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November, 2023

In this month's newsletter, we're thrilled to share some of the latest news and updates from Vilnius TechFusion.

November Recap: Dive into the Highlights of Vilnius’ Tech Scene

As the brisk winds of autumn swept through Vilnius, a whirlwind of positive vibes, substantial investments and breakthroughs electrified the TechFusion ecosystem. Our campaign, 'Got fired by Meta/Twitter? Move to Vilnius!' crafted by the brilliant minds at Go Vilnius, clinched the prestigious title of Best Communication Strategy (Economic Development) at the City Nation Place 2023 Global Awards.

Anticipation is soaring for the Vilnius TechFusion Startup Awards 2023 on 11 January 2024. With the announcement of the first 25 nominees across five ecosystem areas, our excitement is growing as we eagerly await the announcement of the next 10 nominees. A total of 35 innovation superheroes are gearing up to compete across seven categories of turbocharged growth.

Let's dive headfirst into the month's highlights and rev up for a thrilling line up of upcoming events that promise an exhilarating experience!

Main Headlines

Vilnius gears up for Europe's largest Biotech hub, fuelled by a €7B investment

Embarking on a transformative venture, Northway Group is set to establish Bio City, Europe's largest biotechnology hub, in the heart of Vilnius. This initiative encompasses the development of six expansive biotechnological complexes. The projected investment is set to soar to approximately €7B over the next decade.

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Teltonika's latest project in Vilnius: the establishment of a new PCB factory

Teltonika's new PCB factory in Vilnius is on the fast track! The installation of reinforced concrete structures reveals the clear outline of the cutting-edge 33,000 sqm plant. Boasting top-tier automation, it's set to employ 250 skilled workers across factory and admin areas. The plant is expected to start operations in 2025.

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It's official: Lithuania has submitted its application to host AMLA in Vilnius

On 10 November, Lithuania seized the moment, making a bold statement as Finance Minister Gintarė Skaistė personally delivered the official bid to host the Anti-Money Laundering Authority (AMLA) directly into the hands of the European Commission, signalling a resolute step towards this prestigious opportunity.

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Nuvei Lithuania lead praises country’s exceptional fintech scene

In 2022, fintech giant Nuvei made an entrance into Lithuania. Headed by Juozas Kaminskas, Nuvei's Lithuania division is a powerhouse of innovation, creating high-paying jobs and new business services. The team in Vilnius is on fire, developing cutting-edge international products that supercharge business growth.

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Vilnius startups lead the pack: top tax contributors in Lithuanian rankings

In Q3, Lithuanian startups surged with a workforce of 17.7K. Average pre-tax salaries hit a dynamic high of €3.8K, witnessing a stellar 12% growth (or €400) during the year, as reported by Unicorns Lithuania. These game-changer startups pumped €92M into the tax pool, showcasing a spirited 15% annual increase.

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Vilnius inks historic deal: boosting business and tourism with new air routes

The Ministry of Transport and Communications, Ministry of Economy and Innovation and the Vilnius City Municipality united forces, signing a pact to turbocharge vital business and tourist routes. The goal? A dynamic collaboration for sustainable flights and a surge in passenger traffic along strategic pathways.

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Google in the Baltics: head unveils tech goals and future trends

Vytautas Kubilius, with over a decade at Google Lithuania, shares insights in an interview. He delves into Google's Baltic goals, weighs Lithuanian startup pros and cons, shares his career journey and unveils his vision of propelling Lithuania to the forefront as the ultimate global hub for business unicorns.

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AI innovation by Vilnius startup paves the way for solar efficiency revolution

Inion Software, the visionary Vilnius-based startup, has created an AI tool that predicts solar power plant performance days in advance. No more guesswork – stay ahead of the curve and avoid costly errors. This innovation not only ensures accurate yield declarations, it also provides insights into future energy consumption.

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Sector Leaders

Meet Tadas Vizgirda, CEO of Shift4 Payments Lithuania

Shift4 Payments Lithuania, a dynamic US-owned powerhouse, exemplifies Vilnius' fintech boom. Surging from 300 to nearly 600 employees in 2023, their growth story continues. In this interview, CEO Tadas Vizgirda hints at more: 2024 will see an ambitious plan to recruit an additional 100 talents, marking just the beginning of their expansion journey. He also unravels the tale of their success and sheds light on why Vilnius stands out as the ultimate hub in the realm of financial technology.