Estonia’s digital success is gaining momentum. StartupBlink, a leading global ecosystem map and research center, has released the Global Startup Ecosystem Index 2024, ranking 100 countries and 1000 cities.

Estonia’s position vastly improved, ranking 12th globally, with Tallinn entering the EU’s top 10. According to the data, Estonia is ahead of Finland, Denmark, and South Korea, scoring 22.924 points across all metrics. Local companies raised over $0,5B across 118 deals in 2023. In a per-capita view, Estonia tops the charts compared to other countries with populations between 1M and 2M, with a significant lead over Latvia and Cyprus.

Tallinn, the capital, has played a crucial role, climbing up 5 spots and entering the EU’s top 10 startup cities, replacing Copenhagen (Denmark). The country’s success is attributed to a supportive ecosystem, innovative policies, and a strong talent pool.

Moreover, a recent report paints a bright picture of the Deep Tech, AI, and CleanTech startup scene in the Baltics. The 2nd Baltic Deep Tech Report dives into the region’s rapid growth and surging investor interest, with Estonia ranking first in many important categories.

Estonia boasts over 920+ currently active and funded startups with a combined enterprise value of €16,2B. Despite all the turbulence, in 2023, the country led the region in total VC investments, attracting over €334M, and per capita numbers, standing at €247. The nearest contender, Lithuania, reached €105 per capita, while the CEE average is just €12.

Since 2019, the combined enterprise value of DeepTechs in the region has grown by 3,6X, reaching over €2B. DeepTech & AI startups now account for 20% of the Baltic startup ecosystem by value, outpacing other European regions. The figures could go higher, as investment in Deep Tech is booming. Baltic DeepTech startups have already secured a record-breaking €160 million in VC funding in the first half of 2024.

And that’s not all. According to the Environmental Performance Index reported by Invest in Estonia, the Baltic Tiger is the most environmentally friendly country. Its rise to first place among 180 countries evaluated is mainly due to notable emissions reductions in the energy sector.

The Environmental Performance Index ranks 180 countries based on 58 indicators. The indicators are grouped into three main categories: ecosystem vitality, environmental health, and climate change. Estonia scored particularly strong on climate change, slightly lower on ecosystem viability, and lowest on environmental health. Earlier this year, the 2023 World Air Quality Report ranked Estonia second in Europe between Iceland and Finland in air quality, making it one of only seven countries in the world with clean air.

The results of this report confirm that Estonia is not only a pioneering digital society – there is also a strong societal and political will to make the most of the ecosystems developed to tackle decarbonization and become a leading player in CleanTech and GreenTech. As long as structure and logistics allow that, let it be.