TopTech 2025: a small country in a big arena - Estonian artificial intelligence has power, too

Indrek Uudeküll

Prudentia Tallinn partner

The latest TopTech 2025 ranking of Estonia's most valuable technology companies could be summarised most succinctly by saying that Wise (€12.7bn) and Bolt (€8.9bn) are still in the lead. Another important point worth remembering is that the total value of our top 30 tech companies has skyrocketed to €27.7 billion, a massive 35.2% increase compared to two years ago. A trend-setter in the tech market is Pactum, which also won this year's TopTech Special Award for its internationally triumphant AI-based contract solutions.

In terms of sectors, DefenceTech (106%), Fintech (97%), B2B SaaS (48%) are the biggest year-on-year growers. The biggest year-on-year declines in book value have been in Entertainment/Gaming (-94%), Mobility (-59%), Crypto (-49%).

This year's TopTech ranking was compiled for the fifth consecutive year by M&A firm Prudentia and the Siena Secondary Fund, which focuses on secondary market investments in technology companies. While 2021 we saw the start of the "unicorn era" with Wise and Bolt dominating, the picture has diversified significantly. Wise still holds the top spot, growing from €8.6 billion in 2024 to over €12 billion this year, while Bolt has remained a strong leader in the Mobility sector. The historical leaders are also more well known to the public, as many ordinary citizens use their services on a daily basis.  The table below, however, shows a number of companies whose activities the public has a very vague, if not incomplete, idea of. Both the historical leaders and a number of new entrants are evidence of a maturing ecosystem, with a growing number of companies from the AI, Defence and CyberTech sectors.

AI as an engine for economic growth

The biggest change in the dynamics of the sector has come with the onslaught of artificial intelligence. In 2021, only 3-5% of Estonian companies were using AI solutions, by 2024 this number will have grown to 14%. The rapid spread of ChatGPT and other generative models has catalysed the adoption of AI, which is expected to add €2.5-3 billion to Estonia's GDP. Above all, this does not mean job losses, but an increase in job quality and productivity - 61% of jobs could be improved by AI.

Not surprisingly, the value growth of Estonian founder’s tech companies, where AI no longer helps people to do their jobs more easily but also makes autonomous decisions, is far outstripping the others.  The recent news from the global arena about the record increase in the value of the AI company Anthropic (one of the investors is the Estonian technology entrepreneur Jaan Tallinn) to 183 billion dollars (in five years the value of the company increased 250 times, sic!) speaks for itself.

Geopolitics and new sectors

The war in Ukraine has given a strong boost to DefenceTech. Milrem Robotics, Defsecintel and Threod have rapidly developed their AI capabilities, providing solutions ranging from autonomous platforms to intelligence and battlefield technologies. Likewise, CleanTech companies such as Elcogen and Skeleton are emerging and their role in Europe's green revolution is becoming increasingly important. Alongside the new sectors, the old ones have not faltered - leaving aside the top 3 in the ranking (WISE, Bolt and Pipedrive), the FinTech and B2B SaaS sectors providing AI-based solutions are still competing strongly.

Runners-up and past performers

This year's TopTech's biggest risers in value are Blackwall (formerly Botguard) (295%), Threod (257%) and Pactum (222%), whose global ambitions have helped Estonia get on the world map. Pactum AI also won a special award (Co-Intelligence Award) in this year's TOP based on being the flagship of artificial intelligence, and Pactum AI also raised the largest round of funding in the last year, making it one of the biggest risers. At the same time, it is also worth remembering companies such as Glia, Yolo Group , Veriff and Ready Player Me, which have stood out in the rankings in previous years, but whose value data for 2025 was unfortunately not disclosed by their founders for various reasons, nor is this information available from public sources. However, their impact on the Estonian ecosystem is significant and their role in building international traction has not diminished.

New players

All 6 new entrants in the table are active in different sectors. While Frankenburg Technologies and Stargate Hydrogen have yet to prove the viability of their ideas, Wallester, Car Rental Gateway, Modash and Ultra Corporation are already successful companies. Wallester, which operates in the fintech sector, and Car Rental Gateway (CRG) in the mobility sector stand out. While Wallester is a global company, CRG's main market is the UK.

