Apr 26, 2023
Estonian Startup Database turns 2!
Feb 4, 2022
Startup Estonia has been gathering and managing the data of Estonian startups and creating overviews of the startup sector since 2017. Since then, the statistics have been getting more extensive and we have more and more startups in Estonia. To complement it, we launched the Estonian Startup Database two years ago. During that time we have learned a lot and with this blog post, we would like a moment to celebrate with some insights into the developments of the database.
What is the Estonian Startup Database?
Estonian Startup Database is the most extensive source for Estonian startups, powered by Startup Estonia. You can get an overview of Estonian startups by ranking and filtering them by sectors, technology, stage, employee count, turnover, etc. You can also create custom reports of specific sectors. We also have overviews and definitions of specific sectors and a list of matured startups and exits. The Estonian Startup Database is operated through Dealum (formerly Startup Includer).
A glance into the data
To date, the Estonian Startup Database is home to 1295 startups, with 118 new startups created so far in 2021 and 2022. According to the State of European Tech 2021 by Atomico: on a per capita basis, Estonia retains its leadership position as the region’s most entrepreneurial country for tech startups. Estonia has the highest startup density of any European country (1107 start-ups per 1M inhabitants), followed by Iceland and Ireland.
to date, the database contains 115 startups registered in Estonia during 2021*
to date, the database contains 194 startups registered in Estonia during 2020
biggest sectors for Estonian startups in terms of registered companies are Business software & HR; FinTech; Consumer products and services; AdTech & Creative Tech and Healthtech, Life Sciences & Wellness
234 startups in the Estonian Startup Database are more than 5 years in age
253 startups are founded by international founders who are using the benefits of the Estonian Startup Visa as founders
145 startups in the Estonia Startup Database are recruiting with the help of the Estonian Startup Visa.
- The profiles of Estonian startups in the database are highly popular and have gained more than 190 000 page views.
* Since the interactive nature of the database, a lot of startups founded in the given year will be added later on.
Matured startups, exits & unicorns
The Estonian startup ecosystem continues to gather momentum, paving the way for becoming a springboard to the ever-growing number of matured and impactful startups. According to our definition, once a startup reaches 11 years of age, it is considered a mature company and no longer a startup. Exits are also a key success factor to any startup ecosystem. Database sub-page Matured startups & exits is highlighting the matured startups and exits through an interactive timeline. In 2021 we had 7 startups reaching maturity: Upsteem.com, Estelon, Edrk, Ganttic, Fututec, Click & Grow and Kompaktfilter. Furthermore, we also had 4 exits - Icefire, GetID, SpectX and AlphaChat.
In 2021, Wise became the first Estonian decacorn and also 3 new unicorns founded by Estonians were born - ID.me, Zego and Gelato. Together with Estonian Founders Society and Invest in Estonia, in April 2021 we came up with the amended definition of an Estonian unicorn to better notice our globally successful founders and the impact they have on our startup ecosystem. And 2022 has already started with the news of Veriff becoming the 9th Estonian unicorn, further ensuring Estonia's position as first in Europe in the number of unicorns per capita.
Feedback from startups & what’s next?
We wish to keep the data in the Estonian Startup Database as up-to-date as possible. For that, we are relying on members of the database for keeping the startup profiles updated. In addition, to improve the Estonian Startup Database, last month we also asked members to share feedback with us.
Respondents said the Estonian Startup Database has created the most value in free exposure for investors, industry partners and the community and as offering a data-driven overview of the Estonian startup ecosystem. Additional benefits and perks would motivate startups in keeping their startup profile up to date. Respondents also pointed out database could be more integrated with investors. Suggestions were also made to make the profiles more interactive and to provide more visibility for startups (e.g. by community events).
Huge thank you to all who participated and shared their ideas with us! As promised, there will be a raffle between everyone who updated their database profile and shared feedback with us between 7-21 January 2022, to show our gratitude and celebrate the birthday of Estonian Startup Database. During next week we will be in contact with all the winners!
Going forward with the next developments of the database we will definitely consider the feedback. Additionally, during 2022 we will focus on creating filtering options to better keep track of DeepTech and scale-up companies. We will also enhance our screening methods to find and invite more Estonian startups to join the database and to more regularly tidy up the current list of startups.
To all the 1295 startups, thank you for being part of the Estonian Startup Database! Let's keep working together to keep the Estonian Startup Database of top-notch quality by keeping the startup profiles updated!
If you have any suggestions for building the database further, let us know via database@startupestonia.ee
Your startup has not yet joined the Estonian Startup Database? Join here
Cover by Zavod