May 11, 2022
Start-up statistics Q1 2021: inspiring facts about Estonian start-ups
Startup Estonia wrapped the first quarter of 2022 for the Estonian start-up sector and dug deeper into the Estonian start-up scene. We are delighted to share some exciting highlights with you:
- Estonian start-ups signed 22 funding deals for €906,6M in Q1 of 2022 (compared to €194M at the end of Q1 2021).
- The average deal size was €41,2 M EUR per deal (which exceeds 4x the average size compared to last year).
- Sixteen start-ups raised investments of more than €1 M.
- In Q1, Estonian start-ups generated 417M EUR in turnover, growing by 57% year-on-year.
- More than €900M investments were raised in Q1.
- Estonian start-ups employed 8948 people as of March 31, which is 9% more than at the end of 2021, and 34% more than in Q1 2021.
- The sum of employment tax contribution at the end of Q1 of 2022 was €39,5M (+44% compared to Q1 2021 and +13% compared to Q4 2021).
Some thoughts from our CEO Kaidi Russalepp about Q1:
- Behind those great numbers are years of effort.
- Estonian start-ups are a sign of quality for the world’s venture capitalists.
- The technology sector can solve problems and help to provide services across borders while users are ready to shift to e-services.
- Start-up is a start-up until the seed hasn’t transformed into a plant, and if the founders run the company as a start-up (seeking growth and continuing to launch new products and services while validating the business model on the run).
- Start-up sector wants to give back to the economy: through the growth of our own companies, the taxes we pay, and the workers we employ.