Latvia's Jeff App contending for the Baltic Championship in TECH5 competition
The Baltic region, home to over six million people, is rapidly emerging as a hub for technological innovation, with a significant number of startups, scaleups, and cleantech initiatives thriving in the region.
One of the standout scaleups in Lithuania is PVcase, which recently secured $100mn (€88mn) in funding in 2023, bringing its total funding to over $123mn (€109mn). PVcase, a global leader in solar project software, offers an end-to-end platform for the entire development of solar farms, from site selection and design to yield optimization.
In Estonia, Roofit Solar is making waves with its sleek, Nordic-designed solar panels. The company's latest offering, the Velario Slim, promises to cover more roof space and generate more free energy for property owners.
Estonia is also home to Vok Bikes, a company that develops smart, safe, and sustainable electric cargo bikes designed for city use and streamlined deliveries. These bikes have a range of 100km, a top speed of 25km/h, and can save users up to 70% annually in maintenance expenses. Companies like IKEA are already using Vok Bikes for last-mile deliveries, and their lower ownership cost compared to a Ford Transit Connect makes them an attractive option.
Lithuania's Turing College is another notable scaleup. This edtech company provides online courses that equip busy professionals with in-demand tech skills, using short intensive sprints inspired by the Agile method. Turing College was awarded a €2.5mn grant from the European Innovation Council (EIC) last year, which will be used to invest in solutions that simplify mentor work and boost learner experience and outcomes.
The region's focus on sustainable solutions is evident in platforms like the Nordic Cleantech Open, which identifies and supports cleantech startups from the Nordic and Baltic regions.
Aerones and Naco, both Latvian scaleups, are recognised for their drone-based solutions and innovative technologies, though exact details about their offerings require further investigation.
FLOW X, based in Romania, is another example of the region's focus on industrial infrastructure technologies, integrating deep analytics and automation into industrial processes.
The Baltic scaleups PVcase, Roofit Solar, and Turing College will compete for the TECH5 title with rivals from across Europe. The TECH5 tournament, which will culminate next month, aims to crown Europe's hottest scaleup at the TNW Conference on June 19 and 20. Challengers from Southern Europe, France, Benelux, the Nordics, DACH, the United Kingdom, and Ireland will also be participating.
Jeff App, a Latvian fintech startup founded in 2019, has over 8 million users and provides lead generation services, creditworthiness checks, and fraud detection. The company secured $2mn (€1.77mn) in late-seed funding last year.
The Baltic region's vibrant startup ecosystem is further supported by events like the Arctic15 Startup Conference in Helsinki (Finland), which fosters innovation across the broader Nordic and Baltic area. The region's focus on cleantech innovations, scaleups, and startups is a testament to its commitment to sustainable growth and technological advancement.
- The global solar project software leader PVcase, a scaleup based in Lithuania, recently garnered €88mn in funding in 2023, adding to its existing funds of over €109mn.
- Roofit Solar, a company hailing from Estonia, has introduced an innovative solar panel design, the Velario Slim, promising more roof coverage and increased energy generation for property owners.
- Estonia's Vok Bikes is developing smart, sustainable electric cargo bikes, designed for city use and streamlined deliveries. With a range of 100km, a top speed of 25km/h, and significant maintenance savings, the bikes have already been adopted by companies like IKEA for last-mile deliveries.
- Turing College, a Lithuanian edtech scaleup, offers online courses to equip professionals with tech skills using short intensive Agile-inspired sprints. Last year, it secured a €2.5mn grant from the European Innovation Council (EIC) to improve mentor work and enhance learner experience.
- The Nordic Cleantech Open, a platform supporting cleantech startups from the Nordic and Baltic regions, is a testament to the region's focus on sustainable solutions.
- Aerones and Naco, Latvian scaleups, are recognized for their drone-based solutions and innovative technologies, with further investigation needed to understand their specific offerings.
- FLOW X, based in Romania, focuses on integrating deep analytics and automation into industrial processes, contributing to the region's emphasis on industrial infrastructure technologies. The Baltic region's startups, including PVcase, Roofit Solar, Turing College, and various fintech companies, are increasingly attracting venture-capital investments, embracing fintech, technology, artificial-intelligence, and entrepreneurship, and participating in events like the Arctic15 Startup Conference to bolster innovation and growth.
