Introducing the 5 Baltic scaleups featured in TECH5’s 'Champions League of Tech'.

      Five exceptional scaleups from the Baltics have secured their spots in TECH5 — the "Champions League of Technology." Representing Estonia, Lithuania, and Latvia, this group will now compete against contenders from six other regions for the title of Europe’s leading scaleup.

      To qualify for TECH5, the Baltic participants had to navigate fierce competition. Despite a combined population of slightly over six million, the region has birthed an impressive array of innovations, startups, and scaleups. The three nations are collectively recognized for their robust digital infrastructure, technology-savvy populations, global perspectives, and government policies that encourage innovation. Each country also possesses its unique strengths.

      Estonia excels in the density of unicorns (startups valued at over $1 billion), with several stemming from the "Skype Mafia," which includes companies like Playtech, Wise, and Bolt. Additionally, Estonia was acknowledged last year as the global leader in e-government and venture funding in relation to GDP.

      Lithuania has produced its remarkable selection of unicorns, such as Vinted, Nord Security, Baltic Classifieds Group, and the latest addition, Flo Health, which became Europe’s first femtech unicorn last year. Moreover, the country ranks as the top fintech hub in the EU based on the number of licensed firms.

      In 2021, Latvia was recognized as Europe's most startup-friendly nation by Index Ventures. Currently, Printful is the only unicorn in Latvia, but the startup ecosystem is rapidly expanding. Since 2019, Latvian startups have seen their enterprise value increase by 5.3 times, the highest rise in the region according to Dealroom data.

      Given the vibrant landscape for scaleups in the region, selecting just five for TECH5 was a formidable task. Our panel of judges chose them based on their growth, impact, and future potential. Let us introduce them in no particular order.

      **Vok Bikes**

      Estonia's Vok Bikes specializes in electric cargo bikes that are smart, safe, and sustainable. These four-wheel drive bicycles, designed for city usage and efficient deliveries, boast a range of 100 kilometers and a top speed of 25 km/h. Vok claims their system allows users to save up to 70% annually on maintenance costs.

      The pedals incorporate acceleration, braking, and reversing functions, with precise torque control to minimize fatigue. The bikes are also engineered to handle steep climbs with heavy loads without overheating. Additional features include regenerative braking, smart power disruption, online diagnostics, and interchangeable batteries. Clients like IKEA benefit from Vok Bikes for last-mile deliveries, among various transport and logistics companies.

      Recently, the Tallinn-based firm reported that the ownership cost of a Vok XL bike is 64% lower than that of a Ford Transit Connect. "Even resale value holds up," the scaleup noted. "After five years, the Vok still retains about 22% of its initial value."

      **PVcase**

      Lithuania's PVcase is a leading name in solar project software. Its comprehensive platform covers all aspects of solar farm development, from site selection and design to yield optimization.

      This approach aims to facilitate solar project design, reducing costs and timelines. Through accelerating solar energy deployment, PVcase plays a role in lowering greenhouse gas emissions and addressing climate change. Since its inception in 2018, the Kaunas-based company has provided software to clients across nearly 80 countries.

      “With 2 terawatts of solar already installed globally, PVcase tools empower our customers to design the next terawatts 10 times faster,” the scaleup stated. “This dramatic increase in solar design speed is not just an industry metric; it’s vital for our planet.”

      The company’s advancement has impressed investors, acquiring $100 million (€88 million) in funding in 2023, raising its total investment to over $123 million (€109 million).

      **Jeff App**

      Latvia's Jeff App aims to assist individuals with limited access to conventional financial services, known as the “underbanked.” Based in Riga, the company provides alternative credit scores in developing economies, enhancing financial inclusion pathways.

      Founded in 2019, Jeff also functions as a lead generation service and boasts over 8 million users, all of whom undergo creditworthiness and fraud detection assessments. By partnering with Jeff, banks and lenders can access new borrower markets.

      Jeff collects, analyzes, and models data from a plethora of sources, including smart devices, social media, and behavioral analytics. Clients can utilize these insights via the scaleup’s API.

      Last year, the firm attained $2 million (€1.77 million) in late-seed funding to further enhance its offerings. “Financially, we are now in a position to explore new product categories that present significantly larger market potential and a quicker route to establishing ourselves as a household name in emerging markets,” said Toms Niparts, co-founder and CEO of the scaleup.

      **Roofit Solar**

      Another representative from Estonia, Roofit Solar