Indrek Kasela

Are most accelerators acting as farm leagues for the startup scouting ecosystem? I just arrived at the Startup Lithuania conference to ask this question to panelists from the Plug and Play Tech Center, GameBCN and xEDU communities. Having supported ~300 startups scouted by the Mastercard Lighthouse program and Nordic Science Capital, I believe incubators play a pivotal role in talent development. Indeed, 5 of the top 10 biotechs of all time (ranked by peak market cap) were started in incubators: 1. Amgen ($177b) ✅ 2. Moderna ($170b) ✅ 3. Regeneron ($131b) 4. Vertex Pharmaceuticals ($120b) 5. BioNTech SE ($108b) 6. Genentech ($100b) ✅ 7. Gilead Sciences ($100b) ✅ 8. Illumina ($77b) ✅ 9. Celgene Pharma ($74b) 10. Biogen ($70b) What are your thoughts?

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📢I had the pleasure, together with Maciej Cwikiewicz and Grzegorz C. in Puls Biznesu, of discussing the chances of Polish #AI companies to obtain funding from #VCs and, more broadly, to build a new #flywheel for our economy. According to a recent Dealroom.co's report, the AI Core startups received 45% of all VC investment in the CEE region. This is an opportunity we cannot miss!💥 My key theses: 📌At Movens Capital, we are investing in AI-enabled companies starting in 2019 based on our previous startup experience. They distinguish the #CEE region. By 2023, more than 1,000 AI/ML startups had emerged here, raising more than USD 4 billion in funding. 📌We see a great opportunity for Polish AI startups to succeed due to their unique technological talent. Building a sustainable #competitiveadvantage is key, as illustrated by ElevenLabs, but also examples from our portfolio, such as Talkie.ai or SKY ENGINE AI. 📌 The current stagnation in the VC sector has led to lower startup valuations, benefiting funds in executing transactions. In Poland, VC fund conditions will remain favorable in the coming years, but careful selection of AI companies is necessary, as most new entities have little chance of building lasting entry barriers. Thank you, Anna Bełcik, for taking on an important topic and inviting us to talk. 👉 https://lnkd.in/dxtGvvD7

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Estonian capital is calling the shots in the local M&A market. Estonian companies should seriously consider takeovers in order to grow, recommends Tõnis Tamme, partner and attorney-at-law at TRINITI, who had a look at the ranking of Estonia's most valuable companies www.top101.ee #trinitiadvokaadibüroo #trinitiestonia

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Eleanor Roosevelt once said: “Yesterday is history, tomorrow is a mystery, and today is a gift––that is why it is called the present.” - Let's open the mystery box now! We (CapitalBox) choose to have ambitious, bright, curious future developing high tech solutions that would benefit us all. So in the present of AI - let's create something meaning. Join #AILithuaniaHackathon organized together with Artificial Intelligence Association of Lithuania and Linkedist. Registration: https://lnkd.in/diKQt2xY

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I am delighted to have contributed to Unmanned Defense Systems complex and highly significant EUR 3.2 million investment deal. Together with my colleague, Justinas Pasys, we assembled an investment syndicate of 41 business angels, most Lithuanian Business Angel Network LitBAN members. Each of us recognizes the critical importance of this startup in defending and protecting both us and our allies. More details in the article. #Defence #Startups #Miltech #Dualuse #Innovation #AngelInvesting #VC

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Our friends from BalticVC, a media about startup and venture investment in the Baltic region, want to know more about the typical technology entrepreneurs in Estonia, Latvia, and Lithuania. 🚀 More specifically, education, experience of working in startups, etc. They would like to understand the startups' needs, willingness to raise venture investment, the sales territory, and the potential to expand into other regions. This data, presented in the form of a study not only in BalticVC, but also in one of the largest European startup media, will help attract the attention of major international investors to the Baltic region. 📊 The survey takes not more than five minutes. The survey data will be generalized and used anonymously. ⏳ The survey: https://lnkd.in/dPq5U47Y 📲

