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The ten quickest rising Estonian startups previously 12 months

Estonia has all the time punched above its weight by way of startups. With simply 1.3m folks, it’s created unicorns like Veriff, Bolt and Pipedrive. Native startups have already raised $921m this 12 months, simply in need of funding for the entire of 2021 ($936m), in keeping with Dealroom.

So which Estonian corporations have grown essentially the most previously 12 months? Sifted tracked down the ten fastest-growing startups by workforce measurement within the final 12 months, primarily based on knowledge from Dealroom.

We’ve centered solely on corporations that have been based after 2010, have raised over $10m and are nonetheless VC backed (not acquired or exited). And, though unicorns like Zego and and funky corporations like Starship Applied sciences have been based in Estonia, by transferring their headquarters abroad they’re sadly disqualified from this listing.

Wanting on the listing of traders within the startups beneath, a couple of names preserve popping up — native tech entrepreneurs who’ve constructed world successes like Teleport cofounder Sten Tamkivi, Clever founder Taavet Hinrikus and Bolt founder Markus Villig. It goes to point out how a couple of successes can translate into that rather more cash for the ecosystem.

On Might 3, Sifted is operating its first full-day occasion of 2022 in Tallinn for Baltic startups and scaleups. Try the agenda right here. 


The mobility unicorn Bolt is main the race of Estonian startups. In January it raised a €628m Sequence F led by Sequoia Capital, Constancy Administration and Analysis Firm LLC at a valuation of €7.4bn.

It’s seen a 500% enhance in escooter journeys since March final 12 months because of the corporate’s growth throughout Europe. One 12 months in the past, Bolt escooters have been out there in 60 cities — right this moment that quantity is 170. Germany, particularly, has been an essential marketplace for Bolt, the place its escooters can be found in 54 cities.

It elevated its headcount by 1,000 folks in 15 months to hit 3,000+ workers on the finish of final 12 months and needs to double its headcount once more this 12 months. One-third of its workforce is predicated in Estonia.

Based: 2014
HQ: Tallinn
Complete funding: $1.9bn


One other Estonian unicorn is id verification startup Veriff. The corporate presents providers for on-line companies to mitigate fraud makes an attempt and help regulatory compliance.

The corporate raised a $100m Sequence C co-led by Tiger and Alkeonin in the beginning of 2022, which valued it at $1.5bn. Final 12 months the startup grew its buyer base by 150% and its worker headcount develop globally by 40%. This month Veriff’s headcount reached 500, which is 120 greater than on the finish of final 12 months.

Based: 2015
HQ: Tallinn
Complete funding: $200m

3DWolf — Prepared Participant Me
Ready PLayer Me, the Estonian metaverse startup

Is that this the most popular startup in Estonia? Maybe. The metaverse startup 3DWolf with its cross-app avatar platform Prepared Participant Me is grabbing the eye of traders. In December it raised a $13m Sequence A led by Taavet+Sten (the VC agency of Hinrikus and Tamkivi) with an extended listing of different traders together with NordicNinja and Konvoy Ventures.

The avatar design startup permits customers to discover digital worlds with one constant id. In accordance with Prepared Participant Me, the avatar platform works with social VR providers akin to VRChat, MeetingVR and as much as 1,800 suitable immersive experiences. And it’s not simply partnered with corporations within the gaming and VR house but in addition with vogue corporations like Adidas.

The startup has 42 workers however is planning to develop to 70 throughout the subsequent 12 months.

Based: 2020
HQ: Tallinn
Complete funding: $16m


Manufacturing software program for SMEs might not sound that sizzling, however Katana’s plug-and-play software program has managed to get the eye of traders like Atomico and 42 Cap and native super-angels like Tamkivi and Ott Kaukver.

Final 12 months the Tallinn-based startup raised an $11m Sequence A and has doubled its headcount to 104 within the final 12 months.

