Top Startups / June 12, 2021
Asaf Fybish

Asaf is an investor and startup growth advisor. He specializes in organic marketing and he's our Chief of Stash

Top Estonian Startups To Watch in 2021

Estonia is a small country in Eastern Europe, with a population of 1.3 million people. As a result of this, you might not expect the country to be well-known for its startups. Relinquish any doubts in your mind as we explore the top Estonian startups to watch in 2021. Estonian startups are plentiful and the strong digital infrastructure in the country has a role to play in the fact that Estonia is currently ranked as the 11th best startup ecosystem globally.

You would be surprised to know that Estonia has a flourishing startup ecosystem that is undergoing rapid growth. For instance, you may have heard of famous companies like Skype, Monese, and Pipedrive. The report for the first quarter of 2021 showed that despite the COVID-19 pandemic, the country has 1144 startups that have turned over 255 Million Euros and raised 194 Millon Euros in investment.

1. Bolt

Year Founded: 2013

HQ: Tallinn, Estonia.

Size: 1001-5000

Founder(s): Markus Villig, Martin Villig, Oliver Leisalu

Bolt is an Estonian startup that is behind a popular app centered around food delivery and ride-hailing. They're not just a local business either, they actually operate in 40-different countries, providing their excellent service. This includes markets in Africa as well as around Europe. The company aims to create a singular logistical platform to connect businesses with consumers.

So far, Bolt has received a massive amount of startup funding to help further its development. The company has managed to raise a total of $616.8 Million from a group of 27 different investors. Some of these investors include the European Investment Bank and the International Finance Corporation.

2. Monese

Year Founded: 2013

HQ: London, England

Size: 251-500

Founder(s): Norris Koppel

Monese is a well-known Estonian startup in the fintech space, although the company now has its HQ in London. The company itself provides a banking solution across 31 different European countries, with multi-currency support built-in. This means that someone in Europe could easily travel and spend money, all with the same bank account- without the hassle.

So far Monese has attracted a significant amount of investment to further the development of the platform. A group of 23 investors has collectively pledged $80.4 Million to the Estonian startup. Interestingly, PayPal Ventures are one of the investors behind this company, even if they're a smaller one. This is not the only example of an Estonia startup that has moved abroad.

3. Topia

Year Founded: 2010

HQ: San Francisco, United States

Size: 101-250

Founder(s): Brynne Kennedy, Steve Black

Topia is a software startup that is centered around the provision of assistance for employees and employers. The Estonian startup is currently headquartered in San Francisco, California. The company makes the process of moving global talent around much easier. Including compliance, tax, immigration, reporting, and more. Companies like Dell and AXA have made use of their software.

Topia has received a very healthy amount of outside investment, with the company having raised $138.6 Million from a group of 15 investors. The company has also been quite active in the acquisitions market- having taken over three other startups in recent years. Topia is another example of an Estonia startup that has moved abroad.

4. Co-One

Year Founded: 2020

HQ: Tallinn, Estonia.

Size: 11-50

Founder(s): Ataberk Arman Kayhan, Mert Menekşe 

Co-One is an artificial intelligence-based software startup that is currently headquartered in Tallinn, Estonia. The Estonian startup provides data management solutions to companies along with solutions for data annotation and classification.

Despite only being founded last year, Co-One has managed to raise $1.5 Million in outside funding from a group of seven investors. This was primarily achieved through a series of angel investors. As the company continues to grow, they are likely to become one of the biggest startups in Estonia.

5. RebelRoam

Year Founded: 2015

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Henri Ploom, Kaido Pähn, Magnus Rüütel, Tarvo Topolev

RebelRoam is an Estonian startup that was founded in 2015 and provides solutions for telecommunications. Their solution centers around the provision of internet traffic management for travel companies, to improve the general WiFi experience for their passengers. This is achieved by making the WiFi faster and much more reliable.

How can you not get behind a company that can make Train WiFi faster? Some investors have clearly gotten this message, with a pair of investors pledging 2 Million Euros to further the development of their services.

6. Lingvist

Year Founded: 2012

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Andres Koern, Mait Muntel, Ott Jalakas, Tanel Hiir

Lingvist is an Estonian startup that was founded in 2012 and is currently based in Tallinn, Estonia. The company creates language learning solutions that use mathematics and statistics to create the best possible learning experience. This has been said to make users fluent in a new language within 200-hours of study. If you're looking to pick up a new tongue quickly, then you should give Lingvist a try.

