Five standout scaleups from the Baltics have made it into TECH5 — the “Champions League of Technology.” 

Representing Estonia, Lithuania, and Latvia, the quintet will now challenge rivals from six other regions for the title of Europe's hottest scaleup.

To earn their place in TECH5, the Baltic contenders have already had to fend off stiff competition. For a combined population of just over six million, the region is the birthplace of a remarkable range of innovations, startups, and scaleups.

Collectively, the three states are renowned for strong digital infrastructure, tech-savvy populations, global mindsets, and government policies that support innovation. Individually, each country boasts its own impressive attributes.

Estonia leads Europe in density of unicorns (privately held startups valued at over $1bn). Several trace their roots to the “Skype Mafia” of entrepreneurs that emerged from the video chat pioneer, including Playtech, Wise, and Bolt. Last year, the country was also ranked as the global leader in e-government and venture funding relative to GDP.

Lithuania has bred its own impressive flock of unicorns: Vinted, Nord Security, Baltic Classifieds Group, and the most recent addition, Flo Health — which last year became Europe's first femtech unicorn. The country is also the number one fintech hub in the EU by number of licensed companies.

Latvia, meanwhile, was named Europe's most startup-friendly country in 2021 by Index Ventures. Currently, on-demand printing company Printful is the nation's only unicorn, but the ecosystem is growing fast. Since 2019, the country's startups have grown in enterprise value by 5.3x — the highest increase in the region, according to Dealroom data.

With such fertile ground for scaleups across the region, picking just five for TECH5 was a challenge. 

Our judges selected them after analysing their growth, impact, and future potential. In no particular order, let's meet them.

Vok Bikes

Estonia's Vok Bikes develops electric cargo bikes with three key qualities: smart, safe, and sustainable. 

Designed for city use and streamlined deliveries, the four-wheel drive bikes have a range of 100km and a top speed of 25km/h. According to Vok, the system saves users up to 70% annually in maintenance expenses.

Acceleration, braking, and reversing are integrated into the pedals, while the fine-tuned torque control reduces fatigue. The design also supports extended climbing with heavy loads, without overheating the system. Further features include regenerative braking, intelligent power disruption, online diagnostics, and a swappable battery.

Customers include IKEA, which uses Vok Bikes for last-mile deliveries, alongside many delivery, transportation, and logistics companies.

Last month, the Tallinn-based company reported that a Vok XL bike has an ownership cost that's 64% lower than a Ford Transit Connect.

“Even resale value holds up,” the scaleup said. “After five years, the Vok still retains ~22% of its original value.”

PVcase

Lithuania's PVcase is a global leader in solar project software. The company's end-to-end platform covers the entire development of solar farms, from site selection and design to yield optimisation.

The approach aims to streamline solar project design, cutting costs and timelines. By accelerating deployments of solar energy, PVcase contributes to reducing greenhouse gas emissions and mitigating the impacts of climate change. 

Since launching in 2018, the Kaunas-based business has delivered software to customers in 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 told TNW. “This exponential increase in solar design speed is not just an industry statistic; it's a lifeline for our planet.”

Investors have been impressed by the progress. In 2023, PVcase secured a cash injection of $100mn (€88mn), bringing its total funding to over $123mn (€109mn).

Jeff App

Latvia's Jeff App supports people with limited access to traditional financial services — the “underbanked.” The Riga-based business offers alternative credit scores in emerging economies, extending the pathways to financial inclusion.   

Founded in 2019, Jeff also operates as a lead generation service. The fintech says it has over 8 million users, with each one undergoing creditworthiness and fraud detection checks. By partnering with Jeff, banks and lenders can tap into new markets of borrowers.

Jeff also collects, analyses, and models data from a host of sources, including smart devices, social media, and behavioural analytics. Clients can access the insights through the scaleup's API.

Last year, Jeff secured $2mn (€1.77mn) in late-seed funding to further develop its services.

“Financially, we can now pursue new product categories that offer much greater market size and a faster path to becoming a household name in emerging markets,” said Toms Niparts, the scaleup's co-founder and CEO.

Roofit Solar

Another Estonian flagbearer, Roofit Solar delivers fully-integrated solar panels that blend innovation and elegance.

The panels combine Nordic design with premium materials and efficiency. The solar cells are integrated into high-quality metal sheets. The panel then form a solar roof tailored to a home's aesthetic design. Using AI, the system also optimises energy purchases, sales, and storage — maximising the customer's savings and revenues.

The company emerged from the founders' dissatisfaction with the appearance of traditional solar panels. In 2016, they launched Roofit Solar to prove solar energy doesn't need to compromise on looks.

In January, the company unveiled a new slimmed-down design: the Velario Slim.

“Our other products are already high performers when it comes to energy efficiency, but the compact Velario Slim will allow even more roof space to be covered and more free energy to be generated for property owners under the same roof,” said Andres Anijalg, the scaleup's CEO.

Turing College

Our second Lithuanian finalist, Turing College provides online courses that empower users to upskill or reskill — on their terms.

The Vilnius-based edtech emerged in 2021 with a new approach to learning. Each course is designed to equip busy professionals with in-demand tech skills. The methodology involves short intensive sprints inspired by the Agile method, which is used by industry leaders including Google, Apple, and Facebook. 

Last year, the scaleup was awarded a €2.5mn grant from the European Innovation Council (EIC).

“This grant is pivotal for us,” said Lukas Kaminskis, Turing College's founder and CEO. “It allows us to invest in solutions that both simplify mentor work and boost learner experience and outcomes.

“While there's widespread agreement on AI's potential to transform education, what that transformation will look like is still unclear. Our team has been searching for the answer over the past eight years, and we believe we've found it — at least for digital skills training.”

What's next for the Baltic scaleups?

The Baltic scaleups will compete for the TECH5 title with rivals from across Europe. 

The challengers from Southern Europe, France, Benelux, the Nordics, and DACH have also been selected. Next week, we reveal the contenders from the final region to enter the tournament: the United Kingdom and Ireland.

The tournament will culminate next month, when the grand champion is crowned Europe's hottest scaleup. 

The coronation will take place at TNW Conference on June 19 and 20 — and you can be there too. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout for 30% off.