Based: 2017
HQ: Tallinn
Complete funding: $14.5m


Klarna competitor Montonio has developed a one-stop checkout resolution for ecommerce retailers and customers. In contrast to opponents that solely provide customers their very own purchase now, pay later resolution, Montonio offers customers the power to check presents from a number of lenders in actual time. This could decrease the credit score prices for the buyer by as much as 50% and likewise result in a better conversion fee for the service provider.

Montonio’s resolution has attracted native and worldwide traders akin to Index Ventures, which led the startup’s €11m Sequence A earlier this month. Having already launched in Estonia, Latvia and Lithuania, it additionally plans to increase to Poland.

Because the center of final 12 months, the corporate has doubled its headcount to 25.

Based: 2018
HQ: Tallinn
Complete funding: $15.4m

Tuum (previously Modularbank)

Fintech is sizzling in all places — additionally in Estonia. Tuum has developed a banking platform with the purpose of creating it doable for any enterprise to launch new monetary services.

In January of this 12 months, Tuum raised €15m from native VCs together with Karma Ventures. Within the final 12 months Tuum has elevated its headcount 56% to 78 folks.

Based: 2019
HQ: Tallinn
Complete funding: $20.9m


Jobbatical's founder Karoli HindriksExpertise relocation startup Jobbatical has survived Covid, when folks have been much less more likely to pack up their lives and transfer nation for work. Now, issues are wanting up.

Within the final 12 months, the corporate has grown its headcount by 64% and has now 68 workers.

For a few years in the past, Jobbatical entered a partnership with the Berlin Immigration Authorities to fast-track immigration purposes via the system. Jobbatical’s cofounder Karoli Hindriks has excessive hopes on turning immigration — presently an enormous ache level for immigrants, employers and authorities companies — right into a seamless operation.

Based: 2014
HQ: Tallinn
Complete funding: $12.5m


Xolo has developed a platform to assist self-employed folks with something from compliance and taxation to invoicing and admin options. It’s energetic in Germany, Spain, France, the UK, Ukraine and Turkey.

Xolo has seen its enterprise flourish amid a rise in small companies based through the pandemic. Final 12 months, the corporate mentioned it supported 75k solopreneurs from over 200 nations, producing an annual recurring income (ARR) of €4m.

It raised a complete of €6.2m final 12 months over two rounds. Buyers embody Karma Ventures, Meta Planet and Taavet+Sten. The funding has additionally made it doable to rent 30 folks within the final 12 months.

Based: 2015
HQ: Tallinn
Complete funding: $12m

Ampler Bikes

Ebikes are normally fairly heavy given most have a cumbersome battery connected to the body. Estonian startup Ampler Bikes desires to resolve that with mild ebikes with a hidden battery that might virtually be taken for a daily bike.

Having raised its first €3m from Funderbeam and crowdfunding, final 12 months Ampler Bikes raised €7.4m from native VC corporations Ambient Sound Investments and Metaplanet in addition to influential native traders like Tamkivi, Hinrikus and Pipedrive cofounder Ragnar Sass.

Within the final 12 months, Ampler has grown its headcount with 61% to 90 folks.

Based: 2014
HQ: Tallinn
Complete funding: $11.4m


EAgronom is a part of a brand new wave of sustainable farming startups. The corporate has developed a farm administration software program to assist farmers with the executive work and has lately mentioned it’s constructing a carbon credit score platform for farmers primarily based on blockchain expertise.

The startup raised its €6.4m Sequence A in the beginning of 2022 from a spread of regional traders like Yolo Investments, Latvian ZGI Capital, Lithuanian Iron Wolf Capital, Estonian Trind Ventures and United Angels VC.

The startup now employs 60 folks and has 1,500 prospects that cowl greater than one million hectares of farming land throughout Europe.

Based: 2015
HQ: Tartu
Complete funding: $12m

Mimi Billing is Sifted’s Nordic correspondent. She tweets from @MimiBilling

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