9 promising Estonian startups that have provided funding in July and should be on your watch list | MCUTimes

9 promising Estonian startups that have provided funding in July and should be on your watch list

Estonia is already home to more than 1000 startups and seven unicorns and has a vibrant and welcoming start-up community eager to support ambitious individuals and startups.

Start-up Estonia reports that there are 1144 startups operating in Estonia, which has generated approx. € 255 million in revenue, increased € 194 million. in financing and has paid € 26.6 million. in taxation (an increase of 8 percent over 3 percent in Q1 2020). Some of the successful startups from the ecosystem include: fintech company Wise; verification platform Verification; CRM provider Pipedrive; and ride-sharing platform Bolt, among others.

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According to Eve Peeterson, the leader of Startup Estonia, “Revenue from startups has increased by 26 percent, showing not only the sector’s recovery but also improvements. In addition, investment in startups has shown a significant increase, showing investor confidence in the next Estonian unicorns. ”

We have compiled a list of nine Estonian startups that have raised capital in July 2021 (and some of them are hiring right now). Certain details about these startups, such as the names of the founders, the year of establishment and the total funding raised, are taken from Crunchbase.

Juan Borras and Kaidi Tiitson | Image credit: LinkedIn


Founder (s): Kaidi Tiitson, Juan Borras

Founded in: 2018

Financing: € 2.56

Outvio‘s software is aimed at medium and large online retailers. The company’s white-label solution provides tools for tracking, returning and order management so that their customers can deliver a streamlined fulfillment service. Customers can also share real-time status updates on a custom tracking page and use a self-service portal to manage all returns.

Last month, the company raised DKK 2.56 million. EUR in financing led by Change Ventures with the participation of TMT Investments (London), Fresco Capital (San Francisco) and Lemonade Stand (Tallinn). Several angels including James Berdigans (Printify) and Kristjan Vilosius (Katana MRP) also attended.

From now on, Outvio has 6 new job openings. You can check them out here.

Marko Lastik Billedkredit: LinkedIn


Founder (s): Marko Lastik

Founded in: 2018

Financing: € 2.56

Eurora develops an e-commerce package with customs compliance tools. The company takes care of worldwide customs rules for global e-commerce players using AI and machine language (ML) to automatically manage cross-border VAT, taxes and declarations. The company can also act as the fiscal representative of all cross-border transactions for non-EU sellers sending products to EU customers.

In July this year, the company raised $ 3M (approximately € 2.56M) in its Seed financing round to expand coverage in 193 countries.

The company is currently hiring. Check out open positions here.

Co-founders Andrus and Merit | Image Credit: Single.Earth


Founder (s): Merit Valdsalu, Andrus Aaslaid

Founded in: 2019

Financing: € 6.67 million

Single.Jord is a platform that symbolizes nature for its ecological value – carbon sequestration, storage and biodiversity. Utilizing technology such as satellite imagery, big data analysis and machine learning, Single.Earth reveals how much any area of ​​ecological importance in the world absorbs CO2 and conserves biodiversity.

The company then emits a MERIT token for every 100 kg of CO2 deposited in a specific forest or biodiversity area, and the MERIT token generates profits through carbon offsets. Tokens can be used to act as an investment instrument, compensate for CO2 footprints or contribute to climate goals (as the token is ‘used up’ and can no longer be traded). Businesses and ultimately individuals can buy these tokens and own fractions of these lands and natural resources.

Recently, the company has secured $ 7.9 million (approximately EUR 6.67 million) in its Seed Round financing led by EQT Ventures, with the participation of existing investor Icebreaker and Ragnar Sass and Martin Henk, founders of Pipedrive.

The company is looking to hire talent and currently has few job openings. Check them out here.

Mohamed Ghaith | Image credit: Zeew


Founder (s): Mohamed Ghaith

Founded in: 2017

Financing: $ 717.5K (approx. € 614.12K)

Zeew enables businesses of all sizes to set up their online stores. Currently, it caters to customers in several verticals, including F&B, local retail stores, e-commerce, pharmacy, grocery store and last mile delivery.

Last month, the company raised $ 170K (approximately € 145.57K) from the Sanabil 500 MENA Seed Accelerator, a joint venture from Sanabil Investments and 500 startups. Zeew currently has two job openings. Check them out here.

