Turnover of Estonian deeptech startups increased by 38% in Q1 2024

The turnover of Estonian deeptech startups increased by 38% to €87M in the first quarter of 2024, compared to the same period in 2023. 

According to Startup Estonia, there were 159 deep technology companies in the country at the end of the first quarter. The highest turnover rate was shown by the developer of surveillance and control solutions Defsecintel (€20M). Unmanned aircraft systems developer Threod Systems reached a turnover of €12,9M, mobility company Comodule had €6,7M, developer of a parcel locker and robotic solutions Cleveron - €6,2M and designer of autonomous delivery vehicles Starship Technologies €5,4M. 

The data of the Estonian Tax and Customs Board reveals that at the end of March 2024, 2139 people were employed in Estonian deeptech startups, or 16% of all employees in the startup sector. The largest employers were Milrem Robotics (214 employees), Starship Technologies (151), Comodule (140), Cleveron (139), and Threod Systems (130).

Deeptech startups paid a total of €13,1M in labor taxes to the state budget, which is 26% more than at the same time last year. The largest payers of labor taxes included developer of robotics and autonomous systems Milrem Robotics (€1,3M), Starship Technologies (€1M), GuardTime (€0,9M), developer of supercapacitors Skeleton Technologies (€0,87M) and Cleveron (€0,75M).