To recap the year in the Estonian startup sector, Startup Estonia have put together an analysis about the development of the sector, statistics about the biggest employers, investments, employment taxes paid, turnovers and more. They will also dig deeper into the demographics of the founders, employees and for the first time Startup Estonia will give an overview of the occupations in Estonian startups. Additionally, comments from seasoned members of Estonian startup scene.
We celebrated 1000 startups registered in Estonia! In our semi-annual overview, half a year ago, we counted around 650 startups in Estonia. It seems like a crazy growth, right? Truth is, that in addition to the fast growth of the sector, our means of collecting data have improved. After a year of development, roughly a month ago, we launched the new version of Estonian Startup Database. In the process, we systematized and improved our data collecting methods and partnered up with Startup Includer for the back end of the database which led us to mapping out a lot of new startups. Besides that, we tracked 150 new startups founded in 2019 and 246 startups founded in 2018.
The biggest amount of new startups founded in 2019 were established in the Business software, services & HR sector (25 startups), the AdTech & CreativeTech sector (20 startups) and in the FinTech sector (19 startups). As there are a lot of newly detected startups, not all statistical developments over the years are comparable anymore. But we took that into account and looked over the Estonian Tax and Customs Board statistics since 2017. So all the information below is based on the updated calculations.
Now, without further ado, let's dive into the latest developments in the Estonian startup sector, read more on the Startup Estonia website
Source: Startup Estonia