Estonia
Estonia proactively increases the strength of its ecosystem and truly shines when it comes to aligning incentives between the public and private sectors, and progressive policy-making which enables pilot programs in typically hard-to-access sectors such as finance and education.
Recommended for
Strengths
Advanced Financial System
Tight integration with the EU and global banking systems, making it easy for fintech companies to innovate in payments, transactions, and other financial services.
Fully Digitized Goverment Services
All services are digitized enabling you to easily manage your business, incorporate, and do everything online without needing assistance.
Progressive Government Policy
You can potentially start pilot programs in both public and private education and healthcare institutions, and innovative solutions are generally desired.
Availability of Funding
Estonian startups have received €200M in funding in 2019, and interest is growing from investors, venture capitalists, and corporations as the ecosystem gains in momentum.
Streamlined Immigration Process
It is easier than ever to move immigrate to Estonia, whether you're a founder through the Startup Visa or looking to bring in employees from abroad.
Starting Up
Starting up in Estonia costs less than $1,000 to incorporate and can be done online. Hiring costs around $1,800 per employee.
Incorporation
-
Employee
-
Employee Tax
?
Corporate Tax
0%
Estimated Monthly Costs of Starting up
Developer
?
Designer
?
Marketer
?
Sales Person
?
Business Development
?
Account Manager
?
Customer Service
?
Office Manager
?
Lawyer
?
Accountant
?
Utilities
-
Office Space
?
Home Rent
?
Groceries
?
Ecosystem
Estonia's startup ecosystem is ranked 11th globally by Startup Blink in their ranking of global ecosystems.
Rank
11
Startups
992
Founders
-
Employees
5896
Startups in Ecosystem by Industry
Enterprise Software
176
Health & Welness
81
Ads and Creative
118
Clean & Energy
53
Finance
123
Education
40
Consumer
96
Transport & Logistics
56
Travel & Tourism
33
Communication
39
Gaming
35
Food & Agriculture
27
Real Estate
27
Manufacturing
19
Cyber Security
46
Space, Deep Tech & AI
23
Founders
According to Female Founders Monitor 2019, our proportion of female founders is similar to Germany (15%), Silicon Valley (16%), London (15%) and Singapore (12%).
Immigrants
18%
Women
15%
Avg. Age
37
Degrees
59%
Founder Nationality Distribution
Estonia
-
Russia
-
India
-
Nigeria
-
China
-
Pakistan
-
Turkey
-
Iran
-
Ukraine
-
Morocco
-
Egypt
-
United States
-
Latvia
-
United Kindgom
-
Italy
-
Other
-
Startup Employees
Startups in Estonia created 61% of all new jobs in 2019. Veriff, Transferwise, Bolt and Pipedrive hired the most employees.
Total
5235
Remote
2635
% of New Jobs
61%
Women
46%
Employee Function Count
Developers
?
Lawyers
?
Designers
?
Accountants
-
Marketers
?
-
-
Sales People
?
-
-
Business Development
?
-
-
Account Managers
?
-
-
Customer Service
?
-
-
Office Managers
?
-
-
Startup Revenue
The highest revenues were reported by Pipedrive (€ 22M), Comodule (€ 11.9M), Creative Mobile (€ 11M), Fiizy (€ 8.6M) and Starship Technologies (€ 7.5M).
2019
€ 394M
2018
€ 357M
2017
€ 105M
Revenue by Sector (in €)
Enterprise Software
106M
Health & Welness
?
Ads and Creative
65M
Clean & Energy
23M
Finance
46.8M
Education
5.4M
Consumer
5.3M
Transport & Logistics
26.1M
Travel & Tourism
3M
Communication
4.2M
Gaming
35.5M
Food & Agriculture
5.3M
Real Estate
1.1M
Manufacturing
3.9M
Cyber Security
31M
Space, Deep Tech & AI
65M
Venture Capital
Estonian startups receive 10%? of all Venture Funding in Europe outside of the UK.
2019 Funding
€ 258M
Deals
65
Avg. Deal Size
€ 4.43M
2019 Funds Raised by Sector (in €)
Enterprise Software
9M
Health & Welness
?
Ads and Creative
12.3M
Clean & Energy
14.7M
Finance
9.6M
Education
?
Consumer
?
Transport & Logistics
4M
Travel & Tourism
?
Communication
?
Gaming
1.8M
Food & Agriculture
?
Real Estate
?
Manufacturing
?
Space
?
Deep Tech & AI
?
Startup Visa
Applicants are assessed by Tehnopol, Garage48, Startup Leaders Club, Estonian Business Angels Network, Startup Wise Guys, Superangel and Startup Estonia.
Applicants
1106
Accepted
907
Success Rate
-
Startup Visa Applications by Country
Estonia
3733
Russia
?
India
?
Nigeria
?
China
?
Pakistan
?
Turkey
?
Iran
?
Ukraine
?
Morocco
?
Egypt
?
United States
?
Latvia
?
United Kindgom
?
Italy
?
Other
242