Capital raising services in Lithuania
Lithuania is the Baltics' most active venture market by capital deployed, with a strong fintech-specific deal flow underpinned by the Bank of Lithuania's EMI licensing regime and Koinvesticinis Fondas state co-investment.
Vinted's growth to over a billion-dollar valuation and Nord Security's continued international expansion have demonstrated that Lithuanian founders can build globally competitive consumer and cybersecurity platforms, drawing in US and European growth funds.
Flow works with mid- to late-stage Lithuanian companies raising growth capital on the best possible terms - providing an extensive VC investor network, end-to-end fundraise preparation, pitch deck building, financial and operating model construction, and process management from investor outreach through to close.
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New Zealand26
VC rounds raised in the last 12 months in Lithuania
$32M
Median VC valuation (across all stages) in Lithuania
-
Median VC revenue multiple (across all stages) in Lithuania
$35M
Largest VC round raised in Lithuania in the last 12 months
Raising venture capital in Lithuania
Lithuania has the most active VC market in the Baltics by capital deployed, with Vilnius as the centre. Local VCs anchor seed and Series A; cross-border participation from Baltic, Nordic, European and US investors is common at growth stage. Strong fintech-specific deal flow given Lithuania's EU fintech hub status.
Lithuanian VC conventions
Lithuanian venture rounds typically use documentation aligned with Baltic and broader European venture conventions. Series A and later rounds often use US-influenced terms given cross-border participation. The Lithuanian Venture Capital Association coordinates industry standards.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Lithuania. Y Combinator SAFEs are widely used given the heavy US-influence on the Lithuanian ecosystem. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is standard. Lithuanian UAB (private) and AB (public) structures support venture-stage rounds well.
Koinvesticinis Fondas co-investment
Koinvesticinis Fondas co-invests at seed and Series A alongside private VCs. Its preference structures and reporting requirements are well-defined and routinely accommodated in round documents.
Foreign investment screening
Lithuania operates EU-aligned FDI screening with notification required for non-EU investors taking qualifying stakes in Lithuanian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions.
Closing mechanics
Capital increases and share transfers in Lithuanian UAB and AB companies require shareholder resolutions and Centre of Registers filings. Closings are typically same-day signing and funding with documents executed via DocuSign for non-notarial elements.
Largest private tech companies in Lithuania
Vinted valued at $9.3B is the largest still privately-owned company in Lithuania.
See all large tech companies in Lithuania| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Vinted | | Vilnius-headquartered Vinted runs a peer-to-peer online marketplace for second-hand fashion, active in 20 countries across Europe and the United States. The platform facilitates buying, selling, and swapping clothing, accessories, and shoes for women, men, and children via mobile apps with chat and bundle discounts. Valued at over 4 billion euros, Vinted processes tens of millions of listings monthly and partners with payment providers like PayPal for secure transactions. | May-21 | $306M Series F | $9.3B | |
Nord Security | | Nord Security is a Vilnius-headquartered cybersecurity company providing VPN services through NordVPN and Surfshark brands. The firm offers privacy tools, password managers, and secure storage for consumers and enterprises worldwide. It operates data centers in 60 countries and serves millions of users with no-log policies audited by third parties. | Sep-23 | $100M | $3.0B |
Startups who recently raised money in Lithuania
Largest VC round raised recently in Lithuania was a $24M Series A of Saltz in March 2026.
