Average Salary of Employees in Lithuanian Startups Reached 3,800 EUR during 2023
In the bustling landscape of Lithuanian startups, the third quarter saw an impressive tax contribution of 92 million euros, marking a 15% increase from the previous year. However, this figure reflected a 5% decline compared to the preceding quarter, revealing a fluctuating trend in the startup ecosystem.
According to the “Unicorns Lithuania” association, the average salary of employees in these startups surged to 3,800 euros before taxes, indicating a 12% increase of 400 euros from the same period last year.
Among these startups, “Fullreach,” a real estate entity, took the lead in offering the highest salaries, averaging at 26,700 euros, a staggering fivefold increase from the previous quarter. Meanwhile, the gaming developer “Wargaming” made the most significant tax contribution of 6.8 million euros to the state.
Inga Langaitė, the head of “Unicorns Lithuania,” noted a slight slowdown in startup growth due to market uncertainty. She emphasized that while startups thrive on change, the current market unpredictability has shifted their strategy from a sprint to a marathon.
Langaitė mentioned, “Business creators are striving to understand what lies ahead and how to prepare for it. While some short-term decisions might be uncomfortable, there are positive signs.”
Key players in tax contributions during the third quarter included cybersecurity firm “Nord Security” with 6.2 million euros, followed closely by the peer-to-peer clothing trading platform “Vinted” at 6.1 million euros. Health tech startup “Kilo Health” contributed 3.3 million euros, and the Baltic classifieds group managing advertisement portals paid 3.2 million euros.
Notably, fintech company “Changer4u” offered the highest salaries at 13,900 euros, twice the amount from the previous quarter. Other companies such as “Paysolut,” “Perfection.AI,” and “Tesonet Accelerator” also reported increases in their average salaries during this period.
Currently, “Vinted,” “Nord Security,” “Wargaming,” “Kilo Health,” and data collection solutions company “Oxylabs” boast the highest number of employees in Lithuania.
Langaitė highlighted a growing demand for Information and Communication Technology (ICT) specialists in the country, constituting about 4% of the total workforce. She emphasized that this need for ICT talents isn’t limited to startups but extends across various sectors, becoming a crucial factor in enhancing the country’s economic competitiveness.
With approximately 17,700 individuals working in Lithuanian startup companies during the third quarter, the startup ecosystem continues to evolve dynamically, with companies like “Vinted” and “Oberlo” making substantial tax contributions and offering competitive remuneration to their employees.