"Baltics punch above their weight" study finds

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A study recently published by on the state of the Baltic startup ecosystem outlines the major findings of the region.

Robin Wauters, Editor in Chief of, presented the findings of their study, "An Explortation of the Startup Ecosystems" at the Digital Freedom Festival, which took place on Nov. 26-27 in Riga, Latvia. 

The general findings of the report include:

  • Baltic startups punch above their weight
  • Governments actively support startups
  • Scaling a local startup is tough (due to capital and talent availabilities)
  • Success breeds ecosystems
  • There is potential for growth and maturation

The top verticals for startups in the Baltic countries:

Over the past three years, the Baltic states have attracted a total of 465 million euro, based on 385 disclosed deals. The startups that have received the most amount of funding include: Transferwise, Vitented, Skeleton Technologies, Cream Finance and Pipedrive. 

Though the total investment in the Baltic countries is comparatively low, and with local funding sources investing comparatively low amounts, the investments per capita are competitive. Estonia, for example, beats out Germany and France, and Latvia beating out Spain.

One of the strong sides of the Baltic states is the support provided by the government. All Baltic states have issued a form of eased regulations for startups, as well as "startup visas" to attract foreign talent and investments. 

The full report is available on for £99, or is available free to insiders (yearly member ship of 100eur).

You can also watch a video of the presentation of the report here: