X-Europe has prepared three startup ecosystem toolkits focusing on our focus regions - the Baltics, Visegrad, and Benelux. In our third and last toolkit, we are turning our attention to Benelux, a politico-economic union of three independently strong countries - Belgium, the Netherlands, and Luxembourg. With most of the EU institutions located in Brussels, Belgium has long been the political backbone of the whole EU, the Netherlands is the home to one of the largest tech and startup conferences in Europe and Amsterdam is among the top 3 best startup cities in Europe (source), while Luxembourg is the wealthiest country (per capita) in the EU and boasts the highest standard of living in the world. With strong economic and political ties, well-developed infrastructure, one would expect that the society, economy, and startup ecosystem in BENELUX is thriving.
NB! Before you continue reading, please note that there are many similar reports regarding specific countries and/or regions published every year. One thing that these reports have in common is that the numbers presented always differ. We have indicated all our information sources to keep it as transparent as possible. If you feel that your country/ecosystem has been misrepresented, please, let us know by writing to info@xeurope.eu and we'll make sure to adjust the information for everyone's benefit.
In terms of population, we can observe some opposites in the Benelux region. While the Netherlands and Belgium are some of the larger countries in the EU, Luxembourg is the second smallest with just little over 620 thousand inhabitants. The only country in the EU with fewer inhabitants is Malta. However, the tables are turned when we look at the nominal GDP per capita, where Luxembourg (109,600 EUR) more than doubles the results of the other Benelux members. Not only that, in fact, Luxembourg is the wealthiest country in the EU and amongst the top 5 wealthiest countries in the world (source). Furthermore, Luxembourg continues its victory parade by boasting the highest standard of living in the world. While lagging behind its smaller neighbor Luxembourg, the inhabitants of the Netherlands and Belgium still enjoy a very high standard of living, ranking 11th and 16th respectively.
All of the Benelux countries are innovation-driven economies; however, one of the three stands out the most, with a great educational system, high entrepreneurial spirit, and scientific research allowing the Netherlands to reach the #5 spot on the Innovation Global Rank in 2020.
Likewise, all of the Benelux countries are very entrepreneurial and score similarly in the Entrepreneurship global rank, Ease of doing business rank, and Ease of starting business rank. However, the Netherlands outperforms its Southern neighbors in all of the above-mentioned categories, scoring considerably higher in regards to entrepreneurship and starting a business. It is possible to start a business in the Netherlands in just a little over 3 working days (source), which puts the Netherlands ahead of not only its Benelux neighbors but also all of the V4 countries and two out of three Baltic countries (only Estonia ranks higher). On the other end of the spectrum, Luxembourg posts the most challenges in terms of starting and doing business in the Benelux region.
Lastly, over the last ten years, Belgium has considerably increased its spending on research and development from 2 percent to 2.82 percent in 2018. The above allows Belgium to hold the fifth highest R&D expenditure in the EU behind Sweden, Austria, Germany, and Denmark (source). The Netherlands R&D expenditure is just a bit under the EU average, which has been enough to maintain its high level of innovation, while Luxembourg spends considerably less at just 1.24 percent, which is more in line with the R&D spendings of the V4 countries.
With a large overall population, highly developed entrepreneurship, and high-level innovation, it is no surprise that the startup ecosystem in Benelux is thriving. The region's startups have access to 35 incubators, 97 accelerators, 406 VC funds, and 635 business angels.
While there are plenty of opportunities in the region, the Netherlands is the clear winner, scoring the highest numbers in all four categories. This is especially apparent when looking at the number of VC funds and business angels in all three countries, where the Netherlands more than doubles the numbers put up by its smaller neighbors. In contrast, Luxembourg has the lowest numbers in all categories. However, when we take into account that the country has a population of little more than 600,000 people, the number of VC funds and business angels per capita is actually the highest in the region. Moreover, Luxembourg supplements the comparatively low number of VC funds, accelerators, and business angels with various government-backed initiatives (source). Belgium falls right in the middle of the bunch, failing to catch up with the vibrant neighbor in the North and being slightly ahead of its much smaller neighbor in terms of investment per capita.
