Latitude59 brought three startups 450 000 euros: which sectors are investors currently investing in?

At the Latitude59 pitch competition held in Tallinn, investors selected three startups from Estonia, Finland, and Lithuania. Investments totaling 450 000 euros were announced.

The money did not go to yet another set of general consumer applications, but to companies solving very specific problems. The winners operated in the fields of power grid stabilisation, management of training for working and rescue dogs, and automation of restaurant staff management.

Finland’s Granarium Technologies may receive up to 200 000 euros, Estonia’s DogBase up to 100 000 euros, and Lithuania’s Backoffice 150 000 euros.

The results send a fairly clear signal: investors are no longer satisfied with just a technological idea or a mention of artificial intelligence. Solutions that have a clearly defined customer, a demonstrable need, and the potential to grow beyond the borders of a single country are gaining attention.

At the same time, no definitive conclusions about the entire European investment market can be drawn from the three winners. The Latitude59 results primarily show which qualities the investors in this particular competition valued: sector-specific expertise, market validation, strong technology, and international growth potential.

What is Latitude59?

Latitude59 is an international technology and startup conference held in Tallinn that brings together startups, investors, entrepreneurs, experts and public sector representatives from Estonia and abroad.

The event aims to help companies find investors, cooperation partners, and new markets, while giving investors an opportunity to discover promising companies at an early stage of development. Latitude59 is not an investment fund itself. The conference creates an environment where startups can present their ideas and investors can decide whether to invest in them.

One of the most important parts of Latitude59 is the pitch competition. During it, selected startups give the jury and investors a brief overview of their product, business model, market, and growth potential. The best companies may receive an investment offer, but this is not automatically a grant or prize money.

What happened at the Latitude59 pitch competition?

465 startups from 53 countries and five continents applied for the Latitude59 2026 pitch competition. First, the 15 strongest teams were selected, and seven companies advanced to the final held on May 22 at Kultuurikatel in Tallinn.

The competition was highly diverse in scope. The candidates included AI-based sales and customer service solutions, energy technologies, defence industry projects, systems for assessing real estate climate risks, maritime technologies, health data platforms, and B2B software that automates companies’ day-to-day work.

Investments received:

• Granarium Technologies from Finland – up to 200 000 euros;
• DogBase from Estonia – up to 100 000 euros;
• Backoffice from Leedu – 150 000 euros.

Granarium Technologies and DogBase are backed by a joint investment syndicate of the Estonian, Latvian, and Finnish business angel networks EstBAN, LatBAN, and FiBAN. The Lithuanian venture capital fund FIRSTPICK is investing in Backoffice.

This is not a conventional cash prize

The phrase “Latitude59 distributed 450 000 euros to startups” sounds simple, but it may give the wrong impression.

This is not a grant or a free cash prize. These are investments in exchange for which investors receive an agreed stake in the company or other rights specified in the investment agreement.

The wording “up to 200 000 euros” and “up to 100 000 euros” has also been used for Granarium Technologies and DogBase. This means that the final investment may depend on due diligence of the company, the terms of the transaction, and the agreement to be concluded between the investors and founders.

Winning the Pitch competition nevertheless means much more to a company than just money. Along with capital, the founders gain access to investors’ contacts, experience, potential clients, and business networks in various countries.

Granarium Technologies: energy storage is becoming core infrastructure for the power grid

The largest potential investment in the competition went to the Finnish deep-tech company Granarium Technologies.

The company is developing supercapacitors made entirely from renewable materials, using nanocellulose and activated carbon. The solution is designed to stabilize power grids and manage rapid power fluctuations.

A supercapacitor does not perform exactly the same function as a conventional battery. Its strength lies in its ability to absorb and release energy very quickly. Such systems may be needed when the power grid must react quickly to changes in production or consumption.

Why did investors choose Granarium?

According to the investors, the role of energy storage is changing. Storage systems are no longer regarded merely as backup solutions; instead, they are becoming an increasingly important part of the power grid’s core infrastructure.