The company has already managed to attract quite a lot of attention from investors in the last few years. The Estonian startup has raised $11.3 Million in startup funding since 2012 from a group of 13 investors. One of these investors is the Japanese company Rakuten and they are likely to help make Lingvist one of the most exciting startups in Estonia.

7. Crypterium

Year Founded: 2017

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Austin Kimm, Gleb Markov, Vladimir Gorbunov

Cryperium is an Estonian startup that operates within the cryptocurrency space. The company itself operates a mobile app that allows its users to make instant payments with cryptocurrencies. That's right, so anything that you could buy reasonably with cash or card, you would be able to purchase with your cryptos by using Crypterium.

The company has managed to make a large amount of money through crowdfunding. So far, the company has raised $54.5 Million since being founded four years ago. IOSG Ventures also participated in one of their ICOs, with that being their only form of corporate investment.

8. CoinLoan

Year Founded: 2017

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Alex Faliushin, Max Sapelov

CoinLoan is an Estonian fintech startup that works with cryptocurrencies to help provide loans. Through their platform, the company offers P2P lending for people who either want to take a loan that is backed by collateral in the form of cryptos. This means they don't have to sell their cryptos to get money from them. Then, the lender gets to enjoy an investment that has minimal amounts of risk.

CoinLoan has an impressive mission and market niche, which has led to them receiving investment to further develop and grow their business. The company ran a series of ICOs in 2017, netting them $3.1 Million. They also underwent a Series A round of funding in 2019.

9. CoinCasso

Year Founded: 2018

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Luke Ozimski, Marek Ozimski

CoinCasso is a fintech and cryptocurrency startup that is based in Tallinn, Estonia. The company was founded in 2018 and operates a cryptocurrency exchange that is completely focused on the community and its members. The project boasts a fully democratic management system and they pledged that at the release of the 2.0 exchange version, 80% of transaction fees will be directed to their club members. This gives a lot of benefit to consistent users of the platform.

CoinCasso, being a cryptocurrency project wasn't likely to take on traditional corporate investment. Rather, the company crowdfunded through the creation of an ICO in 2018. This round of funding got the company $3.5 Million and they have continued to grow since then, becoming one of the biggest exchanges in Estonia.

10. Midex

Year Founded: 2017

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Aleksandr Škirin

Midex is an Estonian cryptocurrency exchange that was founded in 2017 and is currently based in Tallinn, Estonia. The exchange markets itself as the first EU-regulated cryptocurrency exchange, meaning that users can operate on the platform without worries about regulations getting in the way, or shutting the platform down.

Midex has managed to raise a massive amount of money through their one and only IPO that was carried out in 2018. The company raised $22 Million from that campaign, with the promise of a regulated platform being too good to pass up on for investors.

11. Xolo

Year Founded: 2015

HQ: Tallinn, Estonia

Size: 51-100

Founder(s): Avo Alender, Erik Mell, Erko Hansar, Urmo Pärg

Xolo is a fintech software startup that was founded in 2015 and is currently headquartered in Tallinn, like most of Estonia's startups. The company provides a solution for small business owners that cuts down on the annoying admin work that goes into running a business. This includes making a business, banking, accounting, and more.

So far, Xolo has managed to attract a large amount of investment due to the strength of its business model and the convenience of its offering. The company has a total investment of 11.1 Million Euros from a group of 11 investors.

12. Klaus

Year Founded: 2017

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Kair Käsper, Martin Kõiva

Klaus is a customer service software startup that was founded in 2017 and is currently headquartered in Tallinn, Estonia. The company itself provides software to assist with recording and reviewing individual calls so that training and reviews of calls can be conducted more easily. This eventually leads to an increase in the quality of customer service staff.

Klaus has been going strong in terms of investment. In only four years of operation, the team behind Klaus has behind to snag $7.3 Million in investment from a group of four investors. With many teams moving to virtual as a result of the pandemic, this tool could become a massive boon for remote teams.

13. MeetFrank

Year Founded: 2017

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Anton Narusberg, Kaarel Holm, Marko Virkebau

MeetFrank is an HR technology startup that was founded in 2017 and is currently operating out of Tallinn, Estonia. The company offers an app to help connect workers with organizations in a way that is more transparent, meaning that workers know everything they need to about a job before they apply for it. This creates a better working environment for both the individual employees and the businesses themselves.

MeetFrank has managed to convince investors that it is different from other platforms out on the market. To this end, a group of four investors has collectively pledged 2.5 Million Euros to MeetFrank during the company's Seed Funding round.

