Statistics Estonia’s statistics imply that the average monthly gross salary in Estonian startups was 2508 EUR during the first 6 months of 2020, which is 1,8 times more than Estonian average.
Based on the crowdsourced database and the Estonian Startup Database, a total of 175 M EUR was invested into Estonian startups during the first three quarters of 2020. In total, there have been 55 new investment deals this year. In the first three quarters of 2019, there were 44 new investment deals, totaling 190 M EUR. There have also been acquisitions in the ecosystem in 2020. Firstly, Pocosys, a banking software provider was acquired by Opera. Secondly, the global billing platform Fortumo was acquired by Boku.
More information about the latest developments in the Estonian startup sector can be found in the latest blog post HERE. Additionally, insights of sectoral developments are described below.
Startups in this sector
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AdTech & Creative Tech
Sector developments
In the first three quarters of 2020 AdTech & Creative Tech sector turnover accounted for 8% of the total turnover generated by the startup sector.Most AdTech & Creative Tech startup founders have Estonian citizenship, with 37 % of startup founders being foreigners. The average age of an AdTech & Creative Tech startup founder is 32 years. The proportion of female startup founders in this sector is around 11%.
Approximately 31% of the employees in the AdTech & Creative Tech sector have foreign citizenship. 59% of employees have higher education and 34% of employees have general education or vocational education based on secondary education.
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Advanced Manufacturing & Industry
Sector developments
In the first three quarters of 2020, Advanced Manufacturing & Industry generated an incredible 170% increase in turnover, compared to the 2019! The biggest investment in 2020 was raised by Katana (2,4M EUR) and Timbeter 0,9M EUR.Most Advanced Manufacturing & Industry startup founders have Estonian citizenship, with 10% of startup founders being foreigners. The average age of an Advanced Manufacturing & Industry startup founder is currently 33 years. The proportion of female startup founders in this sector is around 17%.
56% of employees have higher education and 35% of employees have general education or vocational education based on secondary education.
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AgTech & FoodTech
Sector developments
In the first three quarters of 2020, AgTech & FoodTech startups generated 102% increase in turnover, compared to the 2019. The biggest investment in 2020 was raised by eAgronoom (1,1 M EUR).Most AgTech & FoodTech startup founders have Estonian citizenship, with 23% of startup founders being foreigners. The average age of an AgTech & FoodTech startup founder is currently 33 years. The proportion of female startup founders in this sector is around 14%.
65% of employees have higher education and 26% of employees have general education or vocational education based on secondary education.
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Business software & HR
Sector developments
In the first tree quarters of 2020 Business software, Services & HR sector has been one of the biggest contributors in employment taxes and employee count. Business software, services & HR sector employees accounted for 18% of the total startup sector and 21% of employment taxes paid by all startups. The biggest investment in 2020 was raised by Klaus (4,6M EUR), Pactum (2,7M EUR), Jobbatical (2,6M EUR) and Dashbird (1,9 M EUR).Most Business software, services & HR startup founders have Estonian citizenship, with 29% of startup founders being foreigners. The average age of a Business software, services & HR startup founder is currently 32 years. The proportion of female startup founders in this sector is around 14%.
Approximately 25% of the employees in the Business software, services & HR sector have a foreign citizenship. 62% of employees have higher education and 33% of employees have general education or vocational education based on secondary education.
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CleanTech
Sector developments
In the first tree quarters of 2020, CleanTech startups showed a remarkable 106% increase in employee count compared to the 2019. Meanwhile, the turnover has decreased ca 40% compared to the previous year.Most CleanTech startup founders have Estonian citizenship, with 15% of startup founders being foreigners. The average age of a CleanTech startup founder is currently 30 years. The proportion of female startup founders in this sector is around 19%.
Approximately 8% of CleanTech sector employees have foreign citizenship. 57% of employees have higher education and 38% of employees have general education or vocational education based on secondary education.
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Communication
Sector developments
In the first three quarters of 2020, Communication startups generated an incredible 255% increase in turnover compared to the 2019. The sector also showed a remarkable increase in employee count (174% compared to last year).Most of the Communication startup founders have Estonian citizenship, with 30 % of startup founders being foreigners. The average age of a Communication startup founder is currently 35 years. The proportion of female startup founders in this sector is around 25%.
Approximately 23% of the employees in the Communication sector have foreign citizenship. 64% of employees have higher education and 28% of employees have general education or vocational education based on secondary education.
Startups in this sector
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Consumer products and services
Sector developments
In the first three quarters of 2020, Consumer Products & Services startups generated a 105% increase in turnover, compared to the 2019.Most of the Consumer products & services startup founders have Estonian citizenship, with 21% of startup founders being foreigners. The average age of a Consumer products & services startup founder is currently 33 years. The proportion of female startup founders in this sector is around 17%.
Approximately 10% of the employees in the Consumer products & services sector have a foreign citizenship. 51% of employees have higher education and 40% of employees have general education or vocational education based on secondary education.
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CyberTech
Sector developments
The biggest investment in 2020 was raised by Veriff (14M EUR), RangeForce (13,6 M EUR) and Sentinel (1,3 M EUR).The proportion of foreign founders in CyberTech is one of the biggest: 54% of the founders are foreigners. The average age of a CyberTech startup founder is currently 33 years. The proportion of female startup founders in this sector is around 4%.
