Startups

9 promising Estonian startups that have raised funding in July and should be on your watchlist

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Already home to more than 1000 startups and seven unicorns, Estonia has a vibrant and welcoming startup community, eager to support ambitious individuals and startups. 

Startup Estonia reports that there are 1144 startups operating in Estonia, which have generated approx €255M in turnover, raised €194M in fundings, and have paid €26.6M in employment taxes (an increase of 8 per cent YoY in comparison to 3 per cent in Q1 2020). Some of the successful startups from the ecosystem include: fintech company Wise; verification platform Veriff; CRM provider Pipedrive; and ride-sharing platform Bolt, among others.

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According to Eve Peeterson, the head of Startup Estonia, “The turnover of startups has increased by 26 per cent, showing not only the recovery of the sector but also improvements. Additionally, the investments to startups have shown a significant increase, showing trust from the investors towards the next Estonian unicorns.”

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

Juan Borras and Kaidi Tiitson | Image credit: LinkedIn

Outvio

Founder(s): Kaidi Tiitson, Juan Borras

Founded in: 2018

Funding: €2.56

Outvio’s software is aimed at medium-sized and large online retailers. The company’s white-label solution provides tracking, returns, and order management tools, allowing their clients to provide a streamlined fulfillment service. Customers can also share real-time order status updates on a custom tracking page and use a self-service portal to handle all returns.

Last month, the company raised €2.56M in funding led by Change Ventures, with participation from TMT Investments (London), Fresco Capital (San Francisco), and Lemonade Stand (Tallinn). Several angels, including James Berdigans (Printify) and Kristjan Vilosius (Katana MRP) also participated.

As of now, Outvio has 6 new job openings. You can check them out here.

Marko Lastik | Image credit: LinkedIn

Eurora

Founder(s): Marko Lastik

Founded in: 2018

Funding: €2.56

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

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

The company is currently hiring. Checkout the open positions here.

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

Single.Earth

Founder(s): Merit Valdsalu, Andrus Aaslaid

Founded in: 2019

Funding: €6.67M

Single.Earth is a platform that tokenises nature for its ecological value – carbon sequestration, storage, and biodiversity. Leveraging technology like satellite imagery, big data analysis, and machine-learning, Single.Earth reveals how much any area of ecological significance in the world absorbs CO2 and retains biodiversity.

The company then emits a MERIT token for every 100 kg of CO2 sequestered in a specific forest or biodiverse area, and the MERIT tokens generate profits through carbon offsets. The tokens can be used to trade as an investment instrument, compensate for CO2 footprint, or contribute to climate goals (as the token is ‘used up’ and cannot be traded anymore). Companies and eventually individuals can purchase these tokens and own fractional amounts of those lands and natural resources.

Recently, the company secured $7.9M (approx €6.67M) in its Seed round funding led by EQT Ventures, with participation from existing investor Icebreaker and Ragnar Sass and Martin Henk, founders of Pipedrive.

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

Mohamed Ghaith | Image credit: Zeew

Zeew

Founder(s): Mohamed Ghaith

Founded in: 2017

Funding: $717.5K (approx €614.12K)

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

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

Alex Bozhin, Katerina Sukhenko | Image credit: LinkedIn

Postoplan.App

Founder(s): Alex Bozhin, Katerina Sukhenko

Founded in: 2019

Funding: $2.2M (approx €1.88M)

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

Earlier in July, the company raised $1.5M (approx €1.28M) in a fresh round of funding to strengthen its market position in the US.

Image credit: Bisly

Bisly

Founder(s): Mihkel Kõrgmaa, Siim Vips

Founded in: 2018

Funding: €1.7M

Bisly develops intelligent building solutions in Estonia to make saving energy simple. The company aims to make intelligent home solutions available for private as well as business clients. 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 have been installed in Estonia, which are responsible for more than 500,000 intelligent automation decisions every day.

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

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

DEIP

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

Founded in: 2018

Funding: $3.5M (approx €2.99M)

DEIP is a deep tech company, whose mission is to drive adoption of Web 3.0 technologies for creative economy use-cases, and boost 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. DEIP Protocol (or Intellectual Capital Protocol) is a decentralised protocol that allows discovering, evaluation, licensing, and exchange of intangible assets, designed specifically for intangible assets tokenisation (as F-NFT), governance (via DAO), and liquidity (via DeFi instruments and derivatives).

Recently, the company raised $2M in fresh funding from a former Nokia C-level executive, EPAM Systems co-founder Leonid Lozner, and grants from the Web 3.0 Foundation and European Commission.

Nikolaos Kostopoulos | Image credit: LinkedIn

ReBaked

Founder(s): Nikolaos Kostopoulos

Founded in: 2012

Funding: $700K (approx €599.44K)

ReBaked helps independent knowledge workers to design, launch, and scale projects in the ‘Ownership Economy’. The company’s launchpad supports Decentralized Autonomous Organizations (DAOs) by allocating capital as well as enabling communities to cover immediate financial needs in a ‘Fair Launch’ discovery.

ReBaked delivers on-demand project teams to companies and entrepreneurs in need of skilled workers. Teams are created on the fly as project collaborators successfully negotiate a guaranteed minimum payment. The company allows anyone, anywhere, to effectively cooperate and build fast moving 3.0 infrastructure & products.

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

Indrek Siitan and Toomas Loik | Image credit: LinkedIn

FleetGuru

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

Founded in: 2020

Funding: €530K

FleetGuru offers a SaaS-based app for full fleet lifecycle management. The app simultaneously monitors hundreds of vehicles, telling you exactly how much you’ve spent, which vehicles require service next, and what insurance contracts need renewing. Besides, FleetGuru can also generate an expense report for any given vehicle to tell you what’s producing revenue and what’s generating a loss.

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

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

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