Wind and solar power generation depends on the weather. The more renewable energy with variable output is added to the power grid, the greater the need for systems that help quickly balance production and consumption.

For investors, Granarium combines several strong themes:

• energy security;
• power grid reliability;
• deep tech;
• use of renewable materials;
• possibility of using local raw materials;
• international industrial market.

The investors specifically highlighted the company's technology, the team's experience, and the possibility of using local raw materials in production, which could make production more sustainable and affordable.

A major opportunity also means a major risk

Developing a deep-tech company is usually slower and more capital-intensive than creating a conventional software service.

A working prototype does not yet mean that the product can immediately be manufactured on an industrial scale. Granarium must prove that the technology is reliable, has a long service life, and is priced competitively enough.

It is also necessary to undergo testing and certification, as well as likely lengthy negotiations with energy companies and industrial customers.

However, it is precisely the technological complexity that may become the company's competitive advantage. If the solution is difficult to copy quickly, Granarium gains stronger protection against new competitors.

DogBase: investors are looking for artificial intelligence created for a specific field

The Estonian startup DogBase may receive an investment of up to 100 000 euros.

The company is developing a platform for managing the training of working, service, and rescue dogs. The system makes it possible to record training sessions, track a dog’s progress, and manage certificate- and health-related data.

The platform replaces paper logs and separate spreadsheets with a mobile tool that can be used by trainers, rescue organisations, law enforcement agencies, and other teams working with professional dogs.

Why did DogBase receive the investment?

In DogBase's case, the main argument was not simply that the company uses artificial intelligence.

The investors highlighted the team’s in-depth industry expertise, proven technology, clear market need, and users’ willingness to switch to a paid service.

This is an important change across the entire AI market.

The word “artificial intelligence” alone no longer gives a company a major advantage. An investor wants to understand:

• what specific task the technology solves;
• who is willing to pay for it;
• how often the customer uses the product;
• what data or knowledge prevents competitors from copying the solution;
• whether the business model also works outside the domestic market.

DogBase is a good example of vertical artificial intelligence. It is not a universal AI tool intended for everyone, but a solution designed for one specific professional field.

Is a very narrow niche a strength or a limitation?

Specialization helps the company better understand its customers' actual workflows. At the same time, a very narrow target group may limit the overall market size.

DogBase must prove that the market of professional dog trainers, rescue teams, police agencies, and other organizations is large enough to build an international company.

Growth opportunities may arise through new features, additional analytics, health data, certification, and cooperation between organisations.

The investment in DogBase therefore does not mean that every AI application created for a small target group will automatically receive funding. It shows that a narrow niche can be attractive when the problem is real and customers are willing to pay for the solution.

Backoffice: restaurants are primarily being sold control and time savings

The Lithuanian startup Backoffice received an investment of 150 000 euros from FIRSTPICK.

The company is developing a human resources management platform for restaurants and other accommodation and catering businesses.

Employee schedules, time tracking, shift management, internal communication, documents, and other HR-related workflows are consolidated into a single system.

According to FIRSTPICK, the average catering or accommodation business currently uses at least five different systems. Backoffice wants to combine these tools into a single platform.

Why are investors still interested in vertical SaaS?

Restaurant work schedule management software may not sound as innovative as artificial intelligence or new energy technology.

For a company, however, the product's value is determined not by the complexity of the technology, but by the outcome achieved.

Restaurants have to cope with shift work, employee absences, high staff turnover, time tracking, and constant cost pressure. If the software helps a manager prepare schedules more quickly, reduce errors, and control personnel costs, its economic benefit is easy to measure.

From an investor's perspective, an industry-specific SaaS service may offer the following advantages:

• clearly defined business customer;
• regular monthly fee;
• daily use;
• the ability to add new features;
• the ability to integrate with existing systems;
• expansion into different European markets.

Backoffice's biggest challenge

There are already many competitors in the market for software designed for restaurants and accommodation businesses.