See all VC rounds in Lithuania| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Saltz | | Saltz is a mobile app connecting consumers directly to suppliers of premium seafood, meat, and produce. Users in U.S. coastal cities access farms, fishing boats, and wholesalers for same-day deliveries of wild-caught fish and grass-fed beef. Launched in 2022, Saltz emphasizes transparency with origin tracking and subscription boxes. | Change VenturesEuropean Bank for Reconstruction and Development+4 | $24M | - | Series A | |
Feb-26 | Copla | | Copla is an Italy-headquartered software provider delivering cybersecurity, risk management, ICT compliance, and enterprise solutions for secure digital operations. | FIRSTPICKIron Wolf Capital+5 | $7.1M | - | Series A | |
Mar-26 | Finbee | | FinBee is a Vilnius-based online P2P lending platform facilitating consumer loans between investors and borrowers in Lithuania and Latvia. Launched in 2015, it uses a proprietary risk assessment model powered by Madiston technology, handling transactions via SEB bank accounts with buyback guarantees from originators. | Tesonet | $5.9M | $32M | Undisclosed stage | |
Feb-26 | Axiology | | Axiology DLT builds blockchain infrastructure for issuing, trading, and managing digital fixed-income instruments like bonds and treasuries. The Zurich-based platform reduces intermediary costs in capital markets through smart contract automation. Designed for institutional users, it integrates with existing trading systems and supports tokenized assets compliant with European regulations. | BSV VenturesCoinvest Capital+5 | $5.9M | - | Seed | |
Mar-26 | WhiteBridge.ai | | WhiteBridge.ai is a U.S.-based digital identity intelligence platform that aggregates, verifies, and analyzes public records into structured reports. The tool processes data from social media, news, court documents, and professional networks to deliver insights on individuals for due diligence, background checks, and risk assessment. WhiteBridge.ai supports compliance teams in finance and HR with automated workflows and API integrations. | BADideas.fundFirst Degree Capital+5 | $3.1M | - | Seed | |
Dec-25 | WhiteBridge.ai | | WhiteBridge.ai is a U.S.-based digital identity intelligence platform that aggregates, verifies, and analyzes public records into structured reports. The tool processes data from social media, news, court documents, and professional networks to deliver insights on individuals for due diligence, background checks, and risk assessment. WhiteBridge.ai supports compliance teams in finance and HR with automated workflows and API integrations. | BADideas.fundFirst Degree Capital+5 | $3.0M | - | Seed | |
Apr-26 | Outcraft AI | | Outcraft AI builds autonomous revenue agents that handle customer conversion, retention, and growth via voice, SMS, email, and messaging channels. | Lost astronautPractica Capital | $2.3M | - | Pre-seed | |
Dec-25 | Repsense | | Repsense is a reputation intelligence platform simulating user journeys on search results to predict content reactions. Its Repsense Index benchmarks brand sentiment against competitors by geography and intent. Tel Aviv-based, the company serves enterprises with data on SERP performance and optimization recommendations. | BSV VenturesCoinvest Capital+2 | $2.3M | - | Seed | |
Feb-26 | Tingit | | Tingit is a Copenhagen-headquartered repairs marketplace linking consumers with specialists for electronics, appliances, and gadgets. The app handles service booking, payments, and shipping in one platform, targeting busy individuals and brands across Denmark and expanding in Europe. Tingit streamlines zero-effort repairs for items like smartphones and laptops. | BADideas.fundCoinvest Capital+5 | $1.8M | - | Seed | |
Nov-25 | E | Ennebo | | Ennebo is a Denmark-based fintech provider offering payment processing and financial services tailored for e-commerce and digital transactions in Europe. | Yongke Angel | - | - | Seed |
Top VCs and strategic investors in Lithuania
Coinvest Capital, FIRSTPICK, NGL and ScaleWolf funded the most startups in Lithuania in the last 12 months.
See all VCs in Lithuania| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
FIRSTPICK | | FIRSTPICK is a venture capital fund and accelerator targeting early-stage tech startups across the Baltic states. It deploys initial investments ranging from €50,000 to €250,000 in sectors including fintech, SaaS, deeptech, and consumer marketplaces, with potential follow-on funding up to €1 million per company. Equity-free grants support idea-stage ventures, complemented by pre-acceleration and acceleration programs that deliver market access, partnerships, and expertise from ideation through growth. Operating from Tallinn, Estonia, FIRSTPICK equips founders with hands-on coaching and connects portfolio companies to regional networks in Lithuania, Latvia, and Estonia. | WhiteBridge.aiCoplaTingit+2 | 21 | Pre-seed | |
Coinvest Capital | | Coinvest Capital is a Lithuanian investment group funding blockchain startups and growth-stage companies alongside business angels. | TingitAxiologyRepsense+2 | 20 | Seed | |
NGL | | NGL is a platform based in London that delivers business angel training programs, organizes syndicate deals for accredited investors, and appoints advisory board experts to startups. The company equips participants with deal sourcing skills, due diligence frameworks, and portfolio management tools through structured courses. NGL facilitates investments into European tech ventures, connecting angels with opportunities in SaaS and consumer tech while placing seasoned advisors from exits like Revolut. | WhiteBridge.aiCoplaTingit+2 | 13 | Seed | |
ScaleWolf | | ScaleWolf functions as a venture capital fund paired with a technology accelerator program targeting dual-use technologies applicable in both commercial and defense sectors. | WhiteBridge.aiCBRXPulsetto+2 | 10 | Pre-seed | |
BSV Ventures | | BSV Ventures is a Vilnius-based venture capital firm concentrating on early-stage deep tech and life sciences in the Baltics. The fund invests in hardware, biotech, and quantum computing startups from pre-seed through Series A, with ticket sizes up to €5 million. Launched in 2021, BSV supports founders via Baltic Sandbox accelerator, portfolio includes companies like Graphenix and Biotx. | AxiologyRepsenseBrachyDOSE+2 | 8 | Seed | |
BADideas.fund | | BADideas.fund is a syndicate-led investment vehicle that deploys €50,000 to €250,000 tickets into early-stage startups from Central and Eastern Europe with global ambitions. Backed by a €22 million fund, it bridges funding gaps for portfolio companies through its network of founders and operators from Wise, Veriff, Vimeo, Printify, PandaDoc, Pipedrive, Bolt, Apollo.io, Bird, Shopify, Whimsical, Lokalise, Deel, Printful, Twilio, and Interactio. Operating remotely across CEE countries like Estonia, Latvia, and Lithuania, BADideas.fund accelerates product-market fit and scalable growth engines for its investments. | WhiteBridge.aiTingitLiledu+2 | 6 | Seed | |
Lithuanian Business Angel Network | | Lithuanian Business Angel Network is a Vilnius-based association connecting over 120 angel investors to startups in Lithuania and the Baltics. LitBAN organizes pitch events, deal syndication, and co-investment with funds like NextRoad Ventures, supporting sectors from fintech to biotech since 2014. | TingitBrachyDOSELuna Robotics+2 | 5 | Seed | |
Superhero Capital | | Superhero Capital is a Helsinki-based seed-stage venture capital firm that invests in early-stage startups across Finland and the Baltic states. The fund deploys tickets ranging from 100,000 euros to 1 million euros into insight-driven technology companies. Superhero Capital supports founders in sectors like software, fintech, and consumer tech through its regional network. | CoplaSupernaut AICyberUpgrade+2 | 4 | Seed | |
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | AxiologyCBRXKashimi+2 | 3 | Pre-seed | |
First Degree Capital | | First Degree Capital is a Europe-focused venture firm investing at pre-seed and seed stages in AI-driven productivity and collaboration tools for the future of work. The firm co-invests without leading rounds, providing capital, networks, and support to founders building AI-first companies across global markets. | WhiteBridge.aiFullEnrichDeckmatch | 3 | Seed |
What if not VC? Non-equity funding in Lithuania
Lithuania's non-dilutive funding stack is strong by Baltic standards - the 300% R&D deduction, INVEGA lending, Koinvesticinis Fondas and EU funding access provide multiple paths to extend runway without taking equity dilution.
R&D tax super-deduction
300% deduction on qualifying R&D expenditure - effectively a 200% super-deduction in addition to regular cost recognition. One of the most generous R&D credits in the EU; often the single largest non-dilutive cash benefit for R&D-heavy Lithuanian tech companies.
INVEGA lending and guarantees
INVEGA provides loans, guarantees and risk-capital instruments for Lithuanian SMEs. Often used alongside private VC and EU grants to extend non-dilutive runway, particularly for working capital and growth.
Koinvesticinis Fondas
State-backed co-investment vehicle investing alongside private VCs at seed and Series A. While equity-based, the public-private co-investment model effectively reduces dilution by sharing the capital burden with the state.
EU funding access
Lithuanian companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Plus structural EU funding for R&D and digital transformation.
Vilnius angel ecosystem
Lithuania has a strong fintech-focused angel scene driven by Vinted, Trafi and various Vilnius-based fintech operators. Tickets typically €25k-250k per investor; structured rounds often syndicated across 5-15 angels.
Cross-border venture debt
Kreos Capital, Claret Capital Partners and HSBC Innovation Banking operate in Lithuania via Baltic and Nordic lending arms. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Lithuania and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Lithuania.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
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We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
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We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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