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.