Estonia is a well-known startup haven, and it continues to prove its position, with ten Estonian companies earning spots in the Sifted 250 ranking of Europe’s fastest-growing startups.
The 2024 edition of the ranking, which measures revenue growth over the past three financial years, shows a real breadth of the ecosystem paired with strong traction. To qualify, companies needed to be founded after 2014, have fewer than 999 employees, and show significant revenue growth.
Estonian success stories
- Ringy (#33) leads the Estonian contingent with a 332.28% revenue CAGR. The Tallinn-based circular economy startup has raised €1.1M in funding and gives devices a second chance by building an ecosystem for refurbishing electronics.
- Wallester (#57) once again reminds about Estonia’s strength in FinTech, achieving a 240.1% revenue CAGR. The Tallinn-based company has raised €8.9M and employs 120 people, specializing in providing innovative CFO tech stack solutions and card issuing services.
- Vok Bikes (#58) is about Estonia’s push into sustainable mobility. The ClimateTech company has secured €5.5M in funding and is making a push in the electric vehicle sector. Vok Bikes is currently on the streets of eight cities including London, Stockholm and Geneva.
- Montonio (#68) is another FinTech rising star, having secured €18.9M in funding. The company offers an all-encompassing payment gate and additional services, such as BNPL.
- Enty (#114) offers an all-in-one back-office platform for SMEs. The Tallinn-based FinTech, launched in 2020, offers invoicing, contract management and cash flow modelling services. In Estonia, you can open your own business in 15 minutes entirely online — and manage it just as easily.
- MyDello (#152) brings innovation to logistics and has raised €1.3M, already generating €4.3M in revenue.
- Roofit.Solar (#193) builds the pretties solar panels, combining Nordic design with premium materials and highly efficient solar technology. The company has raised €17M and employs 65 people, contributing to Europe’s green energy transition one roof at a time.
- Themo (#212) innovates in smart buildings sector, offering a smart thermostat to save electricity. The company has secured €2M in funding and generates €1.2M in revenue with a team of 12 people.
- Tuum (#222) adds to Estonia’s fintech success stories with its digital banking platform that allows financial services firms to easily launch new products and services. The company has raised €45.5 million and employs 82 people, while still growing with an extremely fast pace.
- Yaga (#249) rounds out the Estonian representation. The circular economy marketplace has raised €3.3M to let customers buy and sell second-hand fashion products.
Read the full list here.
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