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Today AIM Invest has been granted financial brokerage company license by Lietuvos bankas | Bank of Lithuania 😊 It's a BIG day for a SMALL company's GROWTH acceleration 💪 Soon we'll be ready to provide prudent portfolio management, wise investment advise and other investment services to grow your wealth. Many thanks to Karolina Lapinskaitė and many others from TGS Baltic for the full support on this challenging journey 👍 #portfoliomanagement #investments #brokerage

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Let's hear from Andris K. Berzins, Partner at Change Ventures, on his views about the 🇱🇻 Latvian startup ecosystem growth, challenges, promising startups and future potential. 👇 🟣 WHAT EXCITES YOU MOST THESE DAYS? Same as always, we are excited to meet amazing founders who have the ambition and talent to build companies. We still see no shortage of them in the Baltics. I hear some investors complaining about a shortage of quality deal flow, but we certainly do not see it, so we have no intention of investing elsewhere. 🟣 WHAT SURPRISES YOU ABOUT THE LATVIAN STARTUP ECOSYSTEM? Latvia is still clearly in third place in the maturity of our startup ecosystem in the Baltics, a point that pains me to admit but is true. We are a late bloomer, you could say! But I continue to see progress as the scale-ups from Latvia, including Printify, Giraffe360, and Lokalise continue to spin off talent even before they have exited. And with Startup House / TechHub Riga, we have a magnet for that talent to gather in one place. 🟣 WHAT'S THE BIGGEST CHANGE YOU'VE SEEN IN THE LATVIAN STARTUP ECOSYSTEM? Since my good friend Ernests Stals pioneered the first startup meetups 15 years ago, the change has been immense. Now there are real scale-ups, founders who are way more ready to tackle the difficult task of building a company, and many more investors. Incomparable. But the best is yet to come. 🟣 HOW HAVE INVESTMENT TRENDS IN LATVIA CHANGED RECENTLY? There are multiple investments in Latvia by top-tier funds such as Accel, Index Ventures, and Founders Fund. Like our neighbouring countries, we are on the map of locations to search for the best founders. The differences between all three countries are shrinking in that respect, and we see the three countries converging more and more. If anything, you might say that Latvia has more undiscovered talent than Estonia and Lithuania as the ecosystem boom has been later. 🟣 WHICH TOP 3 LATVIAN STARTUPS ARE MOST PROMISING FOR 2024? Of course, I see our portfolio closer than others, so it will be no surprise that we see them as most promising. From our older investments, you will see great growth at Giraffe360, which has hit its stride to scale in the USA, growing its hardware-as-a-service business selling to real estate agents and brokers. Our two newer investments, Trace.Space and RivalSense, are both extremely promising in their respective niches, adding customers and product features as they grow. 🟣 WHAT ADVICE DO YOU HAVE FOR FOUNDERS FUNDRAISING IN LATVIA? As usual, I advise founders to look for investors who can be long-term partners, rather than think of them as merely sources of capital. Not only do great investors help in many ways beyond capital, but you also have to live with them for many years, so I suggest picking carefully. Andris K. Berzins, thank you for your honest thoughts and insights, always a pleasure! 💜 #FIRSTPICK #interview #startups #investor #funding #vc

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🎉 The very first batch of the Startup Lithuania Accelerator powered by Plug and Play is now underway! This marks a major step forward for both Lithuania's startup scene and Plug and Play. With an industry-agnostic approach and a commitment to early-stage startups, we're ready to drive innovation and fuel growth. Watch this video about the program and how we'll impact the Lithuanian ecosystem. Know more at https://pnptc.in/3vOIszX #PNPTCLithuania #AccelerationPrograms #EconomicGrowth Ekonomikos ir inovacijų ministerija

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🎉 Promova made it to The Europas 100 hottest startups list for 2024! The Europas created a list that celebrates the 100 most ambitious and successful startups in Europe. Companies are selected based on: - the quality of their idea - their team's ability to execute - target market - potential to earn revenues and scale 🏆 Ukrainian startup Promova was included in the 2024 list. Promova develops a personalized language learning platform that combines various tools for effective learning. “This award isn't just a recognition of our success — it's a validation of our vision. A vision where language learning is adapted to specific needs, where AI enhances human interaction rather than replacing it, where everyone has the chance to unlock their full potential through language,” shares Andrew Skrypnyk, CEO and co-founder of Promova. We are glad that Ukrainian products are recognized in Europe, and we are sure that the Promova team will receive many more awards in the future! #award #europas

