Interest to get funding for EdTech and GameTech startups exceeds expectations
The funding call from Innovation Agency Lithuania, aimed at supporting the development of innovative products and prototypes in the EdTech and GameTech sectors, closed on February 6 with an overwhelming response. A total of 184 applications were submitted—125 from EdTech startups and 59 from GameTech. However, only the top 8 projects in each category will receive funding.
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Originally published on 18 Feb
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The Baltic countries’ synchronisation with continental Europe won the prestigious Project of the Year award at the Project Management Institute (PMI) awards ceremony held in Phoenix, Arizona. One of the largest and most widely renowned associations of project management professionals recognized the successful implementation of this complex project ahead of schedule.
“This global recognition once again confirms that the synchronization of the Baltic countries with the continental European electricity networks is a strategic achievement for our energy independence and a success story in global project management. It is the result of teamwork, professionalism, unity, and determination on the part of all partners. We are proud that Lithuania, together with its neighbours, has proven that it can implement the most complex energy infrastructure projects ahead of schedule and set an example for other countries,” says Lithuania’s Energy Minister Žygimantas Vaičiūnas.
“The Baltic synchronisation project has received global recognition for its project management excellence, which is a great achievement for Lithuania, the other Baltic countries and Poland. The Baltic synchronisation project is not only an important step towards Lithuania’s energy independence and security, but also an example of how focused project management can yield significant results for society. Together with our partners, we are joining the ranks of major international companies and US and Canadian government agencies that have won these awards in recent years,” says Rokas Masiulis, CEO of Litgrid.
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Originally published on 14 Nov
Critical Infrastructure Technologies Ltd. (CiTech), an Australian developer of cutting-edge mobile communications platforms, has announced the establishment of its wholly owned Latvian subsidiary SIA CiTech Europe, with plans to make Latvia the company’s European headquarters by 2026. The decision marks a significant milestone in CiTech’s global growth strategy and positions Liepāja as a key hub for the company’s European manufacturing, sales, and innovation activities.
CiTech’s planned facility will be in the Liepāja Special Economic Zone (LSEZ), taking advantage of the region’s excellent logistics, access to European markets, and competitive tax incentives — including a corporate tax rate of just 4% within the SEZ.
The company’s CEO, Brenton Scott, emphasized Latvia’s strategic importance for CiTech’s European expansion: “Our engagements with Latvian authorities have confirmed Latvia’s attractiveness as the home for our European headquarters. We are very excited to be accelerating our establishment in Latvia, building strong partnerships and creating a hub to support defense, border security, surveillance, and innovation across the European market.”
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Originally published on 16 Nov
Vidzeme Planning Region (VPR) continues to actively represent the interests of Latvia’s eastern border area at the European Union level, maintaining ongoing dialogue with the European Commission and international partners to ensure that the region’s situation is duly reflected in policy planning and decision-making. The needs of Latvia’s eastern border area are also represented by VPR within the EU interregional initiative Regio-Silience, which brings together external border regions from Poland, the Baltic States, Finland and Norway.
Within this initiative, Vidzeme Planning Region is represented by Santa Vītola, Head of the Vidzeme Open Innovation Hub (VAIC), who this autumn participated in the interregional seminar “Regio-Silience in East Lapland: North-Eastern Europe’s attractiveness” held in Salla, Finland. She provided a professional regional perspective in international discussions and thematic working groups, highlighting both the shared challenges of the EU’s external border regions and the development and security priorities set by Vidzeme Planning Region.
Ms Vītola reminded participants that Vidzeme Planning Region, just like the Latgale Planning Region, is an external border region of the European Union, characterised by specific security, development and mobility challenges.
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Originally published on 14 Nov
Finland could accelerate clinical trials through a “one-stop shop” model and shared systems and practices. This is outlined in Sitra’s publication FinTrials – National Framework for Clinical Drug Trials (summary in English).
Finland has long been known for its high-quality healthcare and strong research expertise. However, the number of clinical drug trials conducted in recent years has clearly declined. Reasons for this development include fragmented operating models, insufficient national coordination, and slow and complex processes.
“To strengthen Finland’s position as an attractive country for clinical drug trials, we need more cooperation and national-level coordination. Many other European countries, especially the Nordic countries, have shown that national cooperation is an effective way to increase the number of clinical drug trials,” emphasises Petri Lehto, leader of Sitra’s DigiHealth project.
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Originally published on 14 Nov
CFinnair continues to grow its European network and adds a total of 12 new destinations to its offering for summer 2026 from its Helsinki hub. Routes to Alta, Catania, Florence, Kos and Valencia were announced earlier this year, and Finnair now opens to sale flights to Kuressaare in Estonia, Luxembourg, Stavanger in Norway, Thessaloniki in Greece, Tirana in Albania, Turin in Italy and Umeå in Sweden.
