Turnover of Estonian deep tech startups increased to €227,2M in 2023

The turnover of Estonian deep technology companies increased to €227,2M in 2023, which is 14% more than in 2022. These companies paid €45,1M in labor taxes, which is a 20% increase from the previous year. 

Developer of a parcel locker and robotic solutions Cleveron paid €30M in labor taxes, mobility company Comodule - €24,6M, Milrem Robotics - €23,5M, and designer of autonomous delivery vehicles @StarshipRobots Starship Technologies - €20,8M.

In 2023, Estonian deep tech startups had 28 financing transactions that totaled €254M. The largest deals were concluded by two growth companies: a supercapacitor maker Skeleton Technologies secured €158M, and a developer of hydrogen technology Elcogen - €45M. Cleantech startup EFENCO raised €12,3M (including €3,2M in grants), Roofit.solar - €6,45M, and producer of sustainable packaging RAIKU - €5M. 

According to Statistics Estonia, in 2023, 2,792 employees, or 16% of the employees in the startup sector, worked at least one day in deep tech companies. The total number of deep tech companies was 147. The average gross salary of their employees was €3,884. The largest employers were Milrem Robotics, Starship Technologies, Cleveron, Comodule, and Skeleton Technologies.