Benelux is a home for 1,893 startups in total. This is the second-highest number of total startups of all X-Europe's focus regions, only the Baltics have more, which is a little surprising taking into account the sizes of both regions. Most of the Benelux startups (1,107) are located in the Netherlands, followed by Belgium with 436 and Luxembourg with 350 startups. Furthermore, most of all of these crucial ecosystem players reside in the Netherlands, more precisely in Amsterdam, the tech sector of which is now worth 73bn EUR, mostly thanks to Adyen and Takeaways.com, both of which are among the top 5 European tech companies (source). Thus, there is no surprise that Startup Genome has listed Amsterdam as one of the main startup hotspots in Europe. Similarly, much of Belgium’s tech ecosystem centers around Brussels. The city’s prominence is also clear on a global scale. Startup Genome’s Global Startup Ecosystem Report 2020 (source) ranked Brussels — Belgium’s capital city and where most of the country’s tech startups can be found — among the top 30 emerging tech ecosystems world-wide.
Without any surprises and following the tendencies observed in other regions and worldwide - the trend for main startup cities remains the same also for Benelux. Capital cities and cities with the highest population, the highest number of universities, most manufacturing centers, and overall the most vibrant lifestyle are the ones to be considered as the main startup cities. However, both the Netherlands and Belgium can be proud also of other smaller startup hubs in Rotterdam, Utrecht, Ghent, and Antwerp.
The accelerators in Benelux vary a lot according to their focus areas, portfolio sizes, and offered benefits. However, it's a positive thing, meaning that startups in various stages of development have plenty of options to receive support in the region. The Benelux accelerators offer anything from co-working spaces, coaching, and matchmaking to investments as high as 1 million euros. Moreover, several of the accelerators are also happy to co-invest in the startups' future funding rounds.
EIT Digital Accelerator (BE)
Focus: European Tech Scaleups
Portfolio: 231
Benefits: Access to market and finance (300+ VC funds)
Digital Attraxion (BE)
Focus: Early-Stage and Seed companies in Belgium
Portfolio: 96
Benefits: Investment up to 50,000 EUR, coaching, and growth plan
The Faktory (BE)
Focus: Early stage B2B startups
Portfolio: 12
Benefits: Investment from 250,000 to EUR 1,000,000
Rockstart (NL)
Focus: Early-Stage Energy, AgriFood, and Emerging Tech startups
Portfolio: 140
Benefits: A 100,000 EUR convertible loan investment
InnoEnergy (BENELUX)
Focus: Sustainability startups and scaleups
Portfolio: 196
Benefits: Access to market and finance (300+ VC funds)
Startupbootcamp Commerce Amsterdam (NL)
Focus: B2B and B2B2C startups
Portfolio: 8
Benefits: 15 000 EUR coverage for living expenses, investor matchmaking, co-working
nfinitiv (LU)
Focus: Early and Late-stage startups
Portfolio: n/a
Benefits: Pitch deck analysis, growth, expansion, and maturity solutions
CATAPULT: Inclusion Africa (LU) Focus: FinTech startups Portfolio: 13 Benefits: Funding and business development PwC's Accelerator (LU) Focus: FinTech and Big Data startups Portfolio: 10 Benefits: Access to markets, funding, and talent
Source: Crunchbase, F6S & Startupblink
Out of the three focus regions of the X-Europe programma, Benelux has the strongest VC fund scene with 406 active players in the region. Many of the VC funds have a broader investment strategy, focusing not only on the startups in Benelux or event Europe, but investing worldwide in startups from the US, Canada, India, Israel, etc. Below are some of the more active VC funds in Benelux.