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Catching the Big Fish. So BeMyBond has recently joined the Unicorns Lithuania association, and I must say that I’m liking the ‘vibe’ so far 😊 It’s a very inspiring and fun community with people supporting each other and celebrating their achievements, as well as organizing great events with other founders, who are happy to share their experiences. The truth is, BeMyBond does not want to be a unicorn, rather a “big fish”, which has influence in the capital markets and meaningful impact on the outcome for our ultimate users – investors in bonds, hopefully making them wiser and wealthier along the way. The idea was to have a small, very efficient and profitable organization (no more than 20 people), with smart and curious individuals, with whom you have fun (almost) every day. Yet this this does not mean that we don’t want to be surrounded and inspired by unicorns also 😊 I attended my first Unicorns Lithuania event last week, where Dmitry Gurski, CEO of Flo Health Inc. had an honest Q&A with the audience (there is a reason why the event is called “Off the record”), where he talked about his and company’s journey, culture and other factors, all contributing to Lithuania’s rightly claimed 4th Unicorn. For those who did not attend, there is a really good podcast with Dmitry floating on the internet recently, and I swear if you listen to one podcast this year, it should be this one: https://lnkd.in/dVmf-nkY (and I don’t even like podcasts very much, I prefer reading hard cover books).    When asked at the event about the key traits of his own character that contributed to his success, Dmitry jokingly noted that he is very stubborn. This resonated a lot, as when reading about startups and personally experiencing the journey, this, combined with grit and determination, can really mean whether “you will make it”. This also reminded me of a comparison of Lithuanian and Finish people, which was made by a Finish banking executive couple of weeks ago at a business dinner, as he has had the experience of working with both. He said that the difference is that when he says “No” to Finish people, a no is a no, whereas if he says “No” to Lithuanians, for them it means “Maybe” 😊 Apparently Lithuanians come back after couple of weeks and ask that maybe today this "No" is a “Yes” 😊 This story is funny, but I think also quite true. Coming back to the Big Fish, the one in the picture actually now ‘lives’ in our office. I brought it back from Montreal this summer, as I knew this is the type of creature that would make me smile every day (yes, maybe I do have a particular taste, hehe). But I also liked it as a metaphor for the Big Fish, that if you want to grow in life, you should not stay in the shallow waters, rather go deeper or seek a bigger pond. So here’s to all the maybes, bigger ponds and interesting people you meet along the way. Have a productive week, everyone 😉

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𝗪𝗵𝘆 𝗥𝗲𝗴𝗶𝗼𝗻𝘀 𝗟𝗶𝗸𝗲 𝘁𝗵𝗲 𝗕𝗮𝗹𝘁𝗶𝗰𝘀 𝗔𝗿𝗲 𝗖𝗮𝗽𝘁𝗶𝘃𝗮𝘁𝗶𝗻𝗴? Entrepreneurs in smaller regions, like the Baltics, must adopt a global mindset to stay competitive in today’s tech-driven world. Estonia is renowned for integrating technology into its economic ecosystem, making it highly innovation-friendly. Meanwhile, Lithuania is attracting fintech investments, and Latvia is emerging as a logistics hub, following Estonia’s lead. Check the link to the Dodires article in the comments. #baltic #lithuania #latvia #estonia #opportunity #qualitativeresearch

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Great discussion about VC Deal Drivers, Origination and Challenges for 2024/2025 at 0100 CEE conference in Prague today. Different opinions, but also a lot of similarities among Rune Theill from Rockstart and Vahan Mgebryan from LETA Capital. Only one LP in the room, which is symptomatic for the current VC market 😩 Thanks for the spicy moderation Marvin Liao. Tenity

