Oxylabs, a web‑intelligence and data‑infrastructure firm based in Vilnius, has been valued at $3.6 billion after a $130 million investment from Warburg Pincus, making it Lithuania’s latest unicorn and highlighting the country’s growing tech clout.
From bootstrapped beginnings to a billion‑dollar valuation
Founded in 2015, Oxylabs spent more than a decade expanding without external capital. The firm now reports annual recurring revenue exceeding $350 million and serves over 350,000 customers worldwide. Its first institutional funding marks a milestone for the company and for the broader Lithuanian ecosystem, which already counts Cast AI, Nord Security, Vinted, Baltic Classifieds Group and Flo Health among its unicorns.
“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,” said Gintarė Verbickaitė, CEO of Unicorns Lithuania, an association representing more than 130 start‑ups and tech firms.
Vilnius solidifies its role as a fast‑growing tech hub
Vilnius was named Europe’s fastest‑growing tech city for 2025, according to a Dealroom index that weighs business‑value growth, funding levels, start‑up density, output per head and unicorn creation. By the end of 2025 the city’s start‑up ecosystem was valued at €15.5 billion, attracting venture capital—a 60 % increase from the previous year.
The Reinvantage IT Competitiveness Index placed Vilnius fourth among 32 surveyed countries, while the State of European Tech survey highlighted that Europe generates 17 % of global enterprise value but only 10 % of exit value, reflecting a tendency for founders to relocate to the United States.
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The city’s momentum is undeniable.
Despite this drift, Oxylabs kept its headquarters in Vilnius throughout its growth, illustrating a broader pattern of local talent and investment staying within the Lithuanian capital.
Compared with earlier waves of Lithuanian unicorns, Oxylabs’ journey shows a shift toward sustainable, home‑grown expansion rather than rapid, foreign‑funded scaling. This mirrors trends in other small European markets where firms prioritize long‑term regional presence over quick exits.
Government support and future outlook
Economy Minister Edvinas Grikšas highlighted Dealroom’s latest figures at an Innovation Agency event, noting that the national start‑up sector now totals €16.4 billion, a 5.9‑fold increase over five years, with 77 investors contributing €220 million. The sector employs roughly 20,000 people, earning about twice the national average wage, and contributed €477 million to the state budget in 2024.
As Lithuania’s tech sector continues to attract global investors, the emphasis on retaining headquarters and talent locally may shape the next generation of European unicorns, offering an alternative to the traditional Silicon Valley‑centric narrative.