Estonia is finding its space in the spotlight as a European entrepreneurial hub. Having waited in the sidelines until recently, it is certainly garnering more attention for success stories (think Bolt the e-mobility unicorn), its buzzing and close-knit community, easy-to-understand regulatory framework (with some founders stating it is easier to access than larger countries like France or Germany), and cheap cost of living. Foreign startups hoping to take advantage of its favourable ecosystem can get advice on the Startup Visa Estonia from Startup Estonia, as well as knowledge on how to navigate the investment scene from Invest in Estonia.
Having scanned the horizon for the top startups coming out of this region, we took a look at which rising stars are most promising, thinking about a number of factors like team size, growth rate, founding year and investments, among others. Here are out top Estonian teams to look out for in 2020 and beyond.
Solve.Care – Solve.Care, founded in 2017, is using blockchain to revolutionise healthcare delivery. In summary its platform coordinates care, benefits and payments between all parties in the chain of healthcare: patients, doctors, pharmacies, laboratories, employers, insurers, and others. Its unique currency, ‘SOLVE tokens’, whose supply is fixed and price variable according to market supply and demand, can be used for transactions. With a team of already over 80 people, the startup has closed two ICOs and is using the funds to transform the healthcare sector.
Crypterium – Crypterium, founded in 2017, is aiming to make cryptocurrencies something that you anyone can use to pay for anything. Can you go out and buy a cup of coffee with your favorite cryptocurrency right now? Probably not. Crypterium is a cryptobank which meets the needs of the “Cryptocurrency Era”, offering users a mobile app that will turn your coins and tokens into money that you can spend with the same ease as cash. Whether it’s paying in a shop, paying bills, or sending money across borders in seconds, this Tallinn-based startup has got your back. Its team closed an ICO (initial coin offering) of €47.5 million in 2017 and has since grown its team to 65+ people.
Veriff – Veriff, founded in 2015, also made it onto our list of 10 Estonian startups to watch in 2019. The story of Veriff began when its founder, aged 14, bought some blue string online to tie hay bales at his family farm, and easily falsified his age as 18 years old. Fast-forward a few years, this was the seed behind creating a better system for companies to conduct online ID checks. Veriff’s online ID verification solution passed through of the Y Combinator accelerator and has since closed 3 funding rounds, with the last being in 2018 at €7.1 million, as well as opening an office in New York.
Xolo – Xolo, founded in 2015, aims to make starting and running a modern microbusiness 10 times easier. From banking, to accounting, to tax, Xolo helps entrepreneurs and freelancers run their own business remotely through one single service. Its customers, which it called ‘Xolopreneurs’, can save up to 162 working hours a year on business administration and focus instead on the core aspects of their business. In 2019, the startup raised €7.9 million, has grown to 55+ employees and has announced recently snapping up 10K users.
Salv – Salv, founded in 2018, is revolutionising the financial compliance sector with smart technology. With only 1-2% of online global money laundering being detected, despite financial institutions being 100% compliant, Salv knew that there had to be a better way. Salv’s more intelligent, rapid, and meaningful data protection solution easily integrates into banks’ existing IT environment. Banks get full governance oversight while dramatically increasing their compliance and reporting activities. Having grown a team of 30+ people in under 2 years, the startup also raised €1.8m in 2019.
Klaus – Klaus, founded in 2018, knows that it can be a hefty task to go through every interaction between customer service teams and clients. In order to improve the quality of interactions, Klaus’ conversation review tool allows support teams to check tickets, review messages and facilitate internal feedback. Its team raised €1.7 million in 2019, and has grown its team to around 20+ people already, as well as having landed major clients including Soundcloud, Trivago, Wistia, and Figma.
Katana MRP – Katana, founded in 2017, helps modern manufacturers ditch the cumbersome spreadsheet as they scale, and instead manage their product in an all-in-one platform. From raw material tracking, to stock checks, to floor level control, manufacturers will find every tool they need to manage their business. The team of around 20 people landed it’s latest funding at the beginning of 2020, snapping up €4.1 million to expand its business across Europe and continue to grow from its New York office.
99 math – 99 math was thought up in 2018 by a 19-year-old Estonian recent high school graduate and gaming lover, Timo Timmi. Its aim is to engage 1st – 6th grade students in mathematics, using gamification and esports. Today, it has already had 30,000 elementary students from around the world participate in its eSports style math league. Timmi’s mission is to inspire more students to go on to follow careers as engineers, astronauts or scientists. In January 2020, 99 math raised €454K to become commonplace in schools all over Europe.
Raison – Raison, founded in 2017, is a unique platform to help users manage investments and personal finance, in one place. The platform allows users to carry out everyday tasks like completing purchases or sharing accounts for dinner, alongside more complex tasks, such as storing fiat and crypto-currency assets, investing in products associated with blockchain technology, and analyzing the user’s own financial state. Its team of around 21 people landed its last funding in 2018 of around €1.1 million, to take the hassle out of financial management.
eAgronom – eAgronom, founded in 2016, is an intuitive farm management system that allows farmers with a low tech skill to plan, manage and analyze their activities in one place in the simplest possible way. Its mission is to help farmers grow high-quality grain in a sustainable way, making sure that those with low tech skills are included. Having started 4 years ago, it is now Estonia’s largest farm management system, has landed around €1.9 million in investment and won awards like the American Chamber of Commerce to the European Union (AmCham EU) Youth Entrepreneurship Award.
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