Backoffice has to compete with international human resource management platforms, point-of-sale systems, time-tracking solutions, and local software providers.

When entering a new market, local labor law, the tax system, language, payroll, and accounting software must also be taken into account.

Therefore, simply having the idea of combining several tools into one platform is not enough. Backoffice must prove that its system is more convenient and affordable for a company than the combination of solutions it already uses.

What investment trends are apparent from the Latitude59 results?

1. Artificial intelligence must have a specific task

There were many AI companies among the Latitude59 candidates, but DogBase, which received an investment, operates in a very clearly defined field.

This indicates that investors are increasingly scrutinising whether artificial intelligence creates real and measurable value for customers.

For example, AI must:

• reduce manual work;
• speed up decision-making;
• reduce costs;
• improve the quality of results;
• consolidate fragmented data;
• automate a frequently recurring process.

The same trend is also evident in the broader Baltic investment market. According to Invest Estonia's 2025 funding overview, artificial intelligence was one of the main sectors attracting capital, from applications to cloud infrastructure and biotechnology.

2. Energy is becoming a priority for investors

The largest possible investment in the competition went to Granarium Technologies.

This shows interest in solutions that improve the reliability of the electricity grid, enable energy storage, and support the wider use of renewable energy.

For investors, energy is no longer merely an environmental issue. It is also related to:

• infrastructure reliability;
• energy security;
• local production;
• with industrial competitiveness;
• reducing Europe’s dependence on foreign technology and raw materials.

Companies whose technology solves a long-standing infrastructure problem and can be used in many countries may be particularly attractive.

3. Industry-specific B2B software is not going anywhere

Backoffice shows that investors are not only looking for revolutionary deep tech.

Software that simplifies the daily work of a specific sector can also be a good investment.

Universal platforms find it difficult to suit everyone. By contrast, industry-specific software can precisely accommodate the workflows, terminology, rules and integrations of that sector.

Such a company can start with one feature, such as work schedules, and later add time tracking, payroll, training, documents and analytics.

4. Market validation is more important than an attractive presentation

The pitch is important in a competition, but a good presentation alone does not prove that the business model works.

In the case of DogBase, investors highlighted the proportion of users converting into paying customers. In the case of Backoffice, they valued its rapid development and ability to learn from the market. Granarium demonstrated technology that meets a growing need in energy systems.

An early-stage company does not yet need to have thousands of customers. However, investors want to see at least some initial evidence:

• functional prototype;
• pilot project;
• active users;
• paying customers;
• repeat use;
• customer feedback;
• specific cooperation negotiations.

5. The Baltics and the Nordic countries are increasingly forming a common investment space

The investment in Granarium Technologies and DogBase is backed by a joint syndicate of Estonian, Latvian and Finnish angel investors.

This shows that investors are no longer constrained as strongly by the market of a single country. The Baltic states and the Nordic countries are increasingly viewed as the interconnected New Nordics region.

Instead of being limited to the small Estonian or Latvian market, a startup gains access to contacts, customers, and investors in several countries.

Broader Baltic funding data also shows capital becoming concentrated among a smaller number of stronger companies. In 2025, the total amount of capital invested increased, but the number of deals decreased. Pre-seed funding grew by 42% year on year, while a record 56,5 million euros was invested at the seed stage.

What do investors currently want to see from a company?

Six important characteristics can be identified based on the Latitude59 results.

1. An expensive and regularly recurring problem

The more money or time a customer loses because of an unresolved problem, the easier it is to demonstrate the value of the service.

2. A team with industry expertise

Technical expertise alone is not enough for investors. Founders must also understand the customer’s day-to-day work, constraints, and purchasing decisions.

3. Initial evidence of demand

A paying customer, a functioning pilot project, or active users are usually more valuable than an optimistic market forecast.

4. International growth potential

A company created solely for the Estonian, Latvian, Lithuanian or Finnish market may find it difficult to achieve the growth required for venture capital.

5. Protection against competitors

This may take the form of proprietary technology, a patent, unique data, complex integrations, strong industry expertise or a highly loyal customer base.

