The basis of the valuation is publicly available financial information and additional insights provided by the companies themselves.

Due to the nature of the technology sector (low debt ratio), we only evaluate equity as the enterprise value and equity value, in this case, are fairly similar.

The equity value is calculated as follows:

  • If a company is listed (including on alternative investment platforms or tokens on crypto exchanges) the market cap as of 31.08.2022 is used as a value;
  • If a company has had a funding round in the last 12 months, the value is calculated on the basis of the last funding round;
  • If a company has been sold in the last 12 months to a financial investor, the shares’ sales price is taken as a value;
  • If none of the above applies, but the company has an investor who has estimated the fair value of the entity and the estimate is available from public sources, the value is calculated based on the value estimated by the investor;
  • If none of the above apply, but a company has disclosed its financial data to TOPTech compilers or these are publicly available, then the valuation is based on revenue multiples using a sample of comparable companies, who have raised capital in the past 12 months or are listed on a stock exchange;
  • If a company’s financial data is not available to TOPTech compilers and the company has not had a funding round nor been sold to a financial investor in the last 12 months, the value of the company remains unchanged from the previous year;
  • If a company’s financial data is not available to TOPTech compilers and the company has not had a funding round nor been sold to a financial investor in the last 24 months, the company is not included in the TOPTech ranking.

The valuation was conducted by Prudentia, in collaboration with Siena Secondary Fund. The sources for publicly available information are Crunchbase, Infopank, Mergermarket, Startup Estonia.

Definition of the TopTech company

1 A fast-growing technology company that has at least one Estonian founder or registered in Estonia AND the company headquarter or a significant part (20% of the employees) of development activities is in Estonia.

2 If the majority of shares of the company has been sold or it has merged with a new company, the new company is valued (provided that it meets condition 1). If the acquirer was a fund or a financial investor, the same company will continue to be valued.


Prudentia Advisory, in collaboration with Nasdaq Tallinn, conducts on an annual basis a ranking of TOP 101 most valued companies in Estonia and Latvia:, including Eesti Energia, Tallink, Swedbank etc.
However, using the conventional comparable multiples valuation model,where EV/EBITDA ratio is used as a valuation metric, the list inevitably excludes growth enterprises due to a lack of historical profitability.

The success stories of Skype, Wise, Playtech, among many others following, has shed light on the fact that the technology sector is an increasingly substantial part of the Estonian economy. For this reason, we find it important to adjust the conventional valuation methods in order to high-growth companies and encourage more discussion in society regarding the relