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May 11, 2022

Start-up statistics Q1 2021: inspiring facts about Estonian start-ups

by Eli Lilles

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.

Listen to Kaidi (in Estonian) sharing her thoughts in Entrepreneurship minutes and read more on the Startup Estonia blog.

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