Alex Bozhin, Katerina Sukhenko Photo credit: LinkedIn


Founder: Alex Bozhin, Katerina Sukhenko

Founded in: 2019

Financing: $ 2.2 million (Approx. € 1.88 million)

Postoplan is a social automation marketing system powered by AI solutions. It aims to support small business owners and entrepreneurs to have more effective marketing solutions. The platform combines all the tools of social media management for sustainable business growth, viral marketing campaigns and different platform management to save time and budget as business grows online. Postoplan’s features allow you to track your activity, analyze past performance, and plan upcoming actions in one place.

Earlier in July, the company raised 1.5 million. Dollars (approximately EUR 1.28 million) in a new round of financing to strengthen its market position in the United States.

Image credit: Bisly


Founder (s): Mihkel Kõrgmaa, Siim Vips

Founded in: 2018

Financing: € 1.7 million

Bisly develops intelligent building solutions in Estonia to make energy saving simple. The company aims to make intelligent home solutions available to private as well as business customers. Co-founder Siim Vips says: “Our goal is to make this solution available in other European countries, in the first round for example in Germany, Belgium, France, Austra, Switzerland, Sweden, etc.”

Currently, more than 20,000 Bisly controllers are installed in Estonia, responsible for more than 500,000 intelligent automation decisions every day.

The company recently raised € 1.7 million. From investors, including angel investors as well as big names in the real estate sector. Enterprise Estonia’s Green ICT program for cooperation between Estonia and Norway also contributed € 700,000 to the development of the company.

DEIP CEO & Founder, Alex Shkor | Image credit: LinkedIn


Founder (s): Alex Shkor, Alexey Kulik, Arty Rusetski, Egor Tsaryk

Founded in: 2018

Financing: $ 3.5 million (Approx. € 2.99 million)

DEIP is a deep tech company whose mission is to drive the adoption of Web 3.0 technologies for the use of creative economics and increase the liquidity of intangible assets.

The company provides a set of Web 3.0 protocols, tools and applications for the creative economy. The core protocol is Web 3.0 protocol for intellectual capital. The DEIP Protocol (or Intellectual Capital Protocol) is a decentralized protocol that enables the discovery, evaluation, licensing and exchange of intangible assets, specifically designed for the tokenization of intangible assets (such as F-NFT), governance (via DAO) and liquidity ( via DeFi instruments and derivatives).

The company recently raised $ 2 million. In fresh funding from a former Nokia C-level executive, EPAM Systems co-founds Leonid Lozner and grants from the Web 3.0 Foundation and the European Commission.

Nikolaos Kostopoulos | Image credit: LinkedIn


Founder (s): Nikolaos Kostopoulos

Founded in: 2012

Financing: $ 700K (approx. € 599.44K)

ReBaked helps independent knowledge workers design, launch and scale projects within ‘Ownership Economy’. The company’s launch pad supports decentralized autonomous organizations (DAOs) by allocating capital as well as enabling communities to meet immediate financial needs in a ‘Fair Launch’ discovery.

ReBaked provides on-demand project teams to companies and entrepreneurs who need skilled workers. Teams are set up on the go as project partners successfully negotiate a guaranteed minimum payment. The company allows anyone, anywhere, to collaborate effectively and build fast 3.0 infrastructures and products.

Earlier in July, the company had raised $ 700K in its pre-seed financing round from AU21 Capital and two other investors.

Indrek Siitan and Toomas Loik | Image credit: LinkedIn


Founder (s): Indrek Siitan, Ivar Vilmer, Toomas Loik

Founded in: 2020

Financing: € 530,000

FleetGuru offers a SaaS-based app for full lifecycle management. The app simultaneously monitors hundreds of vehicles and tells you exactly how much you have used, which vehicles require service next time, and which insurance contracts need to be renewed. In addition, FleetGuru can also generate an expense report for a given vehicle to tell you what is generating revenue and what is generating a loss.

Last month, the company raised € 530,000 in its pre-round with funding from Lemonade Stand and Superangel.

Oh, and while we have you, be sure to keep an eye on it SiliconCanalsJobs for even more exciting start-up opportunities!

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