insights
September 9, 2022

Estonian start-ups reached the 1 billion benchmark

What do mobility super-app, AI-powered identification verification solutions or self-driving delivery robots have in common? 

The answer is pretty simple – they all represent companies that raised the most significant investments in the H1 of 2022. 

According to the Startup Estonia report, investments in Estonian start-ups are not showing any signs of shrinking. In H1 2022, we could already celebrate an important milestone of 1B euros invested in Estonian start-ups.

So yes, with 7.7 unicorns per million inhabitants, Estonia is not only a seedbed for successful start-ups and the leader in unicorns per capita in Europe but has also mastered raising money. 

We are happy to share ten cool facts about Estonian start-ups:

  • There are 1442 start-ups in Estonia
  • Investments into Estonian start-ups have reached the 1B EUR benchmark
  • There were 44 investment deals in H1  while 28 companies received at least 1M EUR investment
  • 958M EUR in turnover in H1 2022, +68% compared to 2021
  • TOP20 start-ups (by generated turnover) make74% of the whole sector’s  turnover
  • Start-ups employ nearly 10 000 people 
  • Start-ups have paid 83,4 M EUR in employment taxes (+46% compared to Q2 2022)
  • The average monthly gross salary in Estonian start-ups in H1 was 2840 (approximately 2x higher than the Estonian average).
  • TOP sectors by employment taxes paid H1 of 2022 were FinTech, transportation and logistics business software, services and HR, cybertech and cleantech.
  • The biggest investment in the first half of 2022 was raised by Bolt (€628M), followed by Veriff (€89M), Starship Technologies (€87,4M), Glia (€40,9M) and Eurora Solutions (€37,7M).

Having said that, guess which are the most popular start-up hubs in Europe? We’ll give you a hint: Tallinn ranked in 6th place

Read more on the Startup Estonia blog HERE.

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