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‘Unicorn factory’ Estonia makes its move on deep tech

The country is eyeing greater collaboration with the Singapore startup ecosystem.

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Sharanya Pillai

Sharanya Pillai

Published Fri, Oct 28, 2022 · 06:47 PM
    • Lauri Lugna, chief executive of Enterprise Estonia, believes co-investment is especially important for deep tech, where investors are “a bit more reluctant to invest”.
    • Lauri Lugna, chief executive of Enterprise Estonia, believes co-investment is especially important for deep tech, where investors are “a bit more reluctant to invest”. PHOTO: ENTERPRISE ESTONIA

    VIDEO-call service Skype and money-transfer platform Wise are among the well-known tech giants to have emerged from Estonia, the small European nation that has punched above its weight on the global tech stage.

    Having produced 10 unicorns – companies valued above US$1 billion – mainly in the services sector, Estonia now wants to nurture more “deep-tech” startups in research-intensive fields such as agritech, cybersecurity and autonomous vehicles.

    Challenging economic conditions and the Russia-Ukraine crisis have hit startup funding. In this climate, Enterprise Estonia, the government agency tasked with spurring business development, is doubling down on financial support for deep-tech startups.

    StartupsDeep techEurope economy

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