PVcase Startup of The Year with Economy and Innovation Minister Aušrinė Armonaitė

Lithuanian startup ecosystem

Vilnius and Lithuania’s startup ecosystem is bringing innovations in multiple sectors every year. This year’s most prominent players focus on tech, green energy, cleantech, and travel.

Why will Vilnius’ cleantech-focused startups be big in 2024?

The Lithuanian startup ecosystem has nearly 900 startups that brought in around EUR 273M of investments in 2023 with cyber security and green energy-focused startups taking the lead. The most prominent players to keep an eye on in 2024 focus on tech, green energy, cleantech, cyber security, and other solutions.

The startups to shake up the industry in 2024 have been awarded at Vilnius TechFusion Startup Awards on January 11. The companies that have contributed to Vilnius and Lithuania’s startup ecosystem growth this year competed in seven categories: Startup of the Year (PVcase), Rising Star (Ovoko), Highlight of the Year (opening of Cyber City), Newcomer of the Year (Plug and Play), Ecosystem Hero (Tomas Okmanas and Eimantas Sabaliauskas), Tech for Good (PVCase) and Public’s Favorite (RatePunk).

Contenders for the next Lithuanian unicorn focus on green capital

Cleantech is gaining traction in the Lithuanian startup ecosystem with 60 companies continuously seeking solutions in transport, clean energy, resources, and other sectors. As the European Green Capital for 2025, Vilnius is giving a strong push for the sector’s startups — six venture capital funds invest up to 2M euros in selected startups, an active network of angel investors funds early-stage promising startups, while numerous programs and projects offer consultations and help.

With a focus on renewable energy, PVcase is contributing to cleantech innovations by developing software for designing solar plants. The startup was one of the startups with the largest investments last year— the company attracted EUR 100M.

PVcase Startup of The Year with Economy and Innovation Minister Aušrinė Armonaitė
PVcase Startup of The Year with Economy and Innovation Minister Aušrinė Armonaitė

Another startup that focuses on green business practices is Ovoko, one of the largest online B2C marketplaces in Europe. The startup offers a platform to locate and purchase used car parts. This eliminates the hassle of sourcing the needed item from scrapyards and gives new life to used parts.

Local and global support to the most prominent 2024 players

The startup ecosystem is drawing both local and international support. Plug and Play, a startup accelerator from the US, was brought into the country by the Ministry of Economy and Innovation. The US-based company is slated to invest nearly EUR 6M in around 45 startups over three years. Plug and Play implements over 60 accelerator programs on four continents each year.

The startup ecosystem is given a constant boost from the inside as well. Tomas Okmanas and Eimantas Sabaliauskas, founders of Nord Security, the country’s second unicorn, and Tesonet, were recognized as Ecosystem Heroes for their continuous work to increase the tech community. Tesonet has recently opened a technology complex Cyber City in Vilnius. It is one of the largest technology campuses in the Baltic countries and is bringing the tech community to one place and propelling its growth.

Travel-oriented solutions have also found their footing in the general public, making RatePunk, a browser extension, one of the startups to be on the lookout for this year. The extension helps travelers find the best hotel rates and has rapidly gained supporters, therefore winning the Public’s Favorite title in the Awards.

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