On 3 April, Vilnius hosted the Accelerator Kick-Off event organised by Startup Lithuania, the startup division of the Innovation Agency, and the global innovation platform Plug and Play, marking the first cycle of the accelerator programme in Lithuania. Eleven of the country’s most promising startups, selected by Plug and Play’s investment committee, had the opportunity to present their ideas and establish useful contacts with potential investors. 

Aiming to open international opportunities for Lithuanian startups 

Karolis Žemaitis, Vice-Minister of Economy and Innovation, who attended the event, said that this partnership with Plug and Play is crucial for the Lithuanian startup ecosystem, which has a huge potential for growth, as it will help its participants to become more visible and competitive in the international space. 

“It has been a really challenging journey to attract an international accelerator to Lithuania – it was one of the promises and ideas we had in mind when we started working at the Ministry of Economy and Innovation. We had many discussions with the Lithuanian startup ecosystem, we asked what kind of help they need, and one of the most frequently heard wishes was international visibility and world-class players in Lithuania. I want to congratulate ourselves on having done that,” shared Karolis Žemaitis.  

Karolina Urbonaitė, who took up the position of Startup Lithuania CEO a few days ago, agreed with him. According to her, attracting such an important service provider, accelerator and venture capital fund to Lithuania is of great importance and would not have been possible without the close cooperation between Startup Lithuania and the Ministry of Economy and Innovation. 

“Today, standing on this stage, I feel very special. First of all, because I am a former member of the Plug and Play team in Silicon Valley, I also had the honour of leading this accelerator project for the last few months, and today I am officially the CEO of Startup Lithuania. On behalf of the whole organisation, I would like to express my huge gratitude to the Ministry of Economy and Innovation for its initiatives, for understanding the importance of innovative startups and for the fact that our startup ecosystem has grown tremendously over the last few years. A big thank you to the entire Startup Lithuania team for their trust and support, and to Plug and Play – having such an important global player join our ecosystem is fantastic, and we are looking forward to what this programme will bring us,” said Karolina Urbonaitė. 

11 most promising businesses in the first cycle of the Accelerator Programme  

Speaking about the objectives of this international acceleration programme, Raimondas Pili from Plug and Play said that the company started its activities in Lithuania with the aim of growing early-stage technology start-ups, helping them to attract investment and opening up international opportunities: “We are proud to be the first international investors to start up in Lithuania. We have worked very hard over the past months and although the journey ahead will be challenging, we will ensure the development and internationalisation of the Lithuanian startup ecosystem, helping them to make valuable connections and international collaboration opportunities.”  

“During the Accelerator Kick-Off event, startups selected by the Plug and Play Committee presented their ideas. There were eleven in total: AQ22, which develops virtual AI assistants that can help optimise human work; Boop, which has developed an app for animal care; eTOLLs EU, which has created a convenient way to pay tolls by phone when travelling; and innovative technological solutions, that enable people with disabilities or special needs to access websites and web applications by Kloosive, an automated money laundering verification tool for participants in decentralised cryptocurrency markets by Micapass, Ingenes, providing personalised DNA analysis and the ability for athletes to avoid injuries, recover faster and perform better, Axcenna, an artificial intelligence-based website and media content reviews and recommendations, a new food technology start-up, Biohifas, a startup using mushrooms and other components, SpotGo, an AI-based trading platform, White Bridge AI, a virtual reputation tool, and Uncovered, an AI-based competitive intelligence automation platform for B2B companies.  

Nearly EUR 6 million in investment for Lithuanian start-ups 

A total of 5 acceleration cycles will run in Lithuania until March 2026, and the most promising startups in the programme will have the opportunity to take part in the Global Offshore Acceleration and Learning (GOAL) programme in Silicon Valley and other events taking place in various European cities. Participants will also receive mentoring from global experts, take part in pitching workshops, consult with the Plug and Play team and present their innovative ideas to potential investors and international companies at a final event. 

One of the most important parts of the programme is access to Plug and Play’s extensive global network with major corporations. It will help start-ups to make useful connections and discover opportunities for international cooperation. In addition, selected start-ups will be able to join other Plug and Play programmes that benefit them. 

The US company plans to invest EUR 5.9 million in at least 45 start-ups over the lifetime of the programme.