Gimv (BE)
Focus: Early and Late-stage Healthcare and Smart City startups
Portfolio: 53
Most recent investments: Kinaset Therapeutics (US), Topas Therapeutics (DE), AME (NL)
S.R.I.W. (BE)
Focus: Early-Stage
Portfolio: n/a
Most recent investments: Miracor Medical (BE), ITeos Therapeutics (US), OncoDNA (BE)
Capricorn Partners (BE)
Focus: Early
Portfolio: 33
Most recent investments: Ondato (LT), Katana MRP (LT), CENOS (LV), Adact (LV), Multiorders (LT)
Rockstart (NL)
Focus: Early-Stage startups
Portfolio: 140
Most recent investments: Rahandel (DK), MoooFarm (IN), GreenPod Labs (IN)
BOM Brabant Ventures (NL)
Focus: Seed, Early-Stage
Portfolio: 103
Most recent investments: SendCloud (NL), Salvia BioElectronics (NL), Sirius Medical (NL)
Forbion Capital Partners (NL)
Focus: Early and Late-Stage HealthTech startups
Portfolio: 21
Most recent investments: Inversago Pharma (CA), Dyne Therapeutics (US), AM Pharma (NL)
HOWZAT Partners (LU)
Focus: Seed and Early-Stage Fintech and SaaS
Portfolio: 88
Most recent investments: Suitepad (DE), Viselio (CH), Gronda (AT)
Cipio Partners (LU)
Focus: Late-Stage, Secondary Market
Portfolio: 15
Most recent investments: Microoled (FR), Whisbi (ES), AgoraPulse (FR)
Adara Ventures (LU)
Focus: Early-Stage, Seed
Portfolio: 15
Most recent investments: 4iQ (US), QUIBIM S.L. (ES), IOMED (ES)
Source: Crunchbase
While talking about startups there's a lot of talk about investments. And not without a reason - investments are what's helping each company grow, expand and eventually invest back into the ecosystem. While every deal for each startup is significant and important, there is such a great impact of big deals, let's take a look at the biggest deals in 2019/ 2020 in the Benelux region.
Source: Crunchbase, 2020
Benelux startups have received the largest funding rounds in 2019/2020, with two Dutch startups attracting 200 M USD funds each. The funding rounds attracted by startups in Luxembourg are considerably lower than those of the Northern neighbors; however, in general, out of the three regions under consideration, Benelux is the clear winner in terms of startup funding.
The Benelux region is very vibrant, full of culture and events. The same goes for the startup ecosystem as a whole and startup events. There are several important events for the startup community in each of the three countries. Just like in the Baltics, the Visegrad and the whole world - in the 2020 events needed to change a lot. Due to different Covid-19 restrictions that limit gatherings and travel, most of the events have shifted to a virtual or hybrid format. Even though that limits community events in person, it's still a platform to meet like-minded people and soak up exciting content. Below is a short overview of the event and a link to their website as the dates of the next conference is changing on a regular basis.
TNW Conference (NL) “TNW Conference feels more like a festival than a regular tech conference. This two-day virtual event is packed with industry-leading speakers, panel discussions, and workshops. It covers a wide variety of tech topics, such as AI, blockchain, and much more. Plus, it’s a great way to meet a ton of startups from all over the world.”
Arch Summit (LX)
“Arch Summit is the premier event for connecting tech startups and scaleups with corporate decision-makers. Founders, industry leaders, investors, policymakers, and tech experts will once again come together to discuss and interact with leading-edge technology, and explore new partnership opportunities.”
Strong economic and political ties, well-developed infrastructure, a high number of active VC funds, business angels, and accelerators, as well as large investment rounds attracted by Benelux startups, lead to thinking that the region is nearly flawless. But data does not always fully reflect reality; thus, we reached out to some of the ecosystem players to gain some personal insights about the Benelux startup ecosystem's strengths and challenges.
Tanguy Vanderlinden| CEO at Ubiz | LinkedIn
On strengths: “The greatest strengths of the Belgian ecosystem is that it is small, and therefore offers plenty of room to test new products. When you lock your position in Belgium, it becomes a pretty nice target for other acquirers elsewhere. From an incubation, it is a great location (since not that many competitors interested in this small market).”
On challenges: “The issue for very ambitious unicorn-to-be startups is to stay in Belgium since legislation is not that entrepreneur-friendly (great to be subsidized, but after when you start making money...) - yes many decided to grow elsewhere, not giving back to the local community. Amsterdam is becoming a real startup hub though, gathering many successful unicorns. Dutch Legislation sounds very entrepreneur-friendly. For instance, the notice period is very short, welcoming entrepreneurs to take risks & grow. The previous years were about Digital only, the coming ones will be about hardware coming back - robotics is the next BIG thing because you won't be fighting climate change with just data & Apple apps.”
Frederik Tibau | Project Lead Scale-up Programs at Agoria | Linkedin
On Strengths: “In recent years, the Belgian start-up ecosystem has become much more mature. The number of scale-ups has at least quadrupled, as has the number of companies that are making a stand abroad. More and more capital is flowing into our digital growth companies, and more and more experienced tech entrepreneurs invest their time and money in the ecosystem.
