Baltics

Funding into Baltic startups has grown nearly tenfold over the past five years, reaching $432M in 2025. With $162M raised in the first 6 months of 2026, the full year is on track to land at $324M, a -25% change versus 2025. The chart below shows annual funding totals; the latest year is annualised from observed-to-date data and represents the renderer's projection, not a closed quarter.

Yearly totals mask the quarter-by-quarter rhythm. The chart below shows Baltic startups funding raised in each of the last 21 complete quarters through Q2 2026. All bars are actual closed-quarter sums, no projections, no in-progress quarters.

How capital deployed into Baltic startups is split across round sizes. In the trailing four quarters, 0% of capital landed in scaleup ($100M+) rounds, 47% in breakout ($15–100M), and 53% across startups (under $15M). Each panel below stacks the canonical sub-bands across Q2 2022 → Q2 2026.

Two views of leadership in Baltic startups: the most-funded companies all-time on the left, and the hottest companies right now by Dealroom Signal on the right. Total-funding figures include all capital sources tracked by Dealroom (VC plus grants, project finance, and other instruments). Signal is Dealroom's live growth ranking, these are the firms with the strongest recent momentum across team, timing, growth, and completeness.

How Baltics stacks up against its global VC peers, with Baltics highlighted. The chart ranks the top countries; alongside it, the leading Tallinn metro region leads the city ranking with $177M. Use the metric pills, and the dropdown, to switch view.

Where Baltic startups are based, each region shaded by its number of VC-backed startups. Darker means denser; hover a region for its count.

Over the last 12 months (through Jul 2026), the largest VC rounds in Baltic startups reveal where capital is consolidating. The table below lists the 12 biggest disclosed rounds by amount, with date, company, round type, and lead investors. Funding events without a public amount are excluded; acquisitions sit in the Unicorns & Exits section.

Which industries pull in the most venture capital across Baltic startups, and where does the Baltic punch above its weight versus the rest of the world? Use the toggle to switch between absolute VC funding and each industry's over/under-index, and to change the time window. Over the last 12 months (to end of Q2 2026), AI leads at $153M, and the Baltic over-indexes in Fashion, Food, Security, and under-indexes most in Semiconductors, Health, AI relative to the rest of the world. Industries are tracked through Dealroom's industry tags, which overlap, a company spanning, say, AI and fintech is counted in both, so these show where capital concentrates, not a mutually exclusive split of the total.

Baltic startups have minted 14 unicorns to date. Dealroom defines a unicorn as a company that has reached a $1B+ valuation or exit (verified and manually reviewed; other lists use different criteria, this is ours). Of those, 0 are decacorns, companies at a $10B+ valuation. The ecosystem also counts 11 thoroughbreds: companies generating $100M+ in revenue (a separate lens from unicorns, with some overlap). The chart below shows the cumulative count climbing each year, with the line tracking new unicorns minted in that year, peaking at 3 in 2021. On exits, the sector has produced 86 tracked acquisitions since 2010 representing $1.1B in disclosed value. Notable acquisitions in the data include Markmonitor ($450M, 2025), followed by Markmonitor ($302M, 2022), Coolbet ($176M, 2020).

Entrepreneurship is a power law. Of every Baltic startup founded, only a fraction attract venture capital, and far fewer climb each successive funding level. This funnel traces VC-backed Baltic startups from first cheque through to the rarest valuation outcomes. Mouth figures are annual means (2010–2024); pool stages count VC-backed companies founded since 1990 by total funding.

Baltics's universities are an engine room of the startup economy: the schools whose alumni found the most unicorns and venture-backed companies, and the research that spins out into them.

The patent portfolio behind Baltic startups: granted patent families, intensity per capita, and where the IP concentrates.