024, 13 in 2025 and 7 so far in 2026. The typical growth round in 2025 was €34m.
04 / SECTORS
Sectors
AI raised the most this year: €219m in 31 rounds.
By number of rounds since 2024, the largest sectors are AI (165), enterprise software (113) and fintech (84). A company can sit in several sectors, so sector totals overlap.
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| AI | 96 | 263 | 219 |
| Enterprise software | 79 | 255 | 157 |
| Defence and security | 59 | 83 | 86 |
| Hardware and robotics | 104 | 128 | 46 |
| Mobility and logistics | 119 | 18 | 45 |
| Energy and climate | 140 | 137 | 45 |
| Fintech | 102 | 66 | 34 |
| Food and agri | 31 | 3.3 | 23 |
Ranked by 9M 2026 capital. Sectors overlap.
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| AI | 65 | 69 | 31 |
| Enterprise software | 47 | 47 | 19 |
| Defence and security | 26 | 28 | 11 |
| Hardware and robotics | 30 | 30 | 11 |
| Mobility and logistics | 20 | 16 | 7 |
| Energy and climate | 29 | 31 | 9 |
| Fintech | 40 | 31 | 13 |
| Food and agri | 15 | 6 | 5 |
Same sectors, counted by number of rounds.
05 / LARGEST ROUNDS
Largest rounds
The largest round this year: Oxylabs, €118m.
| Company | Country | Stage | Amount | Month | Lead or first investor |
|---|---|---|---|---|---|
| Oxylabs | Lithuania | Growth | €118m | Jul 2026 | Warburg Pincus |
| Skeleton Technologies | Estonia | Growth | €33m | May 2026 | Axon Partners Group |
| Frankenburg Technologies | Estonia | Series A | €30m | Feb 2026 | Plural |
| Saltz App | Lithuania | Series A | €20m | Mar 2026 | Lifeline Ventures |
| Giraffe360 | Latvia | Growth | €9.1m | Mar 2026 | Cipio Partners |
| Mesh Wallet | Estonia | Series A | €9.1m | Sep 2026 | Undisclosed |
| SkySelect | Estonia | Series A | €8.2m | Mar 2026 | Rock Creek Group |
| Farsight Vision | Estonia | Seed | €7.2m | Feb 2026 | Axon Enterprise |
| Copla | Lithuania | Series A | €6.0m | Feb 2026 | Iron Wolf Capital |
| Finbee | Lithuania | Series A | €5.0m | Mar 2026 | Tesonet |
Rounds with a disclosed amount.
| Company | Country | Stage | Amount | Month | Lead or first investor |
|---|---|---|---|---|---|
| CAST AI | Lithuania | Growth | €98m | Apr 2025 | Aglaé Ventures |
| Aerones | Latvia | Growth | €56m | Jun 2025 | S2G Investments |
| Pactum | Estonia | Growth | €49m | Jun 2025 | Insight Partners |
| Starship Technologies | Estonia | Growth | €46m | Oct 2025 | Plural |
| Blackwall | Estonia | Growth | €45m | Mar 2025 | Dawn Capital |
| Nexos | Lithuania | Series A | €30m | Oct 2025 | Index Ventures |
| Atrandi Biosciences | Lithuania | Growth | €23m | Feb 2025 | Lux Capital |
| Lightyear | Estonia | Growth | €21m | Jul 2025 | NordicNinja VC |
| Sympower | Estonia | Growth | €19m | Sep 2025 | PGGM Investments |
| Sintra | Lithuania | Series A | €16m | Jun 2025 | Earlybird Venture Capital |
06 / STARTED IN THE BALTICS, BASED ELSEWHERE
Started in the Baltics, based elsewhere
35 rounds since 2024 by companies that started in the Baltics and are based elsewhere. They count in the totals.
