Estonian startups showed growth in turnover by a third to €568M in the Q1 of 2023

Estonian startups showed growth in turnover by a third in the Q1 of 2023, generated to €568M. It is 34% more than in the same period of 2022. This data is based on the quarterly data from the Estonian Tax and Customs Board. The largest turnovers were generated by Bolt (€290M), Swappie (€26M),  Veriff (€20M), Crezu (€8M), and Viseven (€7,8M).

A total of €56,4M has been paid by Estonian startups in state taxes, which is 23% more than in the first quarter of 2022. 

There is a growth in the employment taxes paid. The sum of it amounted to €53M, which is 32% more compared to Q1 2022. The most significant taxpayers were Bolt with €8,5M, Wise with €8,3M, Veriff with €2,5M, Glia with €1,2M, and Monese with €1,2M. 

14 Estonian startups raised €62M in investments in the first quarter of this year compared to €906,6M at the end of Q1 2022. Taking aside Bolt's massive investment round of €628M in Q1 2022, the total amount of investment in that period of 2022 amounted €278,6M. The average deal size in Q1 of 2023 was €5M per deal, and 9 startups raised investments of more than €1M. The biggest investments in Q1 2023 were raised by RangeForce (€17M), Planet42 (€14,1M), EFENCO (€12,3M), Roofit.solar (€6,45M) and Salv (€4M). 

According to Startup Database, in 2023 14 new startups were created. The largest sector in terms of active startups is business software and hr, with 254 active companies out of a total of 1460 (17% of all startups), followed by fintech with 194 active startups (13%) and consumer products & services with 163 active companies (11%).