5 Rising Baltic Tech Startups in TECH5’s Elite League
▼ Summary
– Five Baltic scaleups from Estonia, Lithuania, and Latvia have qualified for TECH5, competing for Europe’s hottest scaleup title.
– The Baltics are known for strong digital infrastructure, tech-savvy populations, and innovation-friendly policies, with Estonia leading in unicorn density.
– Estonia’s Vok Bikes offers smart, sustainable electric cargo bikes, saving users up to 70% in annual maintenance costs.
– Lithuania’s PVcase provides solar project software, accelerating solar farm development and reducing greenhouse gas emissions globally.
– Latvia’s Jeff App aids the underbanked with alternative credit scores, serving over 8 million users and expanding financial inclusion.
Five innovative Baltic tech companies have secured coveted spots in TECH5, Europe’s premier competition for high-growth startups. Representing Estonia, Lithuania, and Latvia, these standout scaleups will now compete against top contenders from six other regions for the title of Europe’s most promising tech venture.
The Baltic states may be small in population, but they punch far above their weight in tech innovation. Known for their digital-first policies, entrepreneurial spirit, and thriving startup ecosystems, Estonia, Lithuania, and Latvia have become hotbeds for disruptive companies.
Estonia leads the continent in unicorn density, with giants like Wise, Bolt, and Playtech tracing their roots back to the country’s pioneering digital culture. It also ranks first globally in e-government and venture capital investment relative to GDP.
Lithuania has carved out a reputation as the EU’s top fintech hub, home to unicorns such as Vinted, Nord Security, and Flo Health—Europe’s first femtech unicorn. Meanwhile, Latvia was named Europe’s most startup-friendly country in 2021, with Printful leading its growing ecosystem.
Selecting just five companies from this dynamic region was no easy task. The finalists were chosen based on growth trajectory, market impact, and future potential. Here’s a closer look at the Baltic contenders:
Vok Bikes (Estonia)
This Tallinn-based company designs smart, sustainable electric cargo bikes optimized for urban logistics. With a 100km range and 25km/h top speed, Vok’s four-wheel-drive bikes cut delivery costs by up to 70% compared to traditional vans. Major clients include IKEA, which uses them for last-mile deliveries.
PVcase (Lithuania)
A leader in solar energy software, PVcase streamlines the entire solar farm development process—from site selection to energy optimization. Its tools help engineers design projects 10 times faster, accelerating the global transition to renewable energy. The company recently secured $100 million in funding, bringing its total investment to over $123 million.
Jeff App (Latvia)
Focused on financial inclusion, Jeff App provides alternative credit scoring for underbanked populations in emerging markets. With 8 million users, the platform helps lenders assess creditworthiness using AI-driven data from smart devices and behavioral analytics. A recent $2 million funding round will fuel further expansion.
Roofit Solar (Estonia)
Merging Nordic design with cutting-edge solar technology, Roofit Solar creates sleek, fully integrated solar roofs. Unlike traditional panels, their AI-optimized systems maximize energy efficiency while enhancing a home’s aesthetic appeal. The latest model, Velario Slim, offers even greater efficiency in a compact design.
Turing College (Lithuania)
This edtech innovator offers flexible online courses designed for professionals looking to upskill in tech. Using Agile-inspired learning sprints, Turing College helps students master in-demand digital skills quickly. A recent €2.5 million grant from the European Innovation Council will enhance its AI-driven learning tools.
What’s Next?
The Baltic finalists will now face off against top scaleups from Southern Europe, France, Benelux, the Nordics, and DACH. The ultimate winner will be crowned at the TNW Conference in June, where industry leaders gather to celebrate Europe’s most groundbreaking startups.
With such strong contenders, the Baltic region is proving once again that innovation knows no borders—even for smaller ecosystems. The TECH5 competition promises to be a thrilling showcase of Europe’s brightest tech talent.
(Source: The Next Web)
