Yesterday, over 400 founders and community members gathered in Tallinn’s Nobel hall at Noblessner to celebrate the achievements of the Estonian startup ecosystem at the 6th Estonian Startup Awards.
Estonia’s Prime Minister, Kristen Michal, opened the event. He pointed out that startups now represent almost 4% of Estonian GDP, making them a crucial pillar of the national economy. He assured that the government will continue to support the tech sector, making it easier to bring in skilled labour and easing any bureaucratic barriers.

DefenceTech dominance
The biggest story of the night was the rise of Estonia’s DefenceTech sector. Two companies, Frankenburg Technologies and DefSecIntel Solutions, dominated the awards, collectively taking home four of the eleven trophies.
Frankenburg Technologies claimed both Newcomer of the Year and DefenceTech of the Year. The company is disrupting the air defence sector with missile systems designed to intercept and neutralize 99% of UAV threats. Their innovative approach has reduced the cost of missiles by 90% while enabling mass manufacturing capabilities. Within months, they’ve built a team of 40 world-class specialists and expanded operations across Estonia, Latvia, Lithuania, Ukraine, and the UK.

DefSecIntel Solutions secured both Revenue Hack of the Year and Hardware of the Year. The company showcased extraordinary growth by scaling revenue from €7M to €40M. They doubled their team to over 85 people in Estonia, opened a new factory, and maintained a strong R&D hub in Kyiv with 30 people. Their AI-powered mobile autonomous surveillance and air defence systems are now protecting the EU’s eastern border and supporting Ukraine’s defence efforts.
An ecosystem of leaders
- Lightyear, whose founders Martin Sokk and Mihkel Aamer jointly won Founder of the Year, has transformed Europe’s €19T investing landscape. The company achieved remarkable growth in 2024, processing over $3B in annualised transaction volume and expanding to 22 markets. They’ve successfully launched tax-efficient investment accounts across multiple regions, trying to make wealth building more accessible to everyone.
- Yaga, winner of GreenTech of the Year, has made a big bet on sustainable fashion. Operating in Estonia, South Africa, and recently expanding to Kenya, the company has facilitated the resale of over 4 million second-hand items. With a €40M+ annual GMV run-rate and 100% year-over-year growth, they’ve maintained profitability since May 2024 while raising only €3.3M in funding.
- GScan, crowned as DeepTech of the Year, has adopted muon tomography technology that can detect defects over 10 meters deep in critical infrastructure. In 2024, they secured €5.4M in investments and won prestigious awards, including the Built World award in Paris and the UK’s “Best Use of Technology – AI” civil engineering award. Their expansion includes new offices in Cambridge and Munich, with strategic partnerships with global corporations like BP and National Highways.
- Katana, winning SaaS of the Year, is a manufacturing ERP platform. Serving 1,500 paying SMBs globally, they process $2.5B in annual sales order value. The company achieved $10.5M ARR in 2024, growing 60% compared to 2023, with customers spanning 70 countries.
- Taavi Kotka earned the Giving Back Powerhouse award for his work with HK Unicorn Squad. The initiative has grown to include over 4,000 girls studying technology. The program has expanded with Unicorn Squad PRO, partnering with Taltech to influence career choices for future students as well.
- Taavet Hinrikus was recognized as Investor of the Year for his impactful work through Plural and Skaala. Under his leadership, Plural raised their Fund II of €500M and led significant investments, including a $90M funding round for Starship, Estonian robot mobility wonder. Through Skaala, he’s diversified investments into real estate and supported educational initiatives like the kood/Jõhvi coding school.

The 2024 awards set new records for participation, with 311 initial nominations narrowed down to 91 shortlisted candidates across 11 categories. The selection process involved 222 founders as jury members, once again showing the collaborative spirit of Estonia’s startup ecosystem.
Looking ahead
Despite economic headwinds, the Estonian startup ecosystem showed resilience and increased operating efficiency in 2024.
The DefenceTech sector’s emergence as a powerhouse, with Tallinn being recognised as Europe’s major hub, signals a promising new direction as well. The launch of the €100M Estonian Defence Industry Fund is expected to boost that trend further in 2025 and onward.
The Estonian Startup Awards 2024 was co-organised by LIFT99, the Estonian Founders Society, and Startup Estonia, with support from Swedbank Estonia, the Ministry of Defence of Estonia, and the City of Tallinn.
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