The self-titled "G-spot of Europe": Lithuania’s startup ecosystem at a glance
Summary
Although primarily aimed at tourists, this slogan also rings true for a growing number of foreign investors and founders, who are ready to follow in the steps of the country’s first tech unicorn. If we take into account the fact that Vilnius has one of the fastest licensing processes in Europe, enabling founders to fully set up a business in only 3 days, there is no doubt that the government is doing a good job putting Lithuania on the map of European countries that are great for startups. In 2019, Lithuania officially got its first startup unicorn when the Lithuanian second-hand fashion online marketplace Vinted raised €128 million in an equity funding round, valuing the company at over €1 billion. The platform allows its users to navigate through a variety of interest areas and meet like-minded people for a coffee, chat online, arrange a phone call, or otherwise connect to learn and share. With a team of award-winning data scientists and medical doctors, the company aims to introduce innovative Artificial Intelligence/Deep Learning breakthroughs to everyday clinical practice.