Estonian Startups Hit Record Revenues in H1 2025

Estonia’s startup sector keeps breaking records. In the first half of 2025, startup revenues surged 25% to €2.42B, despite a more modest funding climate. The shift shows founders are adapting fast — prioritizing paying customers and profitability over growth-at-all-costs.

The top performers were Bolt (€837M), Pipedrive (€191M), Wise (€80M), BetPawa (€56M), and Veriff (€52M). Young startups are showing the strongest momentum, with companies under five years old growing revenues by 41%.

On the funding side, investments dropped to €175M across 32 deals (down from €243M last year), with early-stage founders making up over 80% of transactions. The biggest round went to Pactum (€47M), followed by Blackwall(€45M), Stargate Hydrogen (€11M), and Ultra Corporation (€11M).

The first half of the year also brought seven acquisitions, including Adact, Promoty, Clevon and Video Game Insights.

👉 Despite tighter capital markets, Estonia’s founders are proving once again that resilience and profitability drive long-term success.