6. Clear business model

The investor needs to understand who pays for the service, how often they pay and why the company becomes more valuable as it grows.

What do the Latitude59 results not prove?

Three winners do not represent the entire investment market.

Based on these results, it cannot be claimed that investors no longer fund financial technology, health technology, consumer applications, or other sectors.

The selection of winners is influenced by the companies that entered the competition, their stage of development, the investors' experience, and the terms of the specific deal.

2025. Among the Latitude59 winners that year were, for example, MarkeDroid, an Estonian developer of green energy solutions; Adventum Tech, a Latvian construction technology company; and Luna Robotics, a Lithuanian defence technology company. At the time, a total of 675 000 euros was invested through the competition.

This shows that investor interest is not limited to three specific niches. More broadly, the following areas attract attention:

• energy and climate technology;
• defence industry and dual-use technology;
• artificial intelligence;
• industrial automation;
• industry-specific B2B software;
• critical infrastructure;
• solutions that reduce companies' costs.

Copying the winner’s idea is therefore not a good strategy. An investor does not fund only a popular field, but a specific team, product, market, and the company’s ability to put its plan into action.

What do the results say about our region?

The main message of the Latitude59 2026 results is that the region's startup market is becoming more practical.

Capital goes to companies that address the economy's fundamental needs: energy, infrastructure, security, workforce management, data organisation, and the automation of work processes.

At the same time, the region is becoming more international. Latitude59 brought more than 3000 participants from 70 countries to Tallinn in 2026, including more than 800 startup representatives and over 600 investors.

Of the 465 applicants, only three companies received investment. This shows how intense the competition for early-stage capital is.

A good idea is no longer enough. What is needed is a working product, a clearly defined customer, initial results, and a team capable of turning technology into an international business.

What can an ordinary company learn from this?

Most companies do not need venture capital. However, the evaluation principles used by investors are also suitable for small businesses or sole proprietors.

Customers also want to understand quickly:

• what problem the company solves;
• who the service is suitable for;
• how the offering differs from those of its competitors;
• what the price or working arrangements are;
• whether the company has photos, documents and reviews;
• how to contact the service provider quickly.

On Easyfind, a company or specialist can create a comprehensive page about their activities, where they can add a description of services, photos, a video, PDF files, company details, and quick contact options.

The special offers section makes it possible to highlight campaigns, discounts, and seasonal services separately. Expert articles help demonstrate the company's expertise, increase trust, and create content that search engines can index.

Few companies receive investment, but clear specialisation, demonstrable benefits, and a professional presentation are essential for every company.

Frequently asked questions

How much money did the Latitude59 2026 winners receive?

Investments worth 450 000 euros were announced in total. Granarium Technologies may receive up to 200 000 euros, DogBase up to 100 000 euros, and Backoffice 150 000 euros.

Which companies won the Latitude59 pitch competition?

The winners were Finland's Granarium Technologies, Estonia's DogBase, and Lithuania's Backoffice.

Which sectors received investment?

Investments went to an energy storage and power grid stabilisation technology, a training platform for working and rescue dogs, and restaurant workforce management software.

Was the 450 000 euros free prize money?

No. These were investments by angel investors and a venture capital fund, not non-repayable grants or ordinary cash prizes.

Which sectors are currently of interest to Baltic investors?

Based on the Latitude59 results and the region's funding data, artificial intelligence, deep tech, energy, defence and dual-use technologies, and vertical B2B software stand out. However, operating in a popular sector alone does not guarantee investment.

Sources

1. Invest Estonia: Three Baltic-Nordic startups share €450,000 at Latitude59 pitch competition
2. Latitude59: Pitch Competition Awards €450,000 to Startups from Estonia, Finland and Lithuania
3. Latitude59: Pitch Competition Draws 465 Applicants from Five Continents
4. Latitude59: Meet the TOP15 Competing for the €400K+ Prize Fund
5. Invest Estonia: Baltic startups raised more than ever in 2025