Approximately 33% of CybeTech sector employees have foreign citizenship. 60% of employees have higher education and 35% of employees have general education or vocational education based on secondary education.
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DeepTech & SpaceTech
Sector developments
Most of the DeepTech & SpaceTech startup founders have Estonian citizenship, with 13 % of startup founders being foreigners. The average age of a DeepTech & SpaceTech startup founder is currently 32 years. The proportion of female startup founders in this sector is around 8%.Approximately 20% of the employees in the DeepTech & SpaceTech sector have foreign citizenship. 77% of employees have higher education and 20% of employees have general education or vocational education based on secondary education.
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EdTech
Sector developments
The first half of 2020 was challenging for the EdTech sector due to the global spread of the coronavirus and the resulting operational constraints. At the same time, Estonian EdTech companies responded well to the emergency situation announced in mid-March, where all studies were ushered to online channels. As a result of the increased supply, the number of users of digital educational solutions increased by approximately 180%.The first half of 2020 was also good for Estonian edtechs in terms of attracting investments. A total of 2.5 million euros was raised in the period December 2019 - March 2020. The largest investors were Mistletoe and Superhero Capital.
Most EdTech startup founders have Estonian citizenship, with 20% of startup founders being foreigners. The average age of an EdTech startup founder is currently 32 years. The proportion of female startup founders in this sector is around 25%, which is significantly higher than the startup sector’s average.
Approximately 26% of the employees in the EdTech sector have foreign citizenship. 65% of employees have higher education and 22% of employees have general education or vocational education based on secondary education.
Startups in this sector
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FinTech
Sector developments
The FinTech sector is the biggest contributor in employee count and employment taxes paid. Of the startup sector’s total, Fintechs accounted for 27% of the employee count and 29% of employment taxes paid in the first half of 2020. The biggest investments in 2020 were raised by Pactum (2,7 M EUR), askRobin (1,6 M EUR), Funderbeam (1,5 M EUR) and Cachet (1,1 M EUR).Most Fintech startup founders have Estonian citizenship, with 34% of startup founders being foreigners. The average age of a Fintech startup founder is currently 33 years. The proportion of female startup founders in this sector is around 11%.
Approximately 31% of the employees in the Fintech sector have foreign citizenship. 66% of employees have higher education and 25% of employees have general education or vocational education based on secondary education.
Startups in this sector
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Gaming
Sector developments
In the first three quarters of 2020, Gaming sector employee count(-26%) and turnover(-36%) has decreased considerably compared to the same period in 2019. That is, because Creative Mobile, one of the sector’s largest companies, reached a ‘matured’ status and was thus counted out of the Estonian Startup Database.Most Gaming startup founders have Estonian citizenship, with 33% of startup founders being foreigners. The average age of a Gaming startup founder is currently 32 years. The proportion of female startup founders in this sector is around 11%.
Approximately 29% ofGaming sector employees have a foreign citizenship. 50% of employees have higher education and 36% of employees have general education or vocational education based on secondary education.
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HealthTech, Life sciences & Wellness
Sector developments
In the first three quarters of 2020, HealthTech, Life Sciences & Wellness startups generated an incredible 203% increase in turnover, compared to the 2019! The biggest investment in the first half of 2020 was raised by Viveo Health (2M EUR) and Transformative AI (1,4 M EUR).Most of the HealthTech, Life sciences & Wellness startup founders have Estonian citizenship, with 29% of startup founders being foreigners. The average age of a HealthTech, Life sciences & Wellness startup founder is currently 33 years. The proportion of female startup founders in this sector is around 26%.
Approximately 15% of HealthTech, Life sciences & Wellness sector employees have a foreign citizenship. 71% of employees have higher education and 20% of employees have general education or vocational education based on secondary education.
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PropTech & Construction
Sector developments
Most of the PropTech & Construction startup founders have Estonian citizenship, with 17 % of startup founders being foreigners. The average age of a PropTech & Construction startup founder is currently 34 years. The proportion of female startup founders in this sector is around 13%.Startups in this sector
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Transportation & Logistics
Sector developments
In the first three quarters of 2020, Transportation & Logistics sector has been one of the biggest contributors in employment taxes and employee count. Of the startup sector’s total, Transportation & Logistics sector accounted for 16% of the employee count and 17% of employment taxes paid. Transportation & Logistics is also the biggest contributor in turnover. In the first three quarters of 2020, it accounted for 43% of the total turnover of the startup sector. This figure was heavily influenced by Bolt, with 214M EUR generated in turnover. The biggest investment in the 2020 was also raised by Bolt (100M EUR), Milrem Robotics (2,7M EUR), High mobility (1,5 M EUR) and Speys (1 M EUR).Most Transportation & Logistics startup founders have Estonian citizenship, with 15 % of startup founders being foreigners. The average age of a Transportation & Logistics startup founder is currently 33 years. The proportion of female startup founders in this sector is around 11%.
Approximately 25% ofTransportation & Logistics sector employees have foreign citizenship. 60% of employees have higher education and 34% of employees have general education or vocational education based on secondary education.
Startups in this sector
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TravelTech
Sector developments
In the first three quarters of 2020, TravelTech startups employee account increased 67% compared to the 2019.The proportion of foreign founders is biggest in TravelTech: 55% of the founders are foreigners. The average age of a TravelTech startup founder is currently 33 years. The proportion of female startup founders in this sector is around 10%.