Lithuania’s startup scene has been evolving with increasing combined enterprise value from 2017 to 2023, showing strong growth and resilience in venture capital and entrepreneurship. Prominen startups that gained the attention of many investors continue to be born and grow in this country. The Baltic country maintained its position as the fastest-growing startup ecosystem within the Baltic region in Europe in 2023. In 2024, Lithuanian startups showed a promising future, as many received funding in the year’s first quarter (Q1): Argyle Funding: $30M (€27.7M), Axiology Funding: €2M, Evergrowth Funding: €2M, Leya AI Funding: €1M, Cyber Upgrade Funding: €650K, MELP Funding: €635K, LupaSearch Funding: €200K, Broswarm Funding: $100K (€92K). https://siliconcanals.com/news/startups/8-startups-secured-largest-lithuanian-funding-rounds-in-q1-2024/

German edtech startup a2zebra announced the conclusion of a new €500k financing round. Investors include Tonies founders Patric Faßbender and Marcus Stahl, Tonies managers Sebastian Heide-Meyer zu Erpen, Dr. Christian Sprinkmeyer and Kai Naujoks. Successful AI founders such as Roland Fassauer and the SB21 investor group led by Robert Maier, are also investing. The funds will be used for the market launch of the TukToro product, the development of the AI platform and further company growth. The next financing round in the single-digit millions to further expand production and sales is already being planned. https://bebeez.eu/2024/04/03/berlin-based-edtech-a2zebra-raises-e500k-to-use-ai-for-math-learning-success-with-tuktoro/

Vectary, a design platform for creating and managing augmented reality (AR) assets, has announced the API release of its 3D no-code configurators. This allows other companies to design their own AR assets using Vectary's platform. The API gives users the capacity to visualise real-time data on their 3D models, connect them with databases and control physical products directly from the 3D model viewer. https://tech.eu/2024/04/04/vectary-api-allows-more-startups-to-model-using-ar/

Romanian venture capital (VC) firm GapMinder said on Friday it is leading a $2 million (1.84 million euro) pre-seed funding round for local IT startup Genezio. The startup will use the funds to implement its market strategy and develop enterprise capabilities in the fields of web, mobile, blockchain, AI, and automation apps, GapMinder said in a social media post. This pre-seed round is the first investment done through GapMinder Fund II, as per the VC company's statement. Earlier this year, the European Bank for Reconstruction and Development (EBRD) invested 10 million euro in GapMinder Fund II, aiming to bolster the Romanian technology sector. GapMinder Ventures targets seed and Series A stage business-to-business (B2B) IT software and digital product start-ups in the areas of fintech, cybersecurity, enterprise automation, and data and analytics. It traditionally invests up to 2 million euro in seed funding and up to 6 million euro in follow-up fundraising rounds, its website shows. The venture capital fund entered the Romanian market with an initial budget of 26 million euro in 2018. https://seenews.com/news/romanias-gapminder-vc-leads-2-mln-pre-seed-for-genezio-853954

The Enterprise and Innovation Foundation (EISA) is to start providing start-up grants of up to €20,000 to new businesses, aimed at boosting entrepreneurial activity, particularly in rural areas. EISA says that the new system will be easier for firms to use, while qualification expectations are more lenient compared with those of previous start-up grant initiatives; though the objectives that are attached to the grant conditions must certainly be met nonetheless. The grant is funded by the European Structural and Investment Funds (ESIF) and can be applied for at any time until the overall financing budget of €5 million gets exhausted. https://news.err.ee/1609304796/eisa-announces-new-business-start-up-grants

Elcogen, a Tallinn-based clean energy technology company, recently raised over €140 million in funding. This includes more than €24 million in equity investments from Hydrogen One Capital Growth plc, HD Hyundai, and Mirae, as well as grants from the European Commission. Additionally, the company has secured a proposed debt of €15 million. Baker Hughes also participated as a strategic investor. Elcogen’s technology enables the production of green hydrogen and electricity efficiently and affordably, supporting the global shift towards cleaner energy sources. The funding will facilitate the expansion of Elcogen’s manufacturing capacity, including a new facility in Tallinn, Estonia, to meet the increasing demand for its products and support ongoing development efforts. https://arcticstartup.com/elcogen-raises-e140m/

iDenfy, a Kaunas-based identity verification and fraud prevention company, has partnered with SCOPE FinTech Solutions, a Netherlands-based business specializing in fintech SAAS solutions, to enhance fintech security in response to the European market’s expansion and increasing financial fraud threats. Through this partnership, SCOPE will integrate iDenfy’s AI-powered ID verification, including 3D liveness detection, into its platform to automate identity verification processes, ensure compliance with KYC regulations, and streamline customer onboarding. This collaboration aims to deliver a superior user experience and advanced protection against fraud for SCOPE’s clients, enabling them to expand rapidly while maintaining focus on essential aspects of compliance and security. https://arcticstartup.com/idenfy-and-scope-partner/