Startup funding took a blow globally in 2023 — a 38% decline was observed last year in
comparison to 2022. U.S. startups faced similar hurdles, with startups receiving almost 30% less
funding in 2023 than in the year prior.
In Europe, Baltic startups received solid support from investors, as indicated in a new Baltic
Startup Funding Report. The semi-annual publication for H2 of 2023 contains data on 60% (370) of
the pre-seed and seed rounds closed during the last 42 months.
As per the report, the Baltic states Lithuania, Latvia, and Estonia are measuring up to the United
Kingdom and the Nordic countries regarding the number of funded startups per capita.
Overall, last year is a good reflection that the startup ecosystem of the Baltic countries — after a
seemingly slow start — has picked up investor interest, which is likely to continue in 2024.
Investments in mature start-ups have also picked up pace, confirming that the region is on par with
Europe’s leading tech hubs and is on the right track with its ambitions to grow the continent’s next
big unicorn. Advanced digital governance and an innovation-conductive environment contribute to
the region’s appeal to FDI, which will add to further growing investor trust in Baltic equity.
Source: https://eng.lsm.lv/article/economy/business/20.02.2024-baltic-startup-funding-report-
available.a543667/
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