Two Unicorns in Six Months: What’s Fueling Lithuania’s Tech Momentum?

As a new unicorn, Oxylabs emerges just six months after Cast AI, Lithuania’s capital Vilnius, is rapidly establishing itself as a tech-forward leader in the region and a hub for internationally recognized ventures.

Just six months after Cast AI, an automation platform for cloud native and AI workloads, crossed the billion-dollar mark, Lithuania has produced another unicorn. With Oxylabs, a web intelligence and data infrastructure provider, reaching a $3.6 billion (€3.1 billion) valuation following a $130 million (€113.6 million) investment from Warburg Pincus, the country’s capital, Vilnius, is proving once again that globally competitive technology businesses can be built from Lithuania while remaining rooted in the local ecosystem.

Founded in Vilnius, Oxylabs spent more than a decade growing without external funding before reaching more than $350 million in annual recurring revenue and serving over 350,000 customers worldwide. Its first institutional funding marks a significant milestone – not only for Oxylabs, but also for Lithuania’s increasingly mature technology ecosystem. Besides Cast AI, the company joins other unicorns Nord Security, Vinted, Baltic Classifieds Group, and Flo Health.

The company is also the latest example of a broader trend, reflecting the capital’s growing ability to produce globally competitive technology companies while retaining talent, headquarters, and investment locally. What’s more, Vilnius was Europe’s fastest-growing tech city in 2025, while the value of Lithuania’s startup ecosystem has expanded 6.8 times over the past decade, marking it the strongest growth rate in Central and Eastern Europe.

“Oxylabs proves that there isn’t a single formula for building a unicorn. It grew for years without institutional funding, focused on long-term value creation, and became one of Europe’s leading technology companies. That’s an important signal for the next generation of founders,” says Gintarė Verbickaitė, CEO of Unicorns Lithuania, an association representing over 130 startups, tech companies, and the country’s unicorns.

She adds, “Every investment by a top-tier global investor sends the message: world-class technology companies can be built here. Another unicorn shows that our ecosystem is consistently producing businesses that can compete globally.”

The impact of a growing ecosystem with multiple unicorns is evident beyond the technology sector. According to UBS’s Global Wealth Report 2026, Lithuania recorded the fastest annual growth in the number of millionaires in Central and Eastern Europe, adding 921 new dollar millionaires over the past year – an 8% increase that brought the country’s total to around 12,000. While wealth creation stems from multiple industries, the rapid expansion of high-value technology companies has become an important contributor to investment, skilled employment, and entrepreneurial activity.

For Vilnius, the emergence of another unicorn reinforces a longer-term trend. A growing pool of experienced founders, engineers, and international investors is creating the conditions for more companies to scale globally while remaining headquartered in Lithuania.

“The goal for our capital has always been to build an ecosystem where the ambitious entrepreneurs choose to build and scale. Vilnius combines exceptional talent, a close-knit community where connections happen naturally, and the agility to move fast,” says Mangirdas Šapranauskas, Head of Business Department at Go Vilnius, the official tourism and business development agency of Vilnius. “Add a quality of life that makes people genuinely happy to live here, and it’s no surprise that global companies are choosing to grow from Vilnius. With another unicorn, we’re seeing that model work. International investors are backing companies built here, and more founders are proving they don’t need to relocate to build businesses worth billions.”

With six unicorns now emerging from a country of just 2.8 million people – and two created within the last six months – Vilnius is increasingly demonstrating that globally significant technology companies no longer need to come from Europe’s largest markets. The latest milestone suggests Lithuania’s unicorn story is becoming less of an exception and more of a pattern.