Turnover of Estonian startups in 2022 increased twice up to €2,1B

Turnover of Estonian startups last year increased twice compared to the turnover of 2021, amounting to €2,1B, which is 49% more than in 2021. This data is based on the information published quarterly by the Tax and Customs Board.

The highest turnover rates showed rideshare and delivery company Bolt (€1,1B), verification startup Veriff (€71M), mobility company Comodule (€36,7M), autonomous delivery robots Starship Technologies (€31M), and global services provider for the life science industry Vivesen (€30,5M). 

The amount of payroll taxes paid by Estonian startups in 2022 increased up to €185M, which is twice more compared to 2021. The biggest sum was paid by Bolt (€30,7M), money transfer service Wise (€25,2M), Veriff (€8,5M), Starship Technologies (€4,9M), and banking application Monese (€4,2M).

The sectors with the highest turnover are transportation and logistics (€1,2B), fintech (€196M), and business software and services (€162M).

This data does not include €30,5M of turnover rates and €4,4M of payroll taxes because 20 Estonian startups have operated on the market for more than 10 years, and they can not count as startups. Besides, there were 5 exits in 2022.