Relative to its population size, Estonia is producing more startup companies valued at US$1 billion or more than other leading tech hubs, including Singapore and the US.

According to new research by the government, Estonia ranks second globally in unicorn per capita at 7.14, behind only Liechtenstein at a staggering 26.2 unicorns per million people. This high ranking underscores Estonia’s supportive regulatory environments, concentrations of technical talent, and entrepreneurial cultures.

Estonia’s ten unicorns

With a population of just 1.3 million people, Estonia has nevertheless managed to produce ten unicorn startups to date.

Skype was Estonia’s first unicorn startup, revolutionizing global communication with its free online voice and video calls. Created in 2003 by a group of Estonian, Danish and Swedish engineers, Skype was sold to eBay for US$2.6 billion in 2005, before eventually being bought in 2011 by Microsoft for US$8.5 billion.

Playtech is one of the world’s largest online gaming software suppliers, founded in 1999 in Tartu, the second largest city of Estonia. Playtech has offices across 20 countries with over 7,900 employees, and now trades on the London Stock Exchange (LSE) at a market capitalization of GBP 1.2 billion (US$1.6 billion).

Wise, formerly known as TransferWise, is an Estonian-British fintech company focused on global money transfers, virtual banking, and business finance. Founded in 2011 by Estonians Taavet Hinrikus, one of the first employees of Skype, and Kristo Käärmann, a Deloitte management consultant, Wise debuted on LSE in 2021 and Nasdaq in 2026, and currently has a market capitalization of US$13.36 billion.

Bolt is an Estonian multinational mobility company that offers ride-hailing, micro-mobility rental, food and grocery delivery, and carsharing services. The company operates in over 850 cities in more than 50 countries in Europe, Africa, Asia and Latin America, and is valued at US$8.4 billion.

Pipedrive is a private, cloud-based customer relationship management software company founded in Estonia in 2010 and headquartered in New York City. Pipedrive received a majority investment from Vista Equity Partners in 2020, bringing the company’s valuation at about US$1.5 billion.

Zego is a UK-based insurtech company that provides technology-driven motor insurance. Co-founded in 2016 by Estonian Sten Saar, Zego reached a US$1.1 billion valuation in 2021 after raising US$150 million.

ID.me is an American online identity network company that allows people to provide proof of their legal identity online. Co-founded by Estonian engineer Tanel Suurhans, ID.me verifies identities for government services in the US, including the Department of Health and Human Services, the Internal Revenue Service ad well as state benefit programs, and is valued at US$1.8 billion.

Gelato is a print-on-demand platform connecting e-commerce companies with over 100 production partners across 32 countries, enabling local printing close to customers. Despite being based in Norway, Gelato maintains a significant technology and engineering presence in Estonia. The company is valued at US$1.05 billion.

Veriff is a global identity verification service company founded and headquartered in Tallinn. The company offers services for online businesses to mitigate fraud attempts and assisting regulatory compliance. It is valued at US$1.5 billion.

Glia, originally called SaleMove, is a customer interaction technology company that provides digital communication tools for banks, credit unions, and other financial institutions, combining messaging, voice, video, and AI-assisted support in one platform. Founded in 2012, Glia has its headquarters in New York but has a major engineering presence in Estonia.

Drivers of Estonia’s unicorn production

Several drivers are facilitating the emergence of unicorn startups in Estonia, most notably the country’s digital infrastructure, supportive environment for startups, and a deeply rooted entrepreneurial culture.

First, the co-called “Skype Mafia” is a network of former Skype founders and employees who are channeling their expertise, wealth, and confidence back into the Estonian startup ecosystem. Skype’s first employee Hinrikus went on to co-found Wise; founding engineer Jaan Tallinn became a prolific angel investor backing several domestic ventures including Funderbeam, Lingvist, Click&Grow, Teleport, and Plumbr; and Sten Tamkivi, who ran Skype’s Estonian office, later co-founded Teleport and now runs venture capital (VC) firm Plural.

A second key driver is Estonia’s digital-first infrastructure. The country has built a world-leading digital infrastructure that is supporting modern government services. Today, around 99% of Estonian citizens have a digital identity card, all government services are available online, and e-signatures are widely used and legally binding.

Finally, Estonia boasts a startup-friendly business environment that makes it remarkably easy to start and run a business. Launched in 2014, the e-Residency program offers foreign nationals a secure digital identity that provides access to Estonia’s business infrastructure and e-government services. Digital e-Residents can establish and manage a company based in the European Union (EU) entirely online, with benefits including transparent taxation, simplified banking partnerships, and seamless cross-border operations.

The e-Residency program primarily targets freelancers, digital nomads, and location-independent founders, and since its inception, has attracted over 135,000 people from 185 countries, who have founded more than 39,000 companies.

In 2025, the total economic impact of the e-Residency program amounted to EUR 124.9 million. EUR 54.5 million came from labor taxes, EUR 66 million from income tax in special cases, primarily dividends, and EUR 4.3 million from state fees related to applying for e-Residency and establishing companies, highlighting the strong economic return of the program.

Featured image: Edited by Fintech News Baltic, based on image by Roksana and farknot via Magnific