In 2018-2019, the Baltic countries raised 89.75 EUR per capita, while the Nordic countries only raised 85.08 EUR per capita
With smaller populations, this demonstrates that the Baltics are an active innovation hub
In the annual Baltic Startup Report by Startup Wise Guys and EIT Digital it was concluded that the Baltic countries, consisting of Estonia, Latvia, and Lithuania, have raised more VC investment per capita than the Nordic countries.
If looking at absolute numbers, the Nordics have far out-raised the Baltics, with 2.28B EUR raised in this past period, compared to the Baltics’ 548M. But when looked at from a per capita angle, the Baltics have raised 89.75 EUR per capita, while the Nordics have raised 85.08 EUR per capita.
This hints towards the tendency that there are proportionally more entrepreneurial individuals in the Baltics willing to risk their hand in creating a startup with venture capital than in the Nordics. It’s also a testament so some startups doing incredibly well in the Baltics, where there are significantly smaller populations when compared to the Nordics.