Top Startups / February 1, 2022
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 2022

Despite the small population size of Estonia, there are some great examples of Estonian startups that have come through over the years. The country has a lively startup ecosystem that is consistently giving birth to top startups. The ecosystem has seen consistent growth over the last few years through a mix of business acumen and government assistance.


1. Primex Finance

Year Founded: 2021

HQ: Tallinn, Estonia

Size: 11-50

Founders: Dmitry Tolok, Vlad Kostanda

Primex Finance is an Estonian startup that was founded in 2021 and is currently based in Tallinn, Estonia. The company provides a platform for decentralized prime brokerage, which allows for cross decentralized exchange margin trading. This gives lenders more flexibility when managing their risk.

Since being founded, the company has seen great success in achieving startup funding. In a single round of startup funding in December 2021, the company managed to raise a total of $5.7 Million from a group of fifteen investors.

2. VanOnGo

Year Founded: 2019

HQ: Tallinn, Estonia

Size: 51-100

Founders: Kateryna Rystsova, Mikhail Sokirnik, Viacheslav Levchenko

VanOnGo is a startup in Estonia that was founded in 2019 and is currently based in the city of Tallinn. The company provides a platform that allows for same-day prescheduled last minute delivery services utilizing advanced technology to make e-commerce and getting items simpler for customers and shipping easier for businesses.

Since the business was founded, it has gone through three rounds of startup funding to help it reach the next level. Across these three rounds of funding, the business has received investment from two investors. These investors have backed the company with an undisclosed amount of funding.

3. Lawato

Year Founded: 2021

HQ: Tallinn, Estonia

Size: 11-50

Founders: Anton Taraskin, Paul Opmann, Roman Ivanushkin

Lawato is an Estonian startup that was founded in 2021 and is currently based in Tallinn, Estonia. The company provides a cloud software solution specifically geared to law firms that helps them to save time and focus on their more important tasks. This helps these law firms to scale up their operations and grow.

As it stands, the company has not run a successful funding round, but due to the infancy of the company, this is to be expected. With law firms increasing shifting towards technology, it likely won't be long until Lawato receives investment.

4. Vumonic Datalabs

Year Founded: 2018

HQ: Tallinn, Estonia

Size: 11-50

Founders: Aravind Raju, Gabriel Appleton

Vumonic Datalabs is a startup in Estonia that was founded in 2018 and is currently based in the city of Tallinn. The company provides data-related services like market tracking and competitive market intelligence specifically for businesses involved in the ride-hailing, food delivery and e-commerce sectors- where good intelligence can make or break a business.

Since it was founded, the company has gone through a total of three funding rounds to generate funds. From these funding rounds, the company has successfully managed to entice four investors into helping it. This has resulted in Vumonic Datalabs making a total of $224,600 in startup funding.

5. Glitter Finance

Year Founded: 2021

HQ: Tallinn, Estonia

Size: 1-10

Founders: David Dobrovitsky

Glitter Finance is an Estonian startup that was founded in 2021 and is currently based in Tallinn, Estonia. The business aims to address the inefficiencies and problems found in Decentralized Finance. This is achieved through the use of a cross-bridge chain that allows a portion of locked tokens to be redeployed onto one chain and then used for yield on another chain.

Since the company was founded, it has successfully run a Seed Funding round in November 2021 to raise money. This funding round had participation from an unknown number of investors, which allowed the business to raise a total of $3.3 Million in funding.

6. Botgate AI

Year Founded: 2019

HQ: Tallinn, Estonia

Size: 1-10

Founders: Baris Gulbas, Emre Incel

Botgate AI is a startup in Estonia that was founded in 2019 and is currently based in Tallinn, Estonia. The company provides a business messaging and conversational platform. The platform is powered by AI and uses chat automation to remove the friction from the process of buying from a business.

Since it was founded, Botgate AI has gone through a sole round of funding in December 2021. As a result of this funding round, the company managed to successfully gain investment from a trio of investors. This funding round resulted in the company making an undisclosed amount of money.

7. Beast

Year Founded: 2021

HQ: Tallinn, Estonia

Size: 11-50

Founders: Anna-Maria Mikaberidze, Micha Mazaheri

Beast is an Estonian startup that was founded in 2021 and is currently based in Tallinn, Estonia. The company makes its money by buying Teslas and then offering them to customers on a short-term lease using a web-booking platform and the company's own mobile app. This helps the switch to electric vehicles and also helps users to find a vehicle quickly.

