Are you looking for insight into the best startups that Estonia has to offer?
You've come to the right place! In this blog post, we'll take a deep dive into some of the most exciting and innovative startup companies out there that are turning Estonia into an entrepreneurial powerhouse.
From fintech to AI-driven cloud computing solutions and biotechnology innovators, these entrepreneurs have been pushing boundaries and leading their respective industries in unique ways since their inception.
Estonia's startup ecosystem is ranked 14th in the world.- Source: StartupBlink
Whether you're interested in getting in on the investing action or just curious about what's happening within this nation's bustling startup scene, hear us out as we shed light on why some of Estonia's top startups deserve recognition.
Top Startups in Estonia (2024 - List)
Here are the top startups in Estonia:
1. Bolt
Founders: Markus Villig, Martin Villig, Oliver Leisalu
Total Funding Amount: $2B
Founded Year: 2013
Estonia is home to a thriving startup scene that has captured the attention of entrepreneurs and investors alike. One standout company is Bolt, a transportation platform that has revolutionized the way people get around. In addition to providing ride-hailing services, Bolt also offers micro mobility options and food and grocery delivery services. With a commitment to safety, reliability, and affordability, Bolt has quickly become a go-to option for individuals looking for convenient and efficient transportation solutions. As the company continues to expand and innovate, there is no doubt that it will remain a key player in Estonia's startup ecosystem.
2. Skeleton Technologies
Founders: Oliver Ahlberg, Taavi Madiberk
Total Funding Amount: €205.3M
Founded Year: 2009
Skeleton Technologies is a cutting-edge ultracapacitor manufacturer that's making waves by producing energy storage devices that are changing the game for various industries. These high-performance devices are renowned for their impressive energy storage abilities that are second to none. With an unwavering dedication to producing only the best for their clients, it's no wonder that Skeleton Technologies has quickly become one of the most sought-after ultracapacitor manufacturers in the world.
3. Vok Bikes
Founders: Indrek Petjärv, Riho Koop, Siim Starke
Total Funding Amount: €6.4M
Founded Year: 2019
Vok Bikes is a name that has been making waves in the field of on-demand delivery services, with their heavy-duty cargo bikes. They have established themselves as reliable partners for delivery companies in Tallinn, Vilnius, and London, offering their robust bikes on a rental basis to ensure smooth and seamless operations for their clients.
4. NFTPort
Founders: Johannes Tammekänd, Kaspar Peterson, Rain Johanson, Sten Tamkivi, Taivo Pungas
Total Funding Amount: $26M
Founded Year: 2019
This Estonian startup has made it their mission to provide a one-stop shop for all things related to NFT infrastructure and APIs. Their developer-friendly approach ensures that even those with little prior experience with NFTs can easily launch their own projects through their platform.
5. Formaloo
Founders: Amir Hashemi, Farokh Shahabi, Hasan Noori, Noosh Baratpour
Total Funding Amount: $2.5M
Founded Year: 2020
This innovative platform is revolutionizing the way companies approach business application development. Formaloo's no-code collaboration feature allows users to create and customize their own business applications and tools without requiring any coding knowledge, streamlining the process of developing and deploying software solutions.
6. Value.Space
Founders: Reijo Pold, Agu Leinfeld
Total Funding Amount: €2.1M
Founded Year: 2022
Value.Space is a startup that is changing the game in risk assessment and monitoring. Its system uses space technology to gather real-time information on potential threats, allowing businesses to make better decisions and safeguard their assets.
7. Jobbatical
Founders: Allan Mäeots, Karoli Hindriks, Ronald Hindriks
Total Funding Amount: $19.7M
Founded Year: 2014
Jobbatical is an AI-enabled immigration and relocation platform that is dedicated to making immigration and relocation easy for everyone. Their goal is to help individuals from all over the world find their dream job without having to worry about the hassles of moving to a new country.
8. Alvin
Founders: Dan Mashiter, Martin Abelson Sahlén, Romet Kallas
Total Funding Amount: €6.1M
Founded Year: 2018
Alvin is a SaaS startup based in Estonia that is revolutionizing the way data teams manage their data quality, reliability, cost, and governance. With their automated data lineage system, Alvin is making it easier than ever for businesses to maintain accurate and up-to-date data.
9. Salto X
Founders: Ragnar Sass
Total Funding Amount: €5.2M
Founded Year: 2021
Salto X, a startup based in Estonia. This company offers a straightforward alternative to the traditional stock options program. With Salto X, businesses can manage their reward programs easily and efficiently through an intuitive online app.
10. Montonio
Founders: Henrik Rank, Karel Nappus, Karl Kristjan Kalluste, Kristofer Turmen, Markus Lember, Rasmus Õisma
Total Funding Amount: $15.9M
Founded Year: 2018
Montonia connects payment orchestration and payment initiation to provide a seamless checkout solution for its customers. Montonio empowers European e-commerce stores to streamline their payment processes and optimize their sales.
11. Xolo
Founders: Avo Alender, Erik Mell, Erko Hansar, Urmo Pärg
Total Funding Amount: €11.1M
Founded Year: 2015
With a focus on streamlining administrative work, Xolo is giving back valuable time to those who are often juggling multiple tasks at once. Founded in 2015, this company is changing the game for freelancers by creating an all-in-one platform for managing their business. As the gig economy continues to grow, Xolo is proving to be an indispensable tool for those looking to optimize their time and work more efficiently.
Most Asked Questions
1. Is Estonia good for startups in 2024?
This small European country has quickly become a hot spot for entrepreneurs and investors alike, thanks to its favorable business environment, robust tech infrastructure, and highly educated workforce. Whether you're in the tech sector, financial services, or anything in between, Estonia offers a wealth of resources and support to help you bring your vision to life.
Estonia continues to support its growing startup ecosystem. The nation has set a goal of growing the Estonian startup and technology sector to 15% of the nation's GDP by 2025. To achieve this goal, Estonia is actively promoting an all-inclusive startup mindset, which means that everyone, regardless of their background or experience, is encouraged to start a business. - Source: Startup Estonia
2. What are the most successful startups in Estonia?
Estonia may be a relatively small country, but it has produced some incredibly successful startups that have quickly made a name for themselves on the global stage. Among the most successful startups in Estonia are Bolt and Jobbatical, both of which have proven to be industry disruptors in their respective fields. Bolt, the ride-hailing app formerly known as Taxify, has amassed a huge following across Europe, providing a cheaper and more efficient alternative to traditional taxi services. Meanwhile, Jobbatical has revolutionized the job-seeking process by connecting international talent with exciting job opportunities around the world. With such innovation and success, it's clear that Estonia's startup scene is one to watch.
3. What are the advantages of starting a business in Estonia?
There are many advantages to starting a business in Estonia. For starters, the country is known for its digital infrastructure and e-government services, making it easy to do business online. Not only that, but Estonia has a competitive tax system and additionally, the country has a highly educated workforce, with a high level of proficiency in English. Entrepreneurs can also benefit from the country's strategic location and easy access to other European markets. In short, if you're an entrepreneur looking for a business-friendly environment with plenty of resources and opportunities, Estonia may be the ideal location for your venture.