December's newsletter is here: prepare to be amazed! 😉

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December, 2023

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

Vilnius’ Tech Scene in December: Main Highlights and Breakthroughs

Greetings, Tech Trailblazers! As we navigate the holiday chaos, may your coffee be strong, your Wi-Fi even stronger and your printer only decide to take a break when you need it least. Wishing you cosy moments with loved ones, laughter that echoes louder than notifications and a stress-free holiday break. Cheers to festive vibes and a New Year filled with pleasant surprises.

And get ready for the countdown! Taking place on 11 January, the Vilnius TechFusion Startup Awards are hurtling towards us. Brace yourselves to discover the innovation superheroes who will be crowned in seven electrifying categories, and don't miss the thrill of the Public's Favourite category, where your vote makes all the difference. Ready to make your mark?

Let's jump right into the month's highlights and gear up for an exciting line-up of upcoming events and experiences!

Main Headlines

Lithuanian startup eruption: unveiling the thriving forecast for 2024

With over 870 ventures and 17.8K talented minds, Lithuania’a startups injected €275M into the national budget in the first three quarters of 2023. The Unicorns Lithuania revealed a 25% growth compared to last year, all while raising 5% less investment by December. What’s the outlook for 2024?

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Lithuania's economy hits €1B: €20M fuels innovative startup surge

The Ministry of Economy and Innovation is urging Lithuanian startups to tap into the €20M Accelerator 2 venture capital initiative, backed by the Innovation Support Fund. This funding avenue is especially beneficial for startups in need of support for business kick-off and product development.

Get the details

Teltonika sparks €75M investment for electronics plant construction

Teltonika is breaking ground on a cutting-edge electronics assembly plant in Vilnius. With completion anticipated by early 2025, the Teltonika company group is injecting a substantial €75M into this project. These upcoming production facilities represent a step into the future of technology.

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Inion Software goes up: 300% Q3 sales surge fuels renewable revolution

Vilnius-based startup Inion Software achieved an impressive sales boost of nearly 300% in Q3 this year. Its sales for the first nine months reached €635K, a significant surge from €217K in the same period last year. Projections indicate the company's total sales will surpass €900K in 2023.

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Lithuanians are leading the charge in the €500M CleanTech sector

Green technologies are gaining traction among both businesses and citizens, and Lithuanian startups are actively fuelling their expansion. According to Sunrise Tech Park, Vilnius boasts a roster of at least 60 registered CleanTech startups that raked in nearly €500M in turnover last year.

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Altechna empowers laser innovation: acquires Alpine Research Optics

Vilnius-based Altechna, a leading provider of laser optics and optomechanical assemblies, has recently acquired Alpine Research Optics in Boulder, Colorado, a renowned photonics research and technology hub. They have ambitious plans to triple their income over the next five years.

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Sector Leaders

Meet Vytautas Atkočaitis, Vice President of Vinted Go

He ascended to a managerial position over a seven-year span, dedicating five of them to making waves in Seattle. However, Vytautas Atkočaitis pressed pause on that trajectory for an enticing divergence – an offer from Vinted he just couldn't resist. Now, as Vice President of Vinted Go, he's turbocharging third-party carriers, expanding post offices across France and eyeing both Belgium and the Netherlands. In this interview, Vytautas unravels his career journey, shares Amazon insights and paints the future for Vinted Go.