14. EstateGuru

Year Founded: 2013

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Kaspar Kaljuvee, Marek Partel, Marko Arro

EstateGuru is a home rental and fintech startup that was founded in 2013 and has operated out of Tallinn, Estonia since then. The company provides a marketplace for property loans across borders within Europe. This helps people to get on the housing ladder much more easily and provides more business for the lenders.

The strength of the company's business model and previous success led to the company undergoing a series of funding rounds between 2014 and the present year. These funding rounds led to a total investment of 2.7 Million Euros. This was achieved by a trio of investors, including Speedinvest.

15. AmplerBikes

Year Founded: 2015

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Ardo Kaurit, Hannes Laar, Rait Udumäe

AmplerBikes is an Estonian startup that docuses on the provsiion of electric bicicles for their customers. They differentiate themselves by making their vehicles as light and convenient as possible, without completely breaking the bank. They have all of the makings of modern bikes, with modern convenience.

So far, the company has managed to attract a trio of investors to the table, as well as masses of people through crowdfunding. These investors have put in a collective $6.2 Million to further fund and develop the business.

16. eAgronom

Year Founded: 2016

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Kristjan Luha, Robin Saluoks, Stenver Jerkku

eAgronom is an agricultural technology startup that was founded in 2016 and is currently based in Tallinn, Estonia. They offer a platform where farmers pay to be consulted on issues of carbon capture and farm monitoring with the power of AI. This also gives carbon credit buyers much more peace of mind.

The company has managed to attract a number of different investors during its five years of life. These investors have collectively pooled a total of 4.5 Million Euros into the company. These investors clearly understand the importance of guiding the agricultural sector to more environmentally friendly practices.

17. Lift99

Year Founded: 2016

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Elar Nellis, Elise Sass, Liis Peetermann, Ragnar Sass

Lift99 is a startup based around the sharing of knowledge between peers within the startup space. This is achieved through the creation of an invite-only platform, similar to ClubHouse, where startup founders can interact with each other. The sheer wealth of knowledge and information that is available makes it an ideal platform for any startup owner.

Lift99 has been incredibly active, both in getting investment and making investments. In total, the company has received funding from a total of eight investors that have collectively put in $2.3 Million to further their platform. The company has also made eight investments of its own, into other businesses.

18. Jobbatical

Year Founded: 2014

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Allan Mäeots, Karoli Hindriks, Ronald Hindriks

Jobbatical is an HR technology startup that was founded in 2014 and is currently based in Tallinn, Estonia. The main focus of the company is to cut out many of the difficulties that come with immigrating, which can be a problem for families and employers. This will save you time and cut down on the amount of paperwork that you need to do.

So far, Jobbatical has been very active in attracting investment. The company has already managed to turn the heads of 17 investors that have pooled together $7.9 Million to further develop the company's offering.

19. Yanu

Year Founded: 2016

HQ: Tallinn, Estonia

Size: 11-50

Founder(s): Alan Adojaan

Yanu is an AI startup that is focused on developments in the food and drinks sector. Their main offering is an AI-powered bartending solution that eliminates the need for a physical bartender. This has very interesting implications for the sector, especially with the ongoing COVID-19 pandemic.

One investor has been taken by the robot bartender that Yanu has created and that was local VC firm MM Grupp who supported the company through two funding rounds to the tune of 1.9 Million Euros.

20. Optofluid Technologies

Year Founded: 2012

HQ: Tallinn, Estonia

Size: 1-10

Founder(s): Rene Joeleht

Optofluid Technologies is a healthcare technology startup that was founded in 2012 and is currently based in Tallinn, Estonia. The company makes its money by developing and creating sensors to assist with real-time online dialysis monitoring for patients.

Optofluid, despite having a small team has still managed to secure investment from the EU Executive Agency for SMEs. The EU Agency sunk 2.8 Million Euros into the company in 2017, seeing the benefits for patients.

21. LightCode Photonics

Year Founded: 2020

HQ: Tartu, Estonia

Size: 1-10

Founder(s): Heli Valtna


LightCode Photonics is a 3D technology startup that was founded in 2020 and is currently based in Tartu, Estonia. The company creates solutions for the robotics sector by creating 3D cameras to be mounted and used on robots. This will increase the mobility of existing robots, by enhancing what they see.

The company has managed to raise a notable amount of money to improve their offering, having gained 425,000 Euros. This funding was achieved from a group of six investors.

Top Estonian Startups To Watch...
Asaf Fybish

Asaf is an investor and startup growth advisor. He specializes in organic marketing and he's our Chief of Stash

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