Business, Estonia, Good for Business, Investments, Statistics

International Internet Magazine. Baltic States news & analytics Tuesday, 20.08.2019, 23:56

EUR 246 mln invested in Estonian startups in H1

BC, Tallinn, 27.07.2018.Print version
A total of 245.6 mln euros was invested in Estonian startups in the first six months of the year and startups paid 21 mln euros of labor taxes, which is 25% more than in the same period last year, informs LETA/BNS.

Estonian startups created 388 new jobs in the first six months of 2018, which is 27% more than in the same period last year. Estonia's 550 startups paid nearly 21 mln euros of labor taxes during the period, which is 25% more than in the same period in 2017, the state-owned financial institution Kredex said.


While in 2017 the revenue of Estonian startups totaled 275 mln euros, by the end of June 55% of this goal had been met, therefore the total revenue of startups has increased by 11% compared to the first half of 2017.


"A total of 15 transactions have been made this year, which means that the average size of a transactions is 16.3 mln euros. Last year the average size of a deal was 6.8 mln euros and in preceding years it was between 1 mln and 2.5 mln euros," head of Startup Estonia Maarika Truu said, adding that 2018 is expected to be a record year for investments in Estonian startups.


The biggest investment, 150 mln euros, was made in Taxify by the German car company Daimler. "We will use the investment to develop our technology and expand it, mainly in Europe and Africa," Taxify CEO Markus Villig said.


As a result of this investment, Taxify became another Estonian so-called unicorn – a company worth more than one billion dollars. Estonia now has four unicorns – Skype, Playtech, Transferwise, Taxify – which makes Estonia the country with the biggest number of unicorns per capita.

 






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