Companies that started in the Baltics, or keep their main team there, but are headquartered elsewhere. They count in the totals, under the country they started in. Companies that Baltic founders built abroad, with no base there, are not included.
| Company | Started in | Based in | Amount | Month | In totals |
|---|---|---|---|---|---|
| Giraffe360 | Latvia | United Kingdom | €9.1m | Mar 2026 | Yes |
| SkySelect | Estonia | United States | €8.2m | Mar 2026 | Yes |
| CAST AI | Lithuania | United States | Undisclosed | Jan 2026 | Yes |
| CAST AI | Lithuania | United States | €98m | Apr 2025 | Yes |
| Pactum | Estonia | United States | €49m | Jun 2025 | Yes |
| Starship Technologies | Estonia | United States | €46m | Oct 2025 | Yes |
| Lightyear | Estonia | United Kingdom | €21m | Jul 2025 | Yes |
| Sympower | Estonia | Netherlands | €19m | Sep 2025 | Yes |
| Trace.Space | Latvia | United States | €3.6m | Feb 2025 | Yes |
| Algori | Lithuania | Spain | €3.3m | Dec 2025 | Yes |
| Dragonfly AI | Estonia | United Kingdom | €3.0m | Oct 2025 | Yes |
| BetterStudio | Estonia | Belgium | €2.3m | Aug 2025 | Yes |
| Lutso | Estonia | United States | €1.2m | Feb 2025 | Yes |
| Rebookify | Lithuania | United States | Undisclosed | Oct 2025 | Yes |
| Argyle | Lithuania | United States | Undisclosed | Sep 2025 | Yes |
| CAST AI | Lithuania | United States | Undisclosed | Sep 2025 | Yes |
| Starship Technologies | Estonia | United States | €82m | Feb 2024 | Yes |
| Pactum | Estonia | United States | €18m | Jul 2024 | Yes |
| Argyle | Lithuania | United States | €14m | Mar 2024 | Yes |
| CUBE3 AI | Lithuania | United States | €13m | Jun 2024 | Yes |
| TransferGo | Lithuania | United Kingdom | €9.1m | Apr 2024 | Yes |
| Superfluid Finance | Estonia | United Kingdom | €4.6m | Feb 2024 | Yes |
| Spike API | Lithuania | United States | €3.2m | Jun 2024 | Yes |
| Qminder | Estonia | United Kingdom | €3.0m | Nov 2024 | Yes |
| Beholder | Estonia | United States | €0.9m | Mar 2024 | Yes |
| Edurio | Latvia | United Kingdom | €0.6m | Apr 2024 | Yes |
| Beholder | Estonia | United States | €0.6m | May 2024 | Yes |
| BoxBox | Estonia | United States | €0.5m | Jun 2024 | Yes |
| eID Easy | Estonia | Ireland | €0.1m | Jan 2024 | Yes |
| INZMO | Estonia | Germany | Undisclosed | Oct 2024 | Yes |
| HotelSync | Estonia | United States | Undisclosed | Jun 2024 | Yes |
| Decomer Technology | Estonia | United States | Undisclosed | May 2024 | Yes |
| XYB | Estonia | United Kingdom | Undisclosed | May 2024 | Yes |
| Monese | Estonia | United Kingdom | Undisclosed | May 2024 | Yes |
| Dark Math Games | Estonia | United Kingdom | Undisclosed | Dec 2024 | Yes |
07 / INVESTORS
Investors
Plug and Play joined the most pre-seed and seed rounds since January 2025: 32.
Most active at pre-seed and seed since January 2025: Plug and Play (32 rounds), Coinvest capital (21 rounds) and FIRSTPICK (21 rounds). Investors are ranked by the rounds they joined, led or followed, over 2025 and 2026 together.