With a total amount of 1.003 billion euros invested in Belgian tech companies (biotech not included), 2020 was an undisputed record year. It’s not only a significant increase from 701 million euros in 2019, it is even 10 times more compared to only eight years ago (97 million euros in 2013).
Belgium’s fast-growing start-up and the scale-up scene is still a bit under the radar in Europe, but this could rapidly change as Brussels is emerging as one of the continent’s most exciting creative centres, and Belgian tech hubs such as Brussels, Antwerpen, Gent, Leuven, and Louvain-La-Neuve are much less expensive than London, Amsterdam, Paris, and Cologne, while they are very accessible and perfectly located in the heart of Europe.
Belgians have a very open mindset, and the country boasts a strong IT-sector with the European headquarters of many international tech corporates. The presence of the European Union and institutions such as NATO make Brussels one of the most important political powerhouses on the planet, resulting in a very international and easily accessible business and expat community.
Belgians have a very strong reputation and tons of expertise in R&D and innovation, due to the high-quality education and the high density of research facilities, the availability of highly skilled workers, and the fiscal incentives for R&D ventures. The country is among the top players in the world in biotech, digital health, manufacturing tech, and logistics and supply chain tech.”
On weaknesses:
- “Early-stage finance. Especially since the COVID-crisis, it has become more difficult to attract early-stage capital. Business angels have become more cautious and investors are playing it safe and are freeing up larger amounts of money for portfolio companies that are further in their growth trajectory to ensure they get through the crisis unscathed.
- Internationalization. Although there are more and more examples of inspiring Belgian scale-ups that are making a stand at a global level, the internationalization of our start-ups and scale-ups remains a point of attention. As a market, Belgium is too small to develop a sustainable technology company, which means that our companies must pay sufficient attention to the marketing of their products abroad, and this from the start.
- Lack of clear positioning due to fragmentation and therefore still under the radar internationally. The Belgian startup ecosystem is very fragmented. As a matter of fact, our three regions (Flanders/Brussels/Wallonia) boast different ecosystems, each with its own dynamics. More efforts could be made to market a ‘Belgian tech’ brand abroad, and a clearer focus on the distinctive strengths in our ecosystem (such as digital health, manufacturing tech, and HR tech) is welcome.
- Partly because we’re lacking a clear positioning, Belgium is not yet attractive enough to attract top foreign talent (and to a lesser extent to attract foreign big tech companies)
This is an important point of attention because it is more necessary than ever to attract and retain experienced international top talent to enable our scale-ups to develop into real world-encompassing tech companies.
- Too few large exits, not enough money flows back to the ecosystem
Belgian entrepreneurs remain (too ?) modest because we’re a small country with a small market. And so it often happens that promising companies are sold before they have reached their full potential on their own. There are pros and cons to selling tech companies, but one of the drawbacks of a relatively quick sale is that there are fewer or no major exits. And without major exits, not enough money flows back to the ecosystem.“
Ryan Young | Head of Market at Talkwalker | Linkedin
On Strengths: “Luxembourg has so many resources for startups! The government runs its own program, sponsoring incubators and providing funding. The country is full of other non and for-profit startup assistance, including kickstart services, classes, and coworking offices. Luxembourg especially caters to fintech companies, expanding on niche payment and investment services, KYT, and data privacy.
There is a rich talent pool from across the globe, drawn here by big finance, consulting, and tech firms. Made up of a majority of immigrants, Luxembourg's international outlook is ideal for starting small and expanding globally.
On weaknesses: “The selfsame companies that attract talent to the county also threaten to stifle innovation and crush competition. As big firms like Salesforce buy up Slack, we will have to watch closely as Google moves into town, joining Amazon to dominate the tech scene in Luxembourg. As an international financial hub, Luxembourg is also especially susceptible to global downturns and antiglobalist movements like MAGA and BREXIT.
To remain a fertile ground for startups, Luxembourg must protect startups from the big tech and big financial firms, and be ready with solutions when nationalist financial protections make it hard for them to compete."
Claire Tillekaerts | Flanders Investment & Trade CEO | Linkedin
On Strengths: “Flanders breathes science and technology. Our universities and colleges are among the best in the world and train innovative talent. Our companies and research centers unite in clusters to tackle innovative projects together. Our technology-driven start-ups and companies are conquering the world. The tight ecosystem of private companies and research centers together with a supportive government has created an innovative and vibrant startup ecosystem where starting up your business is easy and funding is widely available. The excellent location of Flanders is attracting increasingly more startups to cities like Antwerp, Leuven, and Ghent. From here you can easily reach the rest of the European market”
No comments on weaknesses provided.
