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September 9, 2022

Estonian start-ups reached the 1 billion benchmark

by Eli Lilles

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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