| Investor | Based in | Rounds | Led |
|---|---|---|---|
| Plug and Play | United States | 32 | 0 |
| Coinvest capital | Lithuania | 21 | 9 |
| FIRSTPICK | Lithuania | 21 | 8 |
| NGL | Lithuania | 13 | 2 |
| Startup Wise Guys | Estonia | 11 | 0 |
| Outlast Fund | Latvia | 9 | 6 |
| Latvian Business Angel Network | Latvia | 8 | 5 |
| BADideas.fund | Latvia | 8 | 0 |
| Specialist VC | Estonia | 7 | 1 |
| Superhero Capital | Finland | 6 | 5 |
| ScaleWolf | Lithuania | 6 | 3 |
| Iron Wolf Capital | Lithuania | 6 | 2 |
| Practica Capital | Lithuania | 5 | 4 |
| 500 Global | United States | 5 | 0 |
| Antler | Singapore | 5 | 0 |
| Markus Villig | Estonia | 5 | 0 |
| 2C Ventures | Estonia | 4 | 3 |
| Icebreaker VC | Finland | 4 | 3 |
| EstBAN | Estonia | 4 | 1 |
| Lemonade Stand | n/a | 4 | 1 |
| Change Ventures | Estonia | 4 | 0 |
| Angels | United States | 3 | 1 |
| Lost Astronaut | Lithuania | 3 | 1 |
| Shilling VC | Portugal | 3 | 1 |
| Superangel | Estonia | 3 | 1 |
| BSV Ventures | Lithuania | 3 | 0 |
| Expeditions Fund | Poland | 2 | 2 |
| MOC Capital | Malaysia | 2 | 2 |
| Nordic Science Investments | Finland | 2 | 2 |
| Soulmates Ventures | Czechia | 2 | 2 |
| 42CAP | Germany | 2 | 1 |
| AngelONE Capital | Ukraine | 2 | 1 |
| Domino Ventures | Netherlands | 2 | 1 |
| e2vc | Türkiye | 2 | 1 |
| EIS | Enterprise Estonia | Estonia | 2 | 1 |
| Green Flag Ventures | United States | 2 | 1 |
| Radix Ventures | Poland | 2 | 1 |
| Sunfish Partners | Germany | 2 | 1 |
| Tenity | Switzerland | 2 | 1 |
| Tesonet | Lithuania | 2 | 1 |
| Trind Ventures | Estonia | 2 | 1 |
| ZAS Ventures | United States | 2 | 1 |
| Curiosity VC | Netherlands | 2 | 0 |
| Depo Ventures | Czechia | 2 | 0 |
| Kaspar Tiri | United States | 2 | 0 |
| Maxis | Türkiye | 2 | 0 |
| MITS Capital | Ukraine | 2 | 0 |
| PurposeTech | Czechia | 2 | 0 |
| Skaala | Estonia | 2 | 0 |
| SmartCap | Estonia | 2 | 0 |
| Tera Ventures | Estonia | 2 | 0 |
| Investor | Based in | Rounds | Led |
|---|---|---|---|
| SmartCap | Estonia | 8 | 1 |
| MetaPlanet | Estonia | 4 | 0 |
| Change Ventures | Estonia | 3 | 0 |
| Creandum | Sweden | 3 | 0 |
| Specialist VC | Estonia | 3 | 0 |
| Index Ventures | United Kingdom | 2 | 2 |
| Plural | United Kingdom | 2 | 2 |
| Activate Capital | United States | 2 | 1 |
| Lux Capital | United States | 2 | 1 |
| Bain Capital Ventures | United States | 2 | 0 |
| Dig Ventures | United Kingdom | 2 | 0 |
| Inovo.vc | Poland | 2 | 0 |
| Lightrock | United Kingdom | 2 | 0 |
| Mantas Mikuckas | Lithuania | 2 | 0 |
| Practica Capital | Lithuania | 2 | 0 |
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| All rounds | 62% | 71% | 69% |
Rounds with a fund from outside CEE: 62% in 2024, 71% in 2025 and 69% in 2026 so far, of rounds where investor headquarters are known.
Share of rounds where investor headquarters are known: 146 in 2024, 158 in 2025, 55 in 9M 2026.
08 / EXITS
Exits
The most recent: CostPocket (former Tsekk), bought by Mynt, September 2026.
32 venture-backed exits since 2024: 10 in 2024, 15 in 2025 and 7 in 2026 so far. Deal values are rarely disclosed, so we count exits instead of summing them.