Since the business was founded last year, it has already gone through a Seed Round of funding in December 2021. This funding round received participation from an unspecified number of investors, which resulted in the business gaining 1.5 Million Euros to help it grow and develop to the next level.

8. ShufflUp

Year Founded: 2018

HQ: Tallinn, Estonia

Size: 1-10

Founders: Shilpa Mitra, Sromana Mukhopadhyay

ShufflUp is a startup in Estonia that was founded in 2018 and is currently based in the city of Tallinn. The company provides a fintech platform in the form of a hands-off cryptocurrency trading algorithm that makes getting involved and trading crypto much easier for those that aren't skilled or experienced.

Since the business was founded, it has gone through two successful rounds of startup funding in 2018 and these rounds of funding have attracted the attention of a sole investor. These funding rounds have allowed ShufflUp to raise a figure of $44,300.

9. 99math

Year Founded: 2019

HQ: Tallinn, Estonia

Size: 1-10

Founders: Ain Arend, Timo Timmi, Tõnis Kusmin

99math is an Estonian startup that was founded in 2019 and is currently based in Tallinn, Estonia. The company has created an online platform that aims to add fun and competition to learning maths by presenting it in the form of an e-sports format, allowing kids to take part in maths competitions to learn and have fun.

Since 99math was founded, it has gone through two rounds of startup funding. Through these two rounds of funding, the company has successfully attracted the attention of seven investors. These seven investors have allowed the company to raise a figure of $1.5 Million.

10. Tarla.in

Year Founded: 2018

HQ: Tallinn, Estonia

Size: 1-10

Founders: Kerem Erikci

Tarla is a startup in Estonia that was founded in 2018 and is currently based in the city of Tallinn, Estonia. The company provides a system to help insurance companies with risk assessment and claim validation specifically for companies involved in farm insurance. This helps these companies to insure the right businesses and avoid paying out on bogus claims.

Since the company was founded, it has gone through a sole startup funding round during 2018 and this round attracted the attention of a sole investor. This funding round yielded an unspecified amount of startup funding for the business.

11. Sellme

Year Founded: 2019

HQ: Tallinn, Estonia

Size: 1-10

Founders: Illia Haidar

Sellme is an Estonian startup that was founded in 2019 and is currently based in Tallinn, Estonia. The company provides an online marketplace specifically targeted at Estonia. The aim of the company is to make shopping in the country safer and easier for its citizens.

The company has already successfully gone through a pre-Seed funding round during 2020, which attracted an unspecified number of investors and also allowed the business to raise an unspecified amount of cash.

12. Fracture Labs

Year Founded: 2018

HQ: Tallinn, Estonia

Size: 1-10

Founders: Stephen Arnold

Fracture Labs is a startup in Estonia that was founded in 2018 and is currently based in Tallinn, Estonia. The startup is a game development studio that focuses primarily on building games for PC, console, VR and mobile. One of their flagship products is DECIMATED, an open-world survival game.

Since being founded, the company has gone through two funding rounds, one in 2019 and the other in 2021. These funding rounds have successfully attracted four investors to the company and this has ultimately culminated in the business raising a figure of $3.7 Million.

13. Woola

Year Founded: 2019

HQ: Tallinn, Estonia

Size: 11-50

Founders: Anna-Lisa Palatu

Woola is an Estonian startup that was founded in 2019 and is currently based in Tallinn, Estonia. The company aims to reduce waste and help the environment by replacing a commonly used plastic, bubble wrap and replacing it with a similar product created through the use of leftover wool from sheep.

Since the company was founded, it has gone through two funding rounds in 2020 and 2021 respectively. These funding rounds have attracted an impressive thirteen investors to the company. The end result of this investment is the fact that the company has raised 3 Million Euros.

14. Antegenes

Year Founded: 2018

HQ: Tartu, Estonia

Size: 1-10

Founders: Peeter Padrik

Antegenes is a startup in Estonia that was founded in 2018 and is currently based in Tartu, Estonia. The company is a biotechnology and healthcare startup that is developing genetic tests to help patients to catch potential diseases and illnesses like cancer before they can become a problem, with preventing being more effective than a cure.

Since the business was founded, it has gone through a Seed Funding round in November 2021, which was supported by an unspecified number of investors. The result of this funding round was that the business managed to raise 500,000 Euros in startup funding.

