In 2022, Estonian startups have shown remarkable results, with turnover growing by 49%, from €1.4 billion to €2.1 billion, according to a new roundup by Startup Estonia.
Rising trajectory and revenue records
In 2022, the Estonian startup sector grew in every metric possible, increasing its headcount and revenues. The largest turnovers were generated by Bolt with €1.1 billion, Veriff with €71 million, Swappie with €58.4 million, Comodule with €36.7 million, and Starship Technologies with €31 million.
Investors took note, committing €1,3B in new funding across 77 rounds, up 40%. Notably, the average investment size increased from €10.3 million to €17 million, once again putting Estonia as the country with the highest per capita investment amount in Europe. And the search for the next unicorn is not slowing down, as 2023 already brought some substantial deals with RangeForce (€17M), Efenco (€12,3M), Salv (€4M) and Grünfin (€2M) raising funds.
With all those wins, Estonia is still the undisputable European leader in startups per capita, with now 1.1 startup companies per 1M inhabitants. The country is home to 1,444 startups and 98 new ones created in 2022, giving investors even more reasons to pay increased attention to the ecosystem.
Business software and services are the largest field of activity to operate, accounting for 251 companies included in the Startup Estonia database. FinTech is the second most popular field, accounting for 196 startups, followed by the field of end-user products and services with 155 startups.
The Estonian startup sector is ripening while expanding. In 2022, two new unicorns were born, Veriff and Glia, ensuring Estonia’s position as the first in Europe in the number of unicorns per capita. Additionally, 20 more startups matured, passing the 10 years finish line.
“Last year, the Estonian startup sector continued to grow, but in the third quarter, it was clear that efficiency and business sustainability are becoming more important instead of turnover numbers. This shows the maturity and experience of our founders in managing companies and the will to prepare for possible setbacks in advance,” said Eve Peeterson, head of Startup Estonia.
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