Estonia's tech ecosystem continues to demonstrate resilience and maturity amid global economic uncertainty.
According to Startup Estonia, in the first quarter of 2025, startups generated over €400 million in turnover, contributed €63 million in employment taxes, and employed nearly 19,700 people, figures that reflect sustained momentum built over years of steady growth.
Key trends include the growing prominence of deeptech and green technology, with sectors such as AI, hydrogen, quantum computing, and defence tech attracting substantial investment and government support. Companies in these areas, such as Sunly, Stargate Hydrogen, and Blackwall, consistently secured funding year after year.
Supported by robust public-private collaboration and a growing base of experienced founders, Estonia’s startup ecosystem is well-positioned to expand its global footprint in 2025 and beyond.
Here are 10 companies that highlight the ecosystem’s maturity and resilience, showcasing Estonia’s rising influence within the European tech landscape.
Bolt
Amount raised in 2024: €220M
Bolt is a mobility company founded in 2013, offering a range of services including ride-hailing, micromobility rentals (e-scooters and e-bikes), food and grocery delivery, and car-sharing. The company operates in over 600 cities across more than 50 countries in Europe, Africa, Western Asia, and Latin America.
With a mission to make cities more livable by reducing reliance on private cars, Bolt integrates various transportation options into a single platform, promoting sustainable urban mobility.
Committed to environmental sustainability, the company aims to achieve carbon net-zero emissions by 2040.
In 2024, Bolt secured a €220 million syndicated revolving credit facility for general corporate use.
Starship Technologies
Amount raised in 2024: $90M
Starship Technologies is a robotics company revolutionising last-mile delivery through autonomous robots. Operating in over 80 locations across the US, UK, Germany, Denmark, Estonia, and Finland, Starship's six-wheeled robots have completed more than six million deliveries, covering over 11 million miles. These electric-powered robots are 99% autonomous, capable of navigating complex terrains and weather conditions, and can run up to 18 hours on a single charge.
Starship's Delivery-as-a-Service (DaaS) platform integrates seamlessly with partners like Bolt, Co-Op, Grubhub, and Sodexo, enabling efficient, low-emission delivery of groceries, meals, and packages.
The company raised $90 million in early 2024, aimed at global expansion and technological advancements.
Elcogen
Amount raised in 2024: €31M
Elcogen is a clean energy technology company founded in 2001, specialising in solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technologies.
The company’s proprietary solutions enable efficient, reversible conversion between electricity and green hydrogen, serving residential, commercial, and industrial applications. With manufacturing facilities in Estonia and Finland, Elcogen has supplied its technology to over 160 customers in 30 countries. The company is expanding its production capacity to 360 MW to meet growing demand for affordable, emission-free energy solutions.
The company secured €31 million in 2024 and an additional €5 million in 2025 to scale hydrogen manufacturing capacity.
Tuum
Amount raised in 2024: €25M
Tuum is a fintech company that offers a cloud-native, API-first core banking platform designed to help banks, fintechs, and non-financial businesses rapidly launch and scale financial services.
The platform features a modular, microservices-based architecture covering core banking, payments, lending, and cards, allowing clients to select and integrate only the components they need. Tuum's technology supports seamless integration with existing systems and is cloud-agnostic, providing flexibility and scalability for digital transformation.
In 2024, Tuum raised €25 million to support product innovation and expand its presence across the DACH region, southern Europe, and the Middle East, including plans for a new office.
Pactum
Amount raised in 2024: $20M
Pactum AI is a technology company specialising in AI-driven autonomous negotiations for enterprise procurement.
Founded in 2019, the company has developed AI agents capable of conducting thousands of simultaneous supplier negotiations, unlocking significant value for Fortune 500 clients such as Walmart and Maersk. Pactum's platform enhances procurement efficiency by automating high-volume, low-complexity negotiations, leading to cost savings and improved supplier relationships.
The company raised a $20 million Series B round in 2024 to further develop its technology and expand its global presence.
Planet42
Amount raised in 2024: €15M
Planet42 is a mobility fintech company that offers a rent-to-buy car subscription model aimed at individuals who are underserved by traditional financial institutions.
Utilising a proprietary algorithm that assesses credit bureau data, affordability, and alternative information, Planet42 enables customers to access pre-owned vehicles through a network of over 700 dealerships, providing a pathway to eventual ownership.
In 2024, Planet42 secured a $15.6 million investment to expand its services and address transport inequality in emerging markets.
Modash
Amount raised in 2024: $12M
Modash is an influencer marketing platform. Designed to help brands scale high-performance creator partnerships, Modash offers tools for discovering, analyzing, and managing influencers across Instagram, TikTok, and YouTube. With a database of over 250 million profiles, the platform enables marketers to filter creators by demographics, location, engagement rates, and other parameters, facilitating targeted outreach and campaign tracking.
In 2024, Modash raised a $12 million Series A round to enhance its end-to-end influencer marketing platform with AI features and expand its presence in North America.
Mifundo
Amount raised in 2024: €10M
Mifundo is a fintech company revolutionising cross-border lending within the European Union.
Founded in 2018, Mifundo has developed an AI-powered platform that enables individuals to carry their verified financial histories across EU countries, facilitating seamless access to banking and credit services without the need to rebuild credit profiles when relocating.
The platform aggregates credit bureau data and utilises open banking to create a "Verified & Passportable Financial Identity," allowing banks to assess the creditworthiness of foreign customers more accurately. This innovation reduces credit risk for banks by up to seven times and can increase business volumes by 15%.
Mifundo's mission is to unify the EU credit market, reducing financial inequality and enhancing access to financial services across Europe.
In 2024, Mifundo secured €10 million in funding.
Bisly
Amount raised in 2024: €6.2M
Bisly is a smart building automation company, specialising in scalable, energy-efficient solutions for residential, commercial, and hospitality properties. The company aims to make energy-saving simple and affordable through its patented digital twin technology and Single Cloud Platform, which integrates HVAC, lighting, and access control systems into a unified, no-code platform.
Bisly's hardware-enabled software solutions are designed for both new constructions and retrofit projects, offering easy installation and compatibility with third-party devices.
The company secured €6.2 million in Series A funding in 2024 to expand its operations across Europe and the US.
ÄIO
Amount raised in 2024: €6.1M
ÄIO is a biotechnology company that specialises in producing sustainable, microbial-based alternatives to traditional fats and oils, such as palm oil, coconut oil, and animal fats. Utilising proprietary yeast strains and fermentation processes, ÄIO upcycles agricultural and wood industry by-products into high-value ingredients rich in omega-3 fatty acids, antioxidants, and pigments.
By leveraging circular economy principles, the company aims to reduce environmental impact and promote healthier, more sustainable consumption patterns.
In 2024, the company has secured €6.1 million to expand its operations and scale production.
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