M&A activity in the tech sector

While company valuations, which plummeted at the global level a decade ago, have yet to recover in traditional tech companies, all AI-based companies are doing without in terms of rapid value growth. The share of deals with tech companies in the Estonian M&A market still remained between 10-12%, as in previous years.  Of the seven deals that took place in 2025, the sale of Ridango to Bregl Mileston was the success story.

Compared to our northern neighbors, the Finns, we are proportionally in the same position in terms of the number of transactions, given the difference in the size of our economies. Finland surpasses us fivefold, but due to the higher value of companies there, the financial volume of transactions is greater.

In Estonia's case, this is largely due to the slowdown in the growth of some companies, which is caused by a decline in global demand and changes in business models. In any case, foreign investors remain interested, and the geopolitical situation has not affected investors in the technology sector.

Overall, the Estonian tech sector has matured into a diverse ecosystem in recent years. We often tend to underestimate the real impact of the sector on the Estonian economy. In addition to direct taxes, which are increasing every year, the capital raised by technology companies over the last 20 years is gradually taking over the global arena. The rapid spread of artificial intelligence is adding billions in value to the Estonian economy, while geopolitical developments have fuelled the growth of defence technology. New entrants and continued interest from foreign investors show that the small country is firmly on the global technology arena.

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The last five years in Estonia's technology sector as seen through TopTech's eyes

2021 - The start of the Unicorn era

The listing of Wise on the London Stock Exchange (worth €11.4 bn) and the rapid expansion of Bolt (€4.0 bn) put Estonian technology on the global map. Pipedrive's value (€1.3 bn) secured Estonia's third Unicorn status. AI was still at an early stage, with less than 5% of companies using it, but Veriff and Starship stood out with AI-based solutions.

2022 - Rapid growth and resilience

Bolt (€7.4bn) emerged as the leader, with Wise (€5.8bn) in second place. TopTech expanded to 30 companies, dominated by Mobility and FinTech companies. In the context of AI, Ready Player Me was recognised for its resilience and AI adoption in Estonia doubled (~5%).

2023 - Through the storm

The global downturn in venture capital led to cautiousness, but Estonian companies withstood it. Wise (€7.65 bn) and Bolt (€5.16 bn) retained their leadership positions, with Veriff in third (€1.3 bn). The advent of ChatGPT and the surge in AI adoption accelerated AI adoption in Estonia as well, resulting in AI usage in enterprises reaching 7-8%. The office crate expanded into broader e-government services for the first time.

2024 - New sectors emerge

TopTech's total value remained at €19.2 billion and the technology sector contracted, but new players emerged in the DefenceTech and CleanTech sectors (Defsecintel, Milrem Robotics, Elcogen, Skeleton). AI use in enterprises grew to 14%, three times higher than in 2022. Estonia launched an AI education programme in partnership with OpenAI and Anthropic, involving 20 000 students and 3 000 teachers, to help pave the way for an AI-enabled Estonia.

2025 - The deepening AI era

Wise (€12.7 bn) and Bolt (€8.9 bn) remain at the forefront. The total value of the 30 largest tech companies has soared to €27.7bn. A massive 35.2% growth compared to two years ago. Pactum was awarded a special prize for its AI-based contracting solutions, which have found use internationally. DefenceTech and CleanTech maintain the growth trend. However, there is no data on several strong performers such as Glia, Veriff, Testlio, Yolo Group and Ready Player Me - former tops whose contribution to the ecosystem remains significant but whose values cannot be assessed due to a lack of recent data.

A look at the statistics - TopTech 2021-2025:

• Fintech is the largest sector over the years: 33-60% of total TopTech value; followed by Mobility (20-38% ) and B2B SaaS (10-12%);
• Excluding Bolit & Wise, B2B SaaS dominates 18-46% depending on the year, followed by Fintech (8-17%) and CyberTech (4-20%).
• Excluding the TOP 3 companies (Bolt, Wise, Pipedrive), B2B SaaS also tops the table (10-22%), followed by Fintech (11-22%) and CyberTech (6-25%).