15. Vok Bikes

Year Founded: 2019

HQ: Tallinn, Estonia

Size: 11-50

Founders: Indrek Petjärv

Vok Bikes is an Estonian startup that was founded in 2019 and is currently based in Tallinn, Estonia. The company provides heavy-duty bikes for transporting cargo to on-demand delivery companies, giving them the tools they need to service their customers needs.

Since the company was founded, it has gone through a single round of startup funding in January 2021. During this round of funding, the company received support from seven investors. The end result of this was that Vok Bikes successfully raised 800,000 Euros

16. GScan

Year Founded: 2018

HQ: Tallinn, Estonia

Size: 11-50

Founders: Hannes Plinte

GScan is a startup in Estonia that was founded in 2018 and is currently based in Tallin, Estonia. The company has developed security solutions using 3D scanners built with machine learning technology. This allows multiple uses in cases like nuclear facilities, narcotics, airports and more.

Since the business was founded, it has gone through two rounds of startup funding in 2020 and 2021, with a total of four investors becoming involved. The end result of these funding rounds was that the company has raised a figure of 3.3 Million Euros.

17. Snacka!

Year Founded: 2021

HQ: Tallinn, Estonia

Size: 1-10

Founders: Erik Bhullar, Youssef El Moumni

Snacka is an Estonian startup that was founded in 2021 and is currently based in Tallinn, Estonia. The company has created a video calling solution that works even in conditions with poor internet and data, so that people can stay in touch with those that are most important to them.

The company has already received startup funding despite how new it is, with a successful round taking place in December 2021. The end result of this funding round was that the company has managed to raise 250,000 Euros in funding.

18. Outvio

Year Founded: 2018

HQ: Tallinn, Estonia

Size: 11-50

Founders: Juan Borras, Kaidi Tiitson

outvio startup stash

Outvio is a SaaS startup in Estonia born to give online sellers a better way to manage the complete post-checkout process in an interconnected way on one single platform. As a result, online shops save time and money and grow revenue by automating the order fulfillment and taking advantage of the post-checkout for branding, upselling and marketing.

In the summer of 2021, Outvio raised a $3 Million financing round led by Change Ventures, one of the largest first investment rounds in an Estonian startup over the last four years.

19. Bugbounter

Year Founded: 2020

HQ: Tallinn, Estonia

Size: 11-50

Founders: Arif Gürdenli, Murat Lostar, Ozan Vakar

Bugbounter is an Estonian startup that was founded in 2020 and is currently based in Tallinn, Estonia. The company provides a blockchain-based platform that connects cybersecurity freelancers with corporations so that they can discover and amend security vulnerabilities in an effort to keep themselves and their users safe.

Bugbounter has gone through two rounds of startup funding since being founded, with one in 2020 and another in 2021. The result of these funding rounds was that the company has managed to raise $489,400 from an undisclosed number of investors.

20. Migrevention

Year Founded: 2020

HQ: Tallinn, Estonia

Size: 1-10

Founders: Katrina Laks, Karl Kais, Triinu Niiberg-Pikksööt

Migrevention is a startup in Estonia that was founded in 2020 and is currently based in Tallinn, Estonia. The company provides a digital-based clinic for patients that deal with headaches. Users are able to track their symptoms and triggers and also access a range of advice that can help them to manage their headaches more easily.

Since the business was founded, it has successfully gone through a Pre-Seed funding round in January 2022. The end result of this funding round was that the company managed to successfully raise a figure of 355,000 Euros in startup funding from a sole investor.

21. Ready Player Me

Year Founded: 2020

HQ: Tallinn, Estonia

Size: 11-50

Founders: Rainer Selvet

Ready Player Me is an Estonian startup that was founded in 2020 and is currently based in Tallinn, Estonia. The company has developed a cross-game avatar platform that is used by more than 1000 developers to help them create avatars for their games.

Since the company was founded, it has gone through an impressive seven rounds of startup funding. These funding rounds have attracted thirty-one investors to the company's cause, with a total cash investment of $29.5 Million being raised in these rounds.


FAQs

How Many Startups Are In Estonia?

It is currently estimated that Estonia has around 1200 startups actively operating within the country.

What Are The Strongest Industries in Estonia?

The strongest industries in Estonia are currently energy, telecoms, textiles, chemicals, banking services and more.

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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