| Company | Country | Month | Type | Buyer |
|---|---|---|---|---|
| CostPocket (former Tsekk) | Estonia | Sep 2026 | Acquisition | Mynt |
| Outfunnel | Estonia | Aug 2026 | Acquisition | Pipedrive |
| Spike API | Lithuania | Jul 2026 | Acquisition | Raintree System |
| SensusQ | Estonia | May 2026 | Acquisition | Quantum Systems |
| Oxipit | Lithuania | Mar 2026 | Acquisition | Sectra |
| Vespia | Estonia | Feb 2026 | Acquisition | Veriff |
| Defendec | Estonia | Jan 2026 | Acquisition | VOSKER |
| Ready Player Me | Estonia | Dec 2025 | Acquisition | Netflix |
| Striga | Estonia | Oct 2025 | Acquisition | Lightspark |
| HotelSync | Estonia | Sep 2025 | Acquisition | Hotel Almerimar |
| Markmonitor | Lithuania | Sep 2025 | Acquisition | Com Laude |
| Rangeforce | Estonia | Sep 2025 | Acquisition | Cyberbit |
| DocLogix | Lithuania | Jul 2025 | Acquisition | Sygnity |
| DLT Payments | Estonia | Jul 2025 | Acquisition | Fumbi |
| Amberlo | Lithuania | Apr 2025 | Acquisition | STP Group |
| Trafi | Lithuania | Apr 2025 | Acquisition | Enghouse Systems |
| Mentum AI | Lithuania | Mar 2025 | Acquisition | Eany |
| Ridango | Estonia | Mar 2025 | Buyout | Bregal Milestone |
| Adact | Estonia | Mar 2025 | Acquisition | Optimove |
| Parcelsea | Estonia | Feb 2025 | Acquisition | Jetbeep |
| Fiizy | Estonia | Feb 2025 | Acquisition | Clar |
| Promoty | Estonia | Jan 2025 | Acquisition | Modash |
| Contribee | Lithuania | Dec 2024 | Acquisition | Masiva group |
| Salto X | Estonia | Dec 2024 | Acquisition | Cake Equity |
| Lightspace Technologies | Latvia | Dec 2024 | Acquisition | Summa Defence |
| Frontu | Lithuania | Oct 2024 | Buyout | Everfield |
| Monese | Estonia | Oct 2024 | Acquisition | Pockit |
| Wisnio | Estonia | Sep 2024 | Acquisition | Assessio |
| TaxScouts | Estonia | Jul 2024 | Acquisition | Taxfix |
| MedDream | Lithuania | Jun 2024 | Acquisition | Medavis |
| RoboLabs | Lithuania | Jun 2024 | Acquisition | Hawk Infinity |
| Klaus | Estonia | Jan 2024 | Acquisition | Zendesk |
09 / METHODOLOGY
Methodology
What the report covers
Period: January 2024 to September 2026. Past years are shown in full. The current year runs to the end of the last complete quarter.
Companies: startups headquartered in Estonia, Lithuania and Latvia, and startups that began there or keep their main team there and later moved their headquarters abroad. Every kind of startup is included: software and hardware, business and consumer.
Events: venture funding rounds, and exits (acquisitions, buyouts and stock market listings).
Sources: public sources only, namely startup databases, company, investor and angel network announcements, and the press.
Every round and exit named in the report links to its announcement. Totals, changes and charts are built from all rounds and are not linked.
This edition covers 482 venture rounds (408 with a disclosed amount) at 410 companies, and 32 exits. Next update: January 2027, adding Q4 2026.
Stages
Stages are the label the company announced or the source assigned. Where a label clearly does not fit the size of the round, such as a very large round called seed, the round is placed by its size. Where there is no label, round type and size decide.
How it is counted
- Funding rounds are equity and convertible venture rounds, including angel network rounds. Grants, loans, state support programmes, crowdlending, secondary sales and investments after a listing are not counted.
- Amounts are in euros, converted at about 1.10 US dollars to the euro. Rounds without a disclosed amount count toward the number of rounds but not toward capital.
- Companies that are not startups are left out even when they raise venture money, such as established manufacturers, service firms and lenders.
- Rounds and exits are cross-referenced against company, investor and press announcements where possible.
Limits
- Public data does not capture every round, so counts are a floor. Small angel rounds are the most likely to be missing.
- Some rounds are recorded months after they happen. Each update adds them to the month they happened in, so recent quarters, the latest above all, will rise.
- Each country's record includes our own search of local press, investor portfolios and companies based abroad (October 2026), which added rounds the startup databases had missed.
- Where a country raises a few dozen rounds a year, one round can move a total by more than half. Read changes in capital with the largest round in mind.
RESEARCH AND ANALYSIS: BADIDEAS.FUND.
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