Philippe Linster | House of Startups CEO | Linkedin
On Strengths: “Luxembourg’s startup ecosystem is booming! Our startup ecosystem is unique in the world as we combine the benefits of being small and international. Here, startups can build a strong network very quickly as it is truly easy to connect with people and organisations that will help unlock their potential. In the meantime, Luxembourg presents so many opportunities for startups to access international markets. For instance, we set up the “EU-TRIBE” The Greater Region’s Innovators Network, to maximise synergies between Belgium’s Wallonia, Luxembourg, France’s Lorraine and Germany’s Saarland and Rhineland-Pfalz which represents a market of 11M consumers.”
On Weaknesses: “Luxembourg’s startup ecosystem is also quite “young”. Within only a few years, the ecosystem has taken major leaps. For instance, the House of Startups, launched three years ago by the Luxembourg Chamber of Commerce, already counts around 130 startups spread across four key incubators and accelerators. We will most certainly meet many challenges as we progress to a certain kind of maturity. The importance a Tax Shelter program to promote investments towards startups will be key in fostering the ecosystem. However, with local entities such as the Luxembourg Chamber of Commerce and the Luxembourg Government backing up our startup ecosystem and with the innovative entrepreneurs you find here, I am quite confident that we are heading in the right direction.”
Jeanet Lin | Food for Gut! CEO | Linkedin
On Strengths: “The greatest strengths of the startup ecosystem in the Netherlands are the different innovation programs and accelerators that exist covering different areas from commerce to technology to health. There seems to also be a lot of focus on helping scale-ups grow and facilitating the connections between the ecosystem players for these companies. There are also a lot of startup communities that help foster connections and networking with talents, experts, and resources such as TNW Coworking spaces, Women in Tech, and others. The collaborations between StartupAmsterdam (The City of Amsterdam) together with partners like TNW, Techleap, and others or programs between corporates and innovation agencies provide a great opportunity for startups and scale-ups to be more visible both nationally and internationally together with expansion and growth.”
On weaknesses: ”As a starting female founder with an Asian ethnicity background in the health, AI, and digital sector I see there’s a lack of resources and support for the early-stage startups and founders here in the Netherlands:
1. Supporting programs for early-stage startups:
a. More incubator programs aimed at starting entrepreneurs that help them with the business model and MVP development.
b. Help to connect the founders with the right experts and organizations from early on for validation 44 X-Europe Ecosystem Toolkit.
c. Help support connecting the right talents with each other, such as co-founders or talents to startups. Currently, almost every single program that has successful startups after “graduation” requires a minimum of 2 people team.
d. Fostering for more diverse and inclusive founders and teams from early on, creating an equal playing field for everyone and not only on white people or men.
2. Access to Capital for early-stage startups and founders:
a. Need access to angel investors for early-stage/pre-seed startups to get started quickly or more available grants from the government. This access should be promoted through more facilitation or connection initiatives.
b. More support for female-led or co-founded startups is currently only 2% is invested in female-led startups.
c. More equal investment opportunities to be distributed to other startups than white people, if you look at the Borski Fund or any of the existing VCs and communities such as the Next Women - 99% are all white male/female coming from rich backgrounds and always featured in the news. It does not seem very accessible to get funded or let alone noticed by them if you are not part of the ‘club’.
3. Diversity & Inclusion in both investment and programs for startups and founders
a. Existing programs should be more diverse and inclusive in their selection of startups/scale-ups to their programs. Currently, the selection of the majority of the startups in the Techleap programs, for example, are all led by white men of different ages, the number of female-led or PoC-led startups/scale-ups needs to be higher. If the “reason” is a lack of startups with such founders, that is a big sign that we are not doing well enough from start, hence the point above regarding supporting programs for early-stage startups.
b. Focusing on an even distribution of the ratio of diverse founders and gender equality in the programs for startups and scale-ups, so that we don’t need to have “women-only” or “PoC-only” type of labels/programs, it should just be a natural thing within 5 years from now and no longer be a separate track.
