New Year Greetings

2018 was another year of thriving and growing global startup ecosystem:


Startups are becoming Global Game Changers at the higher pace than ever:

  • Currently there are 300+ private companies in the world which are valued at $1B+ (Unicorns). One third of the list (104 companies) was filled during 2018. The total cumulative valuation of global unicorns is equal to $1031B.


European startups are narrowing the gap with the USA:

  • Big exits of venture-backed companies (Spotify, Adyen, Farfetch, Elastic, Avast, Zoopla, iZettle etc.) added up to $107B in value, compared with $136B in USA (Dropbox, Qualtrics, Github).

The importance of Venture Capital:

  • Since 1998, 152 companies in Europe and Israel reached $1B+ valuations, of which 63% were venture backed. Out the 25+ companies that reached $1B+ valuations in 2018, as much as 92% were venture backed.


The year of Mega VC-backed rounds:

  • Taxify - $175M
  • Vinted - $58M
  • AdHive - $17.5M
  • CoinMetro - $14.8M
  • Veriff - $7.7M


The total number of startups in Lithuania has skyrocketed:

  • The number of young, innovative companies has grown by 58% as of the last year. Currently there are 500+ startups in Lithuania.

The record high amount of VC investments:

  • Lithuania startup community succeeded in attracting over EUR 70 million (5x increase compared to the amount attracted last year).


It was the remarkable and productive, first year, for our fund:

  • Investments were secured:

TIPI – Asynchronous team communication tool;

PERFECTION.AI – Platform that connects AI solutions to game dev needs;

TASKER – SaaS solution for managing tasks, processes and employees;

TEAMGATE – A simple and transparent full process Sales CRM system;

VISION TECHNOLOGIES - Platform for internet sales of prescription glasses.

  • 2 additional investment agreements signed in December;
  • 2 Investor Day events organized – 28 startups were able to pitch regional VC investors;
  • Open Circle Capital was among co-founding parties of Lithuania Business Angels Network (LITBAN – part of EBAN);
  • Fund partners were actively participating in regional VC ecosystem events: Slush, Wolves Summit, Switch etc.


Open Circle Capital will continue to actively filter Lithuanian startup ecosystem and support the best scalable tech ideas in 2019.

Wishing everyone a very productive New Year!

Open Circle Capital Team