The turnover of Tartu region start-ups grew to record levels

The turnover of startup companies in Tartu and the surrounding region reached record levels on September 7, 2022, during the sTARTUp Day festival. According to data from the Tax and Customs Office, the sector’s turnover increased by 46.2 million euros in the first six months of this year. The Startup Estonia database indicates that there are currently 1,453 startups registered in Tartu and the Tartu region, with 87 operating specifically in Tartu.

This represents a 33 percent increase in turnover – 46.2 million euros – compared to the same period last year, which saw a turnover of 34.8 million euros. Tartu-based startups account for five percent of the total turnover of the Estonian startup sector. Eve Peeterson, manager of Startup Estonia, noted that Tartu’s environment – a “smart university city” with a young population and internationally recognized scientists – is conducive to innovation and technology company development.

She highlighted the sTARTUp Day event as demonstrating the community’s ambition and Tartu’s growing importance as a startup center within Estonia. During the first half of the year, 783 individuals were employed by startups in the Tartu and Tartu region, and these companies paid 6.5 million euros in labor taxes – eight percent of the total labor taxes collected by the startup sector. The largest turnover was reported by Messente Communications (8.7 million euros), Fractory (5.5 million euros), and Glia (5 million euros).

The majority of Tartu startup activity focuses on products and services for end consumers, with 14 companies operating in this field. Turnover data is derived from quarterly tax declarations submitted by the companies to the Tax and Customs Office, providing a current overview of the sector’s growth. Startup Estonia, a national program supporting Estonian startups, collects and publishes this data in collaboration with startup companies, funded by the European Regional Development Fund.

Topics: #tartu #startup #turnover