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Estonian startups attract €270 million in investments in 2017

Estonian robotics startup Starship hired 29 new employees in 2017.
Estonian robotics startup Starship hired 29 new employees in 2017. Source: Starship

Estonian startups last year attracted €270 million worth of investments, according to the national Startup Estonia database.

The largest investment, €240 million, was attracted by U.K.-based money transfer company TrasferWise, while ultracapacitor-based energy storage device producer Skeleton Technologies received €15 million and recruitment platform Jobbatical €3.5 million, Startup Estonia said.

According to Andrei Hrustaljov, startup lecturer at Mainor Business School, Estonian startups are entering a mature phase. "They are expanding and hiring new people," he noted. "Labour expenses paid by startups grew by one third on year to €36 million."

Last year, Taxify topped the list of job creators, growing by 136 people, while TransferWise hired 98, Pipedrive 61, Starship 29 and Cleveron 28 new people.

According to Startup Estonia, several important transactions were conducted in connection with Estonian startups as well — Teleport, PlanetOS and ZeroTurnaround all found new owners.

Editor: Aili Vahtla

Source: BNS

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