Seed Weekly - What do you know about the Estonian Startup Scene?

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What do you know about the Estonian Startup Scene?

How Estonia Became A Tech Startup Nation - Nordic Startup Bits



A former member of the Soviet bloq, it restored its independence in 1991. The country is one of the least populous within the European Union, home to only 1.3m inhabitants.

"One of the world's most digitally-advanced societies, in 2005 Estonia became the first state to hold elections over the Internet, and in 2014, the first state to provide e-residency." In addition to this, they offer some of the highest broadband speeds globally and all children are taught coding as part of the national curriculum.

Over the years these positive components have compounded and Estonia now has 4 tech unicorns; Taxify, Skype, Transferwise, and Playtech.  

Due to their low population and relatively high number of Unicorns, Estonia actually boasts the highest number of unicorn companies per capita, higher than any other country in the world.

The last few editions of Seed Weekly have seen an increase in the number of deals out of Tallin, the countries capital, as well as an increase in activity from Estonian angels & CEO's.  

Be sure to check out the Estonia section to see what was funded this week...

This weeks figures:

Funding rounds covered:
8

Countries covered:
5

Largest round:
$6,000,000

Estimated funds raised:

~$20,000,000 (not all covered below)

Most rounds:

🇬🇧 United Kingdom, 🇫🇷France & 🇪🇪Estonia

Largest Round:
🇫🇷 Swan$6,000,000


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🇫🇷France - $8.3m

Swan Logo

Swan
Raised: $6m (Seed)
Category: E-Commerce, Fintech, Finance
Description: Swan is a DIY banking platform that allows any company to offer branded accounts, cards, and IBANS in minutes.
Investors: BPI France and Creandum.

Location: Paris, France.

PricingHUB Logo

PricingHUB
Raised: $2.3m (Seed)
Category: E-Commerce, Retail, SaaS
Description: SaaS Dynamic Pricing Solution powered by machine learning that helps retailers and e-commerce to simplify their pricing optimization.
Investors: Elaia and Lafayette Plug and Play.

Location: Paris, France.

🇬🇧 United Kingdom - $5m

Gravity Sketch Logo

GravitySketch
Raised: $3.7m (Seed)
Category: AR, Computer Vision, Software

Description: Gravity Sketch is a VR-based design and collaboration platform that allows distributed teams to create, share, and build in 3D.
Investors: Kindred Capital, Forward Partners and Point Nine Capital.
Location: London, United Kingdom.

Util Logo

Util
Raised: $1.3m (Seed)
Category: Fintech, Machine Learning, Big Data, Impact Investing

Description: Util use machine learning to automatically quantify the social and environmental impact of 50,000 listed companies. With their analytics, investors can screen, optimise and build thematic sustainable funds across the global spectrum.
Investors: Previously backed by Oxford Science Innovation.
Location: London, United Kingdom.

🇪🇪Estonia - $2.7m

Sentinel Logo

Sentinel
Raised: $1.4m (Seed)
Category: AI, Machine Learning, Data Center
Description: Sentinel which is developing a detection platform for identifying synthesized media.
Investors: Taavet Hinrikus (CEO of Transferwise), United Angels VC, Ragnar Sass (Founder of Pipedrive) and others.

Location: Tallin, Estonia.

Outfunnel Logo

Outfunnel
Raised: $1.3m (Seed)
Category: Marketingtech, Automation
Description: Outfunnel is a sales centric marketing automation tool.
Investors: Paua Ventures, byFounders Ventures, Lemonade Stand, Ragnar Sass (CEO of Pipedrive) and the Bolt cofounders.

Location: Tallin, Estonia.

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🇳🇱Netherland - $2.4m

Gameye Logo

Gameye
Raised: $2.4m (Seed)
Category: API, Gaming, Infrastructure
Description: Instantly deploy Game server matches, anytime, anywhere, with the Gameye Match API.
Investors: Lakestar, Seedcamp and Volta Ventures.

Location: Rotterdam, Netherlands.

🇩🇪Germany - $2.1m

Dryad Logo

Dryad
Raised: $2.1m (Seed)
Category: IoT, Analytics, Greentech
Description: Dryad is an environmental IoT startup based in Berlin-Brandenburg. Its mission is to develop a large-scale IoT network that allows public and private forest owners to monitor, analyze and protect the world’s largest, most remote forests. The initial focus is to develop a system for the ultra-early detection of wildfires.
Investors: Investitionsbank des Landes Brandenburg.

Location: Berlin, Germany.