The turnover of start-ups in the City and County of Tartu grew to a record high level
15 September / According to the Estonian Tax and Customs Board, the turnover of start-ups operating in Tartu and Tartu County increased to a record 46.2 million euros in the first six months of the year.
Today, 1,453 start-ups are registered in the database managed by Startup Estonia, and according to the Estonian Tax and Customs Board, 87 of them operate in Tartu and Tartu County.
In the first half of the year, the start-ups in the City and County of Tartu increased their turnover by 33% to 46.2 million euros compared to the same period last year. In the first half of last year, the turnover of local start-ups was 34.8 million euros. The turnover of start-up companies operating in Tartu County constitutes 5% of the turnover of the entire Estonian start-up sector.
The head of Startup Estonia, Eve Peeterson, commented that supporting regional development is one of the priorities of the Startup Estonia programme. "Tartu is a smart university city with a lot of young and internationally recognised scientists – it is a very good foundation for both the birth of innovative ideas as well as for the development of technology companies. For example, the recently held sTARTUp Day again vividly showed that the startup community in the region is very tight-knit and ambitious, and Tartu is becoming an increasingly important centre for Estonian startups," said Peeterson.
As of the first half of the year, 783 people worked in start-up companies operating in the City and County of Tartu. Local start-ups paid a total of 6.5 million euros in labor taxes to the state, which is 8% of all labor taxes in the start-up sector.
The largest field of activity of the start-ups in the region is the field of products and services aimed at the end consumer. 14 start-ups operate in the aforementioned field.
Messente Communications (EUR 8.7 million), Fractory (EUR 5.5 million) and Glia (EUR 5 million) had the highest turnover among the region’s start-ups in the first half of the year.
The turnover data of the companies is the data published quarterly by the Tax and Customs Board on the basis of the VAT returns submitted by the VAT payer. Therefore, this data a not comparable with the data of the annual financial report of the VAT payer, but at the moment this provides the best possible up-to-date overview of the current state and growth of the sector.
Startup Estonia connects and supports Estonian start-ups. Startup Estonia collects data in cooperation with start-ups, and the published statistics are based on the data of start-ups, the Estonian Tax and Customs Board and Statistics Estonia. Startup Estonia is a national program for the development of the Estonian startup ecosystem, supporting the emergence of start-ups and international success stories.
The Startup Estonia program is implemented by the joint institution of Enterprise Estonia and KredEx. The activities of the deep tech accelerator of the Startup Estonia program are implemented by SmartCap.
The Startup Estonia program (project number EU50651) is financed out of the resources of the European Regional Development Fund.
Last changed 15.09.2022