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What's cooking in Baltics Week #39? 🤖🎙️ In the latest episode of Venture brAIn, we explore some of the most exciting recent investments in the Baltics and beyond. From healthcare to fintech and AI, these startups are pushing boundaries across multiple sectors: Certific (Estonia): Revolutionizing doctor-patient communication in healthcare 🏥 Ovoko \ RRR.LT (Lithuania): Leading the way in the e-commerce of used car parts 🚗 Luminate Medical (Ireland): Developing wearable tech for hair retention during chemotherapy 💡 Statzon (Finland): AI-powered market intelligence solutions for the future 📊 Mifundo (Estonia): Building a unified credit market across the European Union 💳 Funds behind deals FIRSTPICK, Tera Ventures, Metaplanet 🎧 Curious about these groundbreaking companies? Tune in to our latest episode to get the inside scoop on these startups and their latest funding rounds. Link in the comments 👇 #startups #venturecapital #Baltic #innovation #AI #healthtech #fintech #VenturebrAIn #entrepreneurship #investmentrounds 🤖🎙️How It All Comes Together: My process is automated and AI-driven. I use Make.com to collect daily data from various sources, filter interesting topics based on specific criteria, and then generate prompts with ChatGPT. The podcast itself is created using NotebookML, while images are crafted with Leonardo.ai and Canva. All materials are brought together via Make.com workflows, ensuring a seamless production flow, including scheduling posts directly to Social. 🚀

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Are you preparing for Investor Camp 2024? 💡 Every year Investor Camp offers a valuable opportunity for business angels and venture capitalists to engage in learning, discussions, networking, and to explore the growing startup ecosystem in Lithuania. Let's now reflect on the highlights of last year's conference together! 🔙 👉 Read more about the conference: https://lnkd.in/dPE5wepw #Sponsorship #InvestorCamp2024  

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Curious how to navigate company finances during Bitcoin’s ups and downs—and much more? Our CFO, Štěpán Uherík breaks it all down in the latest Stackuj podcast episode. 🖤 Check it out! 🎧👇

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Glad to see that u.ventures (a VC fund backed by Ukraine-Moldova American Enterprise Fund) was the most active VC investor in Ukraine in H1 2024 according to Forbes Ukraine data! u.ventures made 8 investments in Ukrainian startups in H1 2024 and also two investments in Moldovan startups during that period. Among the already disclosed Ukrainian investments of u.ventures over H1 2024 are Esper Bionics , Competera Pricing Platform, Dynamiq, and a follow-on investment in OneNotary during a round led by a US VC firm, Jackson Square Ventures. As always, we are actively looking for highly promising tech companies with strong connections to Ukraine or Moldova (e.g. companies with R&D in the region) for investments from Horizon Capital’s growth fund, as well as early-stage startups with similar ties for investments from u.ventures. Andrew Sorohan Vasile Tofan Andrii Brodetskyi Link to a Forbes article in Ukrainian: https://lnkd.in/dYCTCM9M

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Startup Funding Bootcamp for early stage founders - if you're fundraising or just looking forward to better understanding how it works - click the link below to apply. If you're thinking "no, too little unicorns" ... definitely checkout the video below! #startups #vc #investment #unicorns #gobigorgohome

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The U.S. economy thrives on new (Anduril Industries) and old startups (NVIDIA, Google), from digital to heavy industries like Hadrian and Commonwealth Fusion Systems Fusion. Europe, however, faces challenges, with early-stage funding often only a fraction (less than 1/10th in case of fusion startups) of what U.S. startups receive and even our most important bets like Marvel Fusion relocating to the US. "In America, in addition to the state, people like Bill Gates, Salesforce founder Marc Benioff, or Jeff Bezos from Amazon are involved in fusion research with huge sums," and criticized: "Here everyone always looks to the state!" The answer isn’t more government grants or committees but cutting red tape: - streamlined company registration, investment and even closure processes - reduced bureaucracy when operating and employing cross-border - and a unified market. Europe’s ambitious founders need fewer regulatory hurdles, not 12+ month waits for EU grants. When we nail a modern European interface for founders and investors alike, capital will follow. Let’s clear the path for Europe’s best to scale without excessive paperwork. https://lnkd.in/e-cQvTD7

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