"Angel investors continue to have great faith in Estonian startups": what investors think about Estonian startup sector

Estonian public program Startup Estonia together with Estonian investors and other industry leaders reviewed the development of Estonian startups in 2022 and made a forecast for 2023.

Margus Uudam, partner of venture capital fund Karma Ventures and chairman of EstVCA board: 

There is a lot of free capital in the funds, but it is likely to be invested at a significantly slower pace and more selectively (in 2023).

Kaidi Ruusalepa, president of the Estonian Founders' Society: 

Our startups are not tied to one, two or three markets, they operate globally in the United States, Europe, Asia. 

Eve Peeterson, head of Startup Estonia: 

The Estonian startup sector has grown by 20-30 percent annually over the past few years. If in 2021 startups attracted €980M, then in the last year, according to preliminary data, startups have attracted €1.33 bln of investments, or 35 percent more compared to the previous year. If in 2021 Estonian startups made a turnover of €1.5 bln, last year the two billion euro mark was exceeded in just 9 months.

Lauri Antalainen, vice president and board member of the Estonian Business Angels Association EstBAN: 

The past year was more positive than expected from the point of view of angel investors, and that angel investors continue to have great faith in Estonian startups.

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