From left: Indrek Uudeküll (Prudentia), Tuuliki Poom (Wise's HR Partners Manager), Rando Rannus (Siena)

From left: Rando Rannus (Siena), Kristjan Korjus and Kaspar Korjus (founders of Pactum), Indrek Uudeküll (Prudentia)

Press release / 10 September 2025

TopTech ranking 2025: Estonia's most valuable tech company is Wise with a €12.5 billion price tag

The TopTech ranking of Estonia's most valuable technology companies was won this year by Wise (worth €12.5 billion). Bolt came second (€8.9 billion) and Pipedrive third (€2.2 billion). The ranking was compiled by Prudentia Tallinn, an M&A advisor, and Siena Secondary Fund, which focuses on secondary market investments in technology companies.

According to Indrek Uudekülli, partner at Prudentia Tallinn, who led the compilation of ranking, Wise and Bolt are still firmly at the top of the table, but there have been some interesting developments in the following positions. The total value of Estonia's 30 most valuable tech companies has also skyrocketed to €27.7 billion, a massive 35.2% increase from two years ago. In terms of sectors, the biggest year-on-year growth is in DefenceTech (106%), Fintech (97%), B2B SaaS (48%). The biggest year-on-year falls in book value have been in Entertainment/Gaming (-94%), Mobility (-59%), Crypto (-49%).

This year's biggest TopTech gainers in value are Blackwall (formerly Botguard) (+295%), Threod (+257%) and Pactum (+222%), whose global ambitions have helped Estonia get on the world map. All 6 new entrants in the table operate in different sectors: while Frankenburg Technologies and Stargate Hydrogen have yet to prove the viability of their ideas, Wallester, Car Rental Gateway (CRG), 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 core market is the UK.

At the same time, it is also worth noting 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 were unfortunately not disclosed by their founders for various reasons, nor is this information available from public sources. However, their impact on the Estonian tech ecosystem is significant and their role in increasing international reach has not diminished, according to the compilers of the TopTech ranking.

A trend-setter in the Estonian tech market is Pactum, which was also awarded this year's TopTech special prize for its internationally triumphant AI-based contracting solutions. "It is not surprising that the value growth of Estonian start-up tech companies, where AI no longer helps humans to simplify work but also makes autonomous decisions, is far outpacing 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 Estonian technology entrepreneur Jaan Tallinn) to 183 billion dollars (the value of the company increased 250 times in five years sic!) speaks for itself," said  Indrek Uudeküll. "We are grateful for your support! Together, we are working to grow Estonia into one of the world's leading artificial intelligence companies," commented Kaspar Korjus, co-founder and CEO of Pactum.

According to Rando Rannus, Partner at Siena Secondary Fund, one of the co-authors of TopTech, the Estonian tech business today is a relatively small market, but a pretty big network. "Through the e-Residency and Startup Visa programmes, foreign founders have added momentum to our ecosystem - through investment, mentoring and recruitment (also across borders). Their global connections turn our tiny country's constraints into a competitive advantage, enabling our startups to expand around the world. Examples of such success stories need not look far in the past: Yolo Group , Verge Motorcycles , Glia and Modash are all founded in Estonia, by foreign founders with a global mindset. These are the success stories that should be the basis for a new growth wave in our start-up ecosystem - from a fresh perspective and with a fresh look," he said, commenting on the need for a broader view of the sector’s perspectives. According to Rannus, Estonia has one of the most credible voices in the EU on digitalisation, and our business framework and infrastructure are in a privileged position to be the basis for the so-called 28th regime. "It's not a fairy tale of how to find another unicorn, it's a question of how to create a strong ecosystem that will consistently produce the next generations of success stories. The rules for doing this are relatively simple: simplify, digitise and think globally, from the ground up," he added.

The annual TopTech ranking helps to better see and understand the potential of Estonian technology companies and their contribution to the local economy. The ranking is based on a comparative assessment of the value of companies at a specific point in time, using a specific methodology. See the Estonia 2025 TopTech ranking here: https://www.toptech.ee/

TopTech ranking methodology: 

Fast-growing technology companies with at least one Estonian founder or registered in Estonia AND headquartered in Estonia or with at least 20% of their employees in Estonia are included.

The assessment is based on publicly available data and information provided by the companies themselves. The equity value is assessed because, given the specificities of the sector (low debt multiplier), the value of the company and the equity value are in most cases similar.

The equity value is calculated as follows:

• If the company is listed (including on alternative investment platforms or tokens on a cryptocurrency platform), the market capitalisation as at 31.08.2025 is used as the value;
• If the company has raised funds in the last 12 months, the value is calculated on the basis of the last funding round;
• If the company has been sold to a financial investor in the last 12 months, the value is the sale price of the company;
• If none of the above apply, but the enterprise has an investor who has estimated the fair value of the enterprise and the estimate is available from public records, the value is calculated on the basis of the investor's estimate;
• If none of the above applies but the company has provided its financial data to TopTech's compilers, or if the data are available from public sources, then a turnover-based market value is used. The benchmark will be companies in the same sector that are listed on a stock exchange or have raised money in the last 12 months;
• If the company's financial data are not available to TopTech's compilers, and more than 12 months have elapsed since the last funding round or sale to a financial investor, the company's value is recorded at the level of the year preceding the valuation year;
• If the company's financials are not available to the TopTech compilers and more than 24 months have elapsed since the company's last funding round or sale to a financial investor, the company will not be valued.

The assessment was conducted by Prudentia in cooperation with Siena Secondary Fund. Sources used: Crunchbase, Infopank, Mergermarket, StartupEstonia

More info:

Indrek Uudeküll, Prudentia Tallinn partner; e-mail: indrek.uudekyll@prudentia.ee

Rando Rannus, Partner, Siena Secondary Fund; e-mail: rando.rannus@siena.ee