Turnover of the startup sector in Estonia has reached a record €2.42B in H1 2025
According to Startup Estonia, the turnover of the Estonian startup sector grew by a quarter in the first half of this year to a record €2.421B. In comparison, last year the turnover of the startup sector in the first half of the year amounted to €1.9B. However, investments in the first half of the year showed a clear downward trend.
Among Estonian startups with the highest turnover in the first half of the year:
- Bolt (€837M)
- Pipedrive (€191M)
- Wise (€80M)
- BetPawa (€56M)
- Veriff (€52M)
The local startup sector continues to be dominated by communications and financial technology companies, with a total turnover of €1.2B in the first half of the year.
Startups in the under-five age group showed the strongest growth in turnover, with total turnover increasing by 41% in the first half of the year, from €130.7M to €184.5M. Startups in the six to 10 age group showed moderate growth, increasing by 21% from €1.187B to €1.441B.
However, investments in the Estonian startup sector showed a clear downward trend in the first half of the year. While in the first half of 2024, the total investment amounted to €242.6M and 39 deals were concluded, this year during the same period Estonian startups raised a total of €174.8M and 32 deals were concluded.
In total, startups under 5 years old raised €141.9M and closed 24 deals this year. Pactum raised the largest investment in the first half of 2025, with a deal amounting to €47M. Other major investors include:
- Blackwall (€45M)
- Stargate Hydrogen (€11M)
- Ultra Corporation (€11M)
- Wayren (€8M)
Seven startup exits were completed in the first half of the year, two of which occurred in the second quarter. US technology giant Sensor Tower acquired Pärnu-based game analytics company Video Game Insights, and Indigo Technologies acquired autonomous courier startup Clevon. In total, there were five divestitures in the first quarter.
