In 2024 fundraising activity in Baltic fund managers decreased by 67% to €265M
According the annual survey of Baltic Private Equity and Venture Capital Market Overview 2024 from KPMG, fundraising activity decreased to €265M (down 67% year-on-year). This is after two outstanding fundraising years in 2022 and 2023, when Baltic fund managers raised more than €1.5B.
Other outcomes of the review:
- The market has shifted to earlier stages, with early stage venture capital investments accounting for more than 35% of total investments, while growth stage investments grew 15% year-over-year.
- Outbound investments reached a record €173M (53% of total capital deployed) highlighting Baltic managers’ growing global reach.
- At the end of the year, investments in startups amounted to €1.08B, with the majority (€801M) coming from early-stage venture capital funds.
- More than 230 deals were completed, which is broadly in line with 2021 and 2022, although 20% less than 2023.
- In 2024, Baltic funds invested €44M into Estonian companies across 80 transactions. While slightly below 2023 levels, overall activity remained stable. VC funds contributed 57% of the total, with ICT attracting 78% of capital invested.
- Baltic funds invested €38M in Latvian companies — the second-highest annual total on record, though below the 2023 peak — with growth investment funds driving activity and accounting for 43% of the total invested amount.
- Baltic PE/VC funds invested €55M into Lithuanian companies across 63 transactions — the highest among the Baltic states. Infrastructure investors led the way, accounting for 51% of total capital deployed, which made energy and environment the top-funded sector of the year.
