Estonian deeptech startups received 11% of total VC investment in the country from 2018 to 2023

Estonian deeptech companies received 11% of total venture investment in the country from 2018 to 2023. According to the third annual European deep tech report provided by Amsterdam-based startup database Dealroom, European VC Lakestar, and San Francisco-based VC Walden Catalyst, Estonia is in the 16th place out of the top 19 European countries with the highest interest in venture investments in deep tech from 2018 to 2023. Estonia overperforms Denmark, the Czech Republic, and Belgium.

Estonian startups reached the 14th place among European countries which created the most deep tech spinout value.

The data from the report shows that Tallinn is in the 19th place in the list of European countries that are main deep tech hubs. Tallinn outperforms Amsterdam and Barcelona,  with $0,1Bln venture investment in deep tech companies per city.

Regarding investment in deep tech segments, such as novel AI startups, including autonomous driving, explainable AI, and privacy-enhancing technologies, Jaan Tallinn’s fund Metaplanet is one of Europe's most active early-stage backers. Metaplanet was awarded 7th position out of the top 10 companies. According to the report, Metaplanet had 5 preferred seed rounds from 2018 to 2023. 

Lithuania also showed high interest in deep tech venture investment, particularly in the future of computing startups (including superconductors, quantum, ambient computing, and brain-computer interface). From 2018 to 2023, Lithuania invested $36,3M in this deep tech segment. 

In 2023, Estonian novel energy startups (new and innovative ways of generating, storing, and using energy, like hydrogen, fusion, and new battery chemistries) received the most amount of venture funding driven mostly by Estonian developer of supercapacitors Skeleton Technologies. In 2023, Estonian startups received $114,4M of venture investment ($108M of them was invested in Skeleton Technologies). That is more than in the UK, France, Italy, and Germany.                                                    (BalticVC wants to highlight that Skeleton Technologies started to operate in 2009, and it is strange to call it a startup).

Estonian industrial company Harju Elekter Group is among the most active growth-stage investors in European novel energy startups. Harju Elekter Group had two preferred series D rounds from 2018 to 2023. In 2021, it invested in Skeleton Technologies.