Finnair also responds to the demand for Lapland and starts direct flights from three European cities – Brussels, Paris, and Zurich – to Finnish Lapland in winter 2026. These direct flights complement Finnair’s broad offering of daily connections to Lapland via its Helsinki hub.
With these additions, Finnair’s network for 2026 comprises of a total of 93 European destinations, 11 Asian destinations, seven North American destinations (including Toronto, which opens in summer 2026), and two destinations in the Middle East.
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Originally published on 13 Nov
Rail Baltica took part in the IE Center for Transport Economics & Infrastructure Management’s high-level round table on “The Role of Railways in a New European Defence Policy” on November 11.
Representatives from European organizations, defence ministries, and the transportation industry came together to talk about how railways might help Europe achieve its security and defence objectives. Lieutenant General Luis Lanchares of NATO, Herald Ruijters, Deputy Director General for Defence, Industry, and Space at the European Commission, and Julio Gómez-Pomar, President of the IE Center for Transport Economics & Infrastructure Management, were among the speakers.
Marius Narmontas, Chief Operations Officer and Management Board Member of RB Rail AS, participated in the panel discussion on “Railways and Transportation for Defence” on behalf of Rail Baltica. He described how the project’s architecture allows for dual-use infrastructure that supports both military and civilian logistics demands.
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Originally published on 13 Nov
This year, the International Employer of the Year in Oulu competition sought inspiring success stories with the goal of sharing best practices in international recruitment and strengthening Oulu’s reputation as an attractive hub for global talent.
The award decision highlighted that high-tech company Visidon has understood from the very beginning how international workers can strengthen business. Around ten percent of Visidon’s employees are international talents. The company offers equal opportunities for both Finnish and foreign employees. Language skills or the lack of them are not a barrier, as English is the official company language.
International employees are fully integrated into the work community and are not treated as a separate group. Visidon also has a tradition of organizing Nights of Culture events, where employees showcase aspects of their culture, such as food.
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Originally published on 14 Nov
One of the largest private equity funds in CEE, INVL Private Equity Fund II, has completed the acquisition of a 75% stake in Eesti Keskkonnateenused (EKT), the largest waste management group in Estonia.
While this is the fund’s first investment in Estonia, the acquisition builds on its team’s strong experience in the sector. Back in 2020, the predecessor fund, INVL Baltic Sea Growth Fund, acquired a controlling stake in Eco Baltia, which during the investment period was developed into the largest environmental resource management and recycling group in the Baltics.
“With this transaction, we are backing a strong Estonian market leader with consistent performance. Drawing on our experience with Eco Baltia, we aim to assist EKT in growing and thriving in Estonia’s circular economy. Having more than EUR 400 million to invest, we plan to further support the expansion of EKT and seek other investment opportunities in Estonia and abroad,” said Vytautas Plunksnis, Partner at INVL Private Equity Fund II and INVL Baltic Sea Growth Fund.
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Originally published on 12 Nov
P2X Solutions is supplying green hydrogen to Finland’s first synthetic kerosene production pilot, which manufactures emission-free aviation fuel, or eSAF. The pilot, led by technology company Liquid Sun, involves Finnair, Finavia, Fortum, and ABB.
Green hydrogen and biogenic carbon dioxide offer the opportunity to decarbonise sectors such as aviation, where direct electrification is not feasible. eSAF made from hydrogen can be introduced into existing aircraft using the current infrastructure without major changes. Hydrogen enables a rapid and large-scale transition to cleaner aviation.
“The production of eSAF is a huge opportunity for Finland. Across Europe, approximately 46 million tons of aviation fuel are used annually, and Finland has an excellent starting point for eSAF production,” says Herkko Plit, founder and CEO of P2X Solutions. “We have access to abundant emission-free electricity, clean water, biogenic carbon dioxide, and a growing amount of expertise in the production of new-generation fuels.”
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Originally published on 13 Nov
Our portfolio company Yaga, the fast-growing online marketplace for secondhand fashion, has raised €4m in a pre-Series A funding round. We participated in the round together with Specialist VC, H&M Group, Startup Wise Guys, and a group of angel investors.
Resale platforms are no longer niche – they’re becoming mainstream shopping destinations. The global second-hand apparel market grew by about 15% in 2024, reaching $227 billion, and is forecast to reach $367 billion by 2029*. Yaga is at the centre of this global shift.
Over recent years, Yaga has doubled in size annually, reaching a €50m+ GMV run rate. The company is now profitable and has achieved this scale with a 25-person team and just €3.2m raised prior to this round, showing the efficiency of its model alongside strong market demand. Yaga has built a particularly strong presence in South Africa, where it has become the leading online fashion resale platform. Globally, sellers have earned more than €80 million to date, and more than 6 million items have found new owners, extending their life and reducing textile waste.
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Originally published on 12 Nov