Some 328 millions euros was invested in Estonia’s startup sector in 2018, topping 2017’s record by 56 million euros and 2016’s total by more than 200 million euros.
Data from Startup Estonia shows that 30 new investment deals were closed in the country last year, with an average deal of 11 million euros. The country has 550 start-ups.
Leading the pack was Tallinn-based taxi platform Taxify, which secured investment worth 150 million euros. It was followed by sales software developer Pipedrive and finance company Monese, both of which got 52 million euros. Starship Technologies, which is pioneering automated delivery robots, bagged 21 million euros.
Record investment also saw growth in employment. Official statistics say that 3,763 people, many of them foreigners, are working in the country’s startup sector: an increase of 26 percent on the year before.
According to Startup Estonia, the figures reflect wider trends.
“[The] number of deals are going down but the amount of investment getting higher is [a trend] seen worldwide,” the group wrote in a blog post. “Fintech, medtech/health tech, transportation/mobility and cybersecurity are the main strongholds in European tech, [and this is] reflected both in exits and funding numbers.”