Tallinn's startup ecosystem has demonstrated remarkable resilience and adaptability in 2024, achieving new revenue records despite challenging economic conditions. According to Startup Estonia, Estonian startups surpassed €2.7 billion in revenue during the first three quarters of 2024, marking a 10% year-over-year growth.

Tallinn Startups Performance - Employment and Taxation
Startups based in Tallinn significantly contribute to employment and tax revenue. According to the Estonian Tax and Customs Board, 966 Tallinn-based startups employed 11,554 people by the end of Q3 2024, representing 81% of all startup employees in Harju County. Labor tax contributions from Tallinn-based startups grew by 3%, reaching €222.4 million, marking a substantial increase compared to the same period in 2023. The largest employers were Wise (2,028 employees), Bolt (1,321 employees), and Yolo (553 employees). The highest labor tax contributors in Tallinn were Bolt (€31.1 million), Wise (€28 million), and Yolo (€11.7 million).

Growth and Investments in Tallinn's Leading Startups
Tallinn-based startups demonstrated impressive revenue figures. Bolt achieved a record revenue of €984 million, followed by Pipedrive with €203 million and Veriff with €76.7 million. The first three quarters of 2024 indicate that Tallinn remains at the epicenter of startup growth, contributing significantly to both national and local economies.

Tallinn Startup Ecosystem on Strong Growth Trajectory
Q3 results confirm Tallinn startups' ability to adapt to changing economic conditions while maintaining sustainable growth. The increasing labor tax revenue and continuous company expansion demonstrate the sector's robust contribution to Tallinn's and Estonia's economy. Notably, the growing role of DeepTech companies in the startup ecosystem contributes to both innovation and employment growth.

Tallinn continues to strengthen its position as Estonia's startup hub, fostering an innovation-friendly environment where startups can thrive even in challenging economic conditions. The achievements of Tallinn's startups extend beyond economic indicators to local recognition. At the annual Tallinn Enterprise Awards, companies like Wise and Bolt have frequently been nominees or winners in the "Tallinn's Largest Job Creator" category. In 2024, this title was awarded to Wise Payments Limited Estonian Branch, confirming the company's leading role in employment growth in Tallinn.

For additional information about Estonia's startup sector, visit: Startup Estonia