Investments in Estonian startups exceeded EUR 17 mln in 2012

Photo: Mihkel Maripuu

Altogether more than 17 million euros was invested in startups in Estonia during 2012, of which Estonian capital made up over two million euros, Enterprise Estonia said on Friday.

During the first two months of 2013 over eight million euros more was invested in startups here.

"The amount of capital raised is impressive considering Estonia's small size, and there a many shining examples of startups in Estonia that have made it to the international market raising investments also from abroad," Krõõt Kilvet, board member of Enterprise Estonia, said in a press release.

The companies that have raised capital internationally include GrabCAD and Fortumo, for instance.

Companies from 15 countries, including from Chile, India and Argentina, have joined Estonia's two accelerators for early stage startups, Startup Wise Guys and Gamefounders. "Estonia is emerging as a center for startups where people come to from all over the world," said Kilvet.

The most important conference in the domain of startups this year is the MIT Global Startup Workshop to be held in Tallinn from March 25-27 in collaboration between Enterprise Estonia and the Massachusetts Institute of Technology (MIT). The conference is financed with money from the European Social Fund.

Held in a different location each year, the MIT GSW is the world's premier workshop dedicated to fostering entrepreneurship and building entrepreneurial ecosystems globally. The workshop brings together entrepreneurial leaders, executives, next generation entrepreneurs, professors, financiers, government agents and private supporters to build connections between cultures, regions and backgrounds.

The Enterprise Estonia-financed program Startup Estonia, supported through funds of the European Regional Development Fund, is aimed at creating a world-level environment in Estonia for the development of startups and raising of capital.