Latitude59’s Pitch Competition has once again broken records – a total of 526 applications were submitted, which is almost a hundred more than the previous year. The top 40 have now been selected and the pre-finals have been announced! Who will win the €1 million syndicate this time, led by EstBAN and Specialist VC? The grand final will reveal the answer, join us on May 24 at Latitude59 2024 in Kultuurikatel, Tallinn, and witness history being made! (PS. Don’t have tickets yet? Get them now – the price goes up on April 20!)
AI is still booming, deep tech shines bright
Applications for the L59 Pitch Competition 2024 came in from a total of 53 countries. “Most of the startups in the top 40 are founded in Estonia, but the group of founders who passed to the next round is much more diverse – there are founders from Ukraine, Italy, Slovakia, Kenya and the United States, for example” said Triin Ilves, Head of Startup Relations at Latitude59.
The final selection includes many health and deep tech companies, but industry-wise, AI is still booming. “More and more companies stand out where the high-potential business model is based on long-term research. At the same time, most companies see an opportunity in AI. And there were also those for whom it seemed that AI was mentioned just in case, as if it should magically make the idea more innovative,” Ilves said.
AI’s strong presence was expected by investors, but it is pleasing to witness that deep science offers serious competition. “It is natural that the development and application of artificial intelligence is seen as a great business opportunity. But there were were also impactful startups from the field of deep science-intensive and health technologies such as biotechnologies and medicine. Developers of innovative energy solutions, and products and services that support energy saving and the green revolution in general were also pleasant to see,” explained Heidi Kakko, one of EstBAN’s Lead Investors.
A difficult decision ahead, potential unicorns on the radar
According to investors, the filter to enter the top 40 was particularly tight this year. “There is no reason to believe that no future unicorns participated in this year’s competition. As a result, the final decision will be difficult and several winners cannot be ruled out,” explained Riivo Anton, a Lead Investor from Specialist VC.
“The level of the participating companies and the willingness to raise capital is at a very high level – 80% of all the participating companies could boldly raise investments right away. When making the choices, it was clear that the companies that had already proven themselves on the market or had a very strong technological value, made it through,” said Martin Goroško, EstBAN’s Lead Investor.
According to Heidi Kakko, those who solve a specific problem in such a way that they already have feedback from market participants have an advantage in the upcoming competition. “The applicability and demand point of the product or service is definitely important; while still at idea-level, it’s just difficult to reach the finals in this very tight competition,” said Kakko.
An investment of up to one million euros will be offered at Latitude59’s Pitch Competition for the second year in a row, this time in cooperation with Specialist VC and the Estonian Business Angels Network EstBAN. “We wish success to all the teams in the top 40, and lots of patience to jury and investors. Their work will be unprecedentedly difficult, but this also comes with a bright side – it means that our startups are truly impactful and their ideas can make a real difference in the world,” said Liisi Org, the CEO of Latitude59.
Join the online pre-finals - from April 29 - May 3, 2024
The week of online pre-finals for the L59 Pitch Competition will take off at 14:00 on April 29, 2024. We’ll go live on Linkedin, Youtube and Delfi (Latitude59’s local media partner) every day from Monday to Friday (with the exception of May 1 – enjoy the international day of holidays!), presenting 10 teams per day. By the end of the week, just 10 founders will remain standing, and only 5 will get a chance to pitch one more time for €1M – at the finals, on May 24 in Kultuurikatel, during the closing ceremony of Latitude59 2024!
The top 40 startups of L59 Pitch Competition 2024
In 2024, these 40 teams are heading to the live pre-finals of the L59 Pitch Competition:
