Estonian investors are ready to offer Lithuanian startups an investment of €1M

  • 2024-03-13

Latitude59, the Estonian flagship startup and technology event, puts €1M investment for the Latitude59’s Pitch Competition – this makes it the largest competition of its kind in the Baltics and the Nordic countries. The investors aim to attract new entrepreneurs to the region, including those from Lithuania.

This year, Latitude59 has announced cooperation with the Business Angel Network EstBAN and the investment fund Specialist VC. The investors are presenting an investment of up to €1M in 2024.

According to Liisi Org, the CEO of Latitude59, last year, Latitude59 exceeded its bold promise of up to €1 million in investment when three winners were announced on the main stage, bringing in a record €1.25 million. “Latitude59 is more than just a conference; we bring together startup communities in Europe and around the world. EstBAN and Specialist VC can be sure that they will find someone to bet on,” said Org.

One of the goals is to bring new entrepreneurs to the region. For example, at the last Latitude59 conference, more than 400 companies entered the selection process.  “We do not limit the choice with the field, but the presence of a technological component and a visibly scalable business model are important. We hope to attract startups from the entire region, especially from Lithuania," explained Specialist VC partner Riivo Anton.

According to investors, the Latitude59 pitching competition has a greater chance of raising money for those teams that can demonstrate the development path so far with measurable results.  Whether Latitude59 is limited to a million this year depends primarily on the candidate.

Compared to 2022, venture capital investments in Europe decreased by 45% in 2023, and last year Estonian-related technology companies were able to attract 70% less funds than the year before. “Certainly, the journey of raising money has become slower and more difficult for entrepreneurs than it was, for example, in the period of 2021-2022, but the best teams still receive investments,” Heidi Kakko, one of EstBAN’s leading investors, describes the market situation.

Martin Goroško, EstBAN’s lead investor, also highlights the complexity of their product for the best. “In addition to a strong team and great market potential, those whose product is complex, i.e. it is difficult to copy, have an advantage. It creates new value, the production of which in the highly competitive startup world is an ever greater challenge,” said Goroško.

Applications for the Latitude59 Pitch Competition are accepted until April 1. A pre-selection is made from among all applicants, and the 40 strongest will participate in the public pre-finals already at the beginning of May, after which 10 startups will proceed to the next round. Working behind the scenes with the investors and mentors, the top five startups will reach the finals, taking place on May 24 on the main stage of Latitude59 2024, where the investment recipients and community award winners will also be announced.

In 2024, Latitude59 will take place for the twelfth year in a row in Tallinn, Estonia – one of the most digitally advanced countries in the world, and the record-holder for most unicorns and investments raised per capita in the world. This year, nearly 3,000 participants, including 800 startup representatives and 500 investors from around the world, are expected to attend the event.

Applications for the Latitude59 Pitch Competition: