At the beginning of September, a report came out that highlighted the steady increase in deep tech activity in the Baltic countries (Estonia, Latvia, and Lithuania).

Put together by Dealroom.co, Iron Wolf Capital, Google Cloud, Walless and Startup Lithuania, the first edition of the ‘Baltic Deep Tech Report’ comes with a number of interesting data-driven insights into what is happening over in the Baltics.

The report, which you can download free of charge here, focuses primarily on the influx of capital invested in Baltic deep tech companies, the nature and make-up of the ecosystem, and its healthy startup pipeline.

We gave the report a good read over at EIC Scaling Club HQ, and these are our main take-aways:

Funding activity is blossoming

In the past 18 months, there have been over 400 funding rounds across the Baltic countries.

Looking back even further, the increase in capital has been clear in the last five years, with a significant uptick (evidently) in the boom years 2021 and 2022, as you can tell from the chart below.

This year, there’s been an expected slowdown compared to those two years when investment totalled €4 billion, but Baltic startups have nonetheless raised €516 million so far this year.

A lot of the investor money is flowing into deep tech and artificial intelligence (AI) companies, as you can tell from this handy overview.

Glancing at the sectors that are commanding the biggest VC rounds, stand-outs in recent years are ‘Transportation’, ‘Food’ and ‘Fintech’. Rounding out the top 5 are ‘Security’ and ‘Energy’, the latter of which has so far brought in the most investment in 2023.