A total of 119 registered start-up companies operate in Tartu and Tartu County, including payment provider Boku Network Services Estonia, which had the highest revenue of all at €53.5 million in 2023, followed by gaming tech producer Playtech (€51.6 million).

New startups raised €2.1 million in capital last year across six transactions, the largest relating to law firms CRM provider Crespect (€600,000) while startups employed 844 staff part-time or full-time (14 percent of the total being foreign nationals), Playtech by far the largest of them at 644 people employed in the year, and startup staff took in an average gross wage of €3,026 per month.

Head of Startup Estonia Eve Peeterson said "Primarily, revenues and profitability were maintained and, thanks to the experience and dedication of founders, local start-up firms managed to achieve stability and boost revenues somewhat, despite the global economic downturn."

Other significant employers are Boku Network Services Estonia as noted (102 employees) and digital customer service firm Glia (151 employees), while startups paid €42.8 million in taxes to the state, of which €41.2 million was labor taxes (13 percent of the total paid by Estonian start-ups) including €17.8 million paid by Playtech, and €4.9 million by Glia, Tartu Postimees reports.

--

Follow ERR News on Facebook and Twitter and never miss an update!