Bottom line what needs to be changed in the Dutch ecosystem is more diversity & inclusion focus when providing opportunities to startups/scale-ups and founders first and foremost to create a more equal playground for everyone. Access to Capital should also be made more available for early-stage startups and more resources and support to be provided too for this stage of startups to help them get started quickly.”
Sebastien Toupy | TNW Head of Startup Relations | Linkedin
On strengths: "The dutch ecosystem has a strong support network for founders from a wide range of organisations and spread across various cities. From accelerators and incubators (private and public) as well as governmental agencies focuses on Innovation such as TechLeap and Startups Amsterdam. This support system allows founders to access a wide range of mentors, investors, and partners to help them make their companies successful."
On weaknesses: “I believe that the main challenge is to create more ties and collaborations across the various stakeholders in the ecosystem. While the willingness to help is there, the resources available could be used much more efficiently by leveraging collaborations and partnerships across the country. Each city in the Netherlands seems to have its specialty and this has benefits that need to be more openly shared between founders and local stakeholders.”
As the most vibrant ecosystem in the group, the Benelux provides examples of successes, as well as focus areas for development. The Benelux holds 3 regions that provide significant amounts of support to startups. Whether it be governmental support, accelerators, and incubators, or access to capital, each ecosystem has a strong offering for early-stage companies as well as scaling businesses. Additionally, both within and between nations there is strong collaboration between across, with notable companies such as Techleap, EU-Tribe, Agoria, and more providing good networks to support business growth and internationalisation. Additionally, the number of investment firms within the region and series of large-scale exits and investments demonstrate the vitality of the VC sector here.
The cost of living is higher in the Benelux, with prices also influenced by the population density of the region as being amongst the highest in Europe. However, for a small region, having such strong infrastructure and mobility is a benefit for companies looking to scale within the region. Additionally, with high quality of life, high levels of education, and significant numbers of international and local talent, the region is a strong place to grow a skilled team.
The attraction of this region to large tech companies is apparent, with Amazon and Google entering Luxembourg, and companies like Netflix and Uber hosting their European HQ in the Netherlands. This provides a greater pedigree to the region, a higher influx of skilled workers, and greater opportunities in the tech industry for local skilled employees.
With the exception of the Netherlands, the Benelux faces challenges in both attracting international companies and helping their own companies internationalise. Attracting talent to Luxembourg and Belgium is a challenge and due to regulatory frameworks, entrepreneurship is not as easy as it is in countries like the Netherlands or the United Kingdom. This is compounded by issues surrounding access to early-stage finance and support, as well as integrating new companies into tech ecosystems.
There are opportunities to address these issues: in response to the Covid-19 pandemic, countries such as the Netherlands are implementing large funding programs for SME’s, the success of universities such as Delft in the Netherlands in generating tech companies must be spread more broadly, and diversity and inclusion aims are an important focus for years to come in terms of creating a healthier startup ecosystem.
X-Europe can contribute to these issues throughout its program lifecycle through a number of actions. Our investment matchmaking can increase access to capital, as well as increase the number of international investors exploring the region. Talent matchmaking can take advantage of the high digital literacy in the region. Ecosystem builder matchmaking can increase the connections between stakeholders and create a more integrated region for the startups coming through here. Finally, with TNW’s flagship event every year, X-Europe has a readymade platform to further its aims in front of international audiences and showcase the work we are doing in connecting regions in Europe.
Data sources: Population | Eurostat
GDP per Capita | International Monetary Fund
Standard of Living Global rank (GDP per Capita) | International Monetary Fund
Innovation Global Rank | Global Innovation Index
Entrepreneurship Global Rank | Global Entrepreneurship Index
Ease of Doing Business Rank | Doing Business
Ease of Starting a Business Rank | Doing Business
Research and Development (% of GDP) | World Bank
Startup Funding | Dealroom
Number of incubators | Crunchbase, F6S, StartupBlink, Baltic Startup Scene Report
Number of Accelerators | Crunchbase, F6S, StartupBlink, Baltic Startup Scene Report
Most Active Accelerators | Crunchbase
Number of Active VCs | Crunchbase
Most Active VC funds | Crunchbase
Number of Business Angels | Angellist, LatBAN, LitBAN, EstBAN
Number of Startups | Crunchbase, StartupBlink, Baltic Startup Scene Report
Main Startup Cities | StartupBlink
Biggest Deals on 2019/2020 | Crunchbase, Dealroom
Main startup events | Crunchbase
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