The Baltic Deep Tech sector is experiencing rapid growth, standing out as one of the fastest expanding in Europe. Since 2019, the combined enterprise value (EV) of Deep Tech startups in the Baltics has more than tripled, outpacing many leading regions globally. Key takeaways include:
- Funding Growth: The Baltic countries have consistently raised over €150M in investment for Deep Tech across three years. In 2023 alone, Baltic startups raised €164M, with 2024 YTD figures already matching the best result for any full year aside from 2022. The region ranks among the top three in the CEE region in terms of VC investment per capita in 2023.
- Deep Tech & AI Dominance: Deep Tech and AI startups collectively account for 20% of the Baltic startup ecosystem by value, with this share doubling over the last five years. The combined enterprise value of Deep Tech & AI startups reached €6.8B in 2024 YTD.
- Investment Trends: Over €700M was raised by Baltic startups in 2023, with the most significant investments flowing into Enterprise Software, Energy, and Security sectors. Robotics and Transportation have emerged as the top-funded industries in 2024, driven by Starship Technologies' round.
- Ecosystem Strength: The Baltic Deep Tech startup ecosystem has grown more than 3x, faster than the rest of Europe. Notable investors and initiatives include UniTartu Ventures, NATO DIANA Accelerator, and the Baltic Deep Tech Report itself, which aims to foster collaboration and highlight the region's potential.
- Regional Highlights: Estonia and Lithuania were the most funded countries in 2023, with Latvia showing significant promise. The region boasts a strong pipeline of Deep Tech, AI & Climate tech startups, with a dense network of academic and scientific expertise across the universities and research institutions.
- Future Outlook: The report anticipates continued growth and highlights the importance of infrastructure, education, and public funding in supporting the Deep Tech ecosystem. It also introduces the Top 250 Deep Tech Startups list and the Deep Tech Breakfast community events series to further foster collaboration.
The Baltic Deep Tech sector demonstrates exceptional talent, entrepreneurial spirit, and a supportive ecosystem, positioning it as a key player in the global Deep Tech landscape.
