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In a former machine factory in Tallinn’s Krulli neighbourhood, two Estonian entrepreneurs are betting that Europe’s moment has arrived. As revealed during this year’s Latitude59 conference, Taavet Hinrikus and Sten Tamkivi are establishing Kasvuhoone—”greenhouse” in Estonian but literally “growth house”—a 15,000-square-metre hub they claim will be the largest Nordic centre for technology and creativity.
The pair does not lack credentials for such a large bet. Hinrikus co-founded Wise (formerly TransferWise) in 2011, building it into one of Europe’s most successful fintech companies, valued at over $7B. Tamkivi was employee number eight at Skype and later served as its chief technology officer during its rapid growth phase. After Skype’s $8.5B sale to Microsoft, he founded Teleport and now co-leads Plural, a prominent VC firm “on a mission to change the world through technology.”
The timing is no accident, either. As global tensions reshape trade and tech, the founders argue that Europe faces a unique opportunity to assert its independence. “The changed power dynamics have given Europe a unique opportunity that we must not miss,” says Hinrikus, quoted in a press release.
Preliminary renders
A Nordic Silicon Valley?
Kasvuhoone’s ambitions are huge. The hub, to be built by the investment company Skaala, jointly owned by Hinrikus and Tamkivi, aims to house 100 companies employing 1,000 people.
It will combine startups, creative studios, and flexible workspaces with amenities, including a food street and exhibition spaces. The broader development will span 10 hectares, incorporating both commercial and residential quarters.
Danish architectural firm Cobe, known for creating “urban spaces that promote creativity,” will lead the transformation of a former mechanical workshop into a flagship business environment. It will be assisted by local partners KOKOArchitects. Construction will begin in late 2025, and the first shoots will see the light of day in 2027.
Sten Tamkivi (left) and Taavet Hinrikus
The venture’s anchor tenant will be Norrsken Accelerator, the European arm of a Swedish foundation that backs early-stage startups focused on sustainability and resilience. Founded by Klarna co-founder Niklas Adalberth, Norrsken already operates hubs in Stockholm, Barcelona, Brussels, and Kigali, managing over $750M across five funds.
For Estonia, a country of 1.3 million people that has consistently punched above its weight—producing Skype, Wise, and Bolt—Kasvuhoone will be another step to continue the flow of unicorns. The founders’ thesis rests on a belief that the world is fragmenting into competing technological blocs. “European technologies with a humanistic view have the potential to impact all of humanity over the next decade,” says Tamkivi.
Estonia, with the OECD’s best tax regime, the smartest talent, and record-breaking per capita startup statistics, is the place to explore this potential.
