Chasing unicorns

Unicorns, symbols of success in many countries, do not solely determine the strength of a startup ecosystem. In a remarkable feat six months after automation platform Cast AI reached a $1 billion valuation, Lithuania showcased another unicorn with Oxylabs, a web intelligence and data infrastructure provider. The company's 3.6 billion USD (3.1 billion euro) valuation following a $130 million investment from Warburg Pincus further highlights Vilnius' ability to foster globally competitive technology businesses while remaining closely linked to the local ecosystem.

Founded in Vilnius, Oxylabs spent over a decade growing without external funding, then went on to generate over $350 million in annual recurring revenue, serving more than 350,000 customers worldwide.

The arrival of Oxylabs marks a significant milestone not only for the company but also for Lithuania's maturing technology ecosystem. Other Lithuanian unicorns include Nord Security, Vinted, Baltic Classifieds Group, and Flo Health. The capital's rapidly growing tech scene is backed by data, with Vilnius recognized as Europe's fastest-growing tech city in 2025, and the value of Lithuania's startup ecosystem expanding six times over the past decade, the fastest growth rate in Central and Eastern Europe.

Oxylabs serves as an example of diverse paths to achieving unicorn status, with the company growing for years without institutional funding, focusing on long-term value creation, and establishing itself among Europe's leading technology companies. Gintarė Verbickaitė, CEO of Unicorns Lithuania, emphasizes that each investment by a top-tier global investor sends a powerful message about the potential of world-class technology companies to be built in Lithuania.