Three Estonian startups joined the Top 100 early-stage cloud companies in Europe
Three Estonian SaaS startups joined the Top 100 list of early-stage cloud companies in Europe, which was released by London-based venture company Notion Capital. There was a selection from a total of 8500 startups. Notion Capital used the information from the database Pitchbook dated from the fourth quarter of 2022 to the first quarter of 2023.
One of these Estonian companies (received 12th position) is SaltoX. It raised €5,5M in July 2022. With the help of SaltoX platform, companies can issue tokens and distribute them among team members. The tokens are one of the alternatives for giving out Stock Options to company contributors when there is a need to distribute shares among them. The contributors can be employees, contractors, or freelancers. SaltoX was launched in 2021.
The second startup is Wert, which received €5M in March 2022. The startup offers a top-up module that can be integrated into a website or a mobile application and allows the purchase of unlimited amounts of crypto. It was founded in 2022. Wert has offices in Tallinn and Delaware(US).
And the third company is Single Earth, which secured €7,9M in 2021 from investors, including business angel and co-founder of Pipedrive Ragnar Sass. Single Earth introduces a new currency - MERIT tokens, with the rate of 1 Merit or €3 per 100 kg of CO₂ captured in nature. The startup launched a platform that allows landowners to insert land data and receive a preliminary estimate of its ecological value. If the landowners take good care of their land, they could get a regular income from it, exchanging their merit tokens. It was founded by ex-employee of Pipedrive Merit Valdsalu and Andrus Aaslaid.
When including startups in the list, Notion Capital focused on criteria, some of which were the founder's previous experience, if they founded successful companies in the past, the growth of the team, whether the company has been able to attract enough capital, how fast the investment was raised, product reviews on the market.
