Estonia third for venture funding per capita

Estonia received the third most venture capital (VC) per person in the world over the last 12 months, according to business information platform Crunchbase. The Baltic country’s lofty position on the list is mainly due to the multinational Bolt, which raised nearly USD 700 million in a funding round in August, and USD 1.3 billion overall since it was founded in Tallin in 2013. Estonian transportation platform Bolt launched as a taxi aggregator in its home city and the Latvian capital of Riga, and is now present in sectors including vehicle leasing, car sharing and food deliveries in 45 countries.

On average Estonia received USD 915 per person, below only Singapore (USD 1,398) and Israel (USD 959), according to Crunchbase’s information on disclosed VC rounds in the 12 months up to 29 October, 2021. Although the US ranked fourth on VC investment per capita (USD 808), it received by far the most venture funding overall (USD 269 billion), dwarfing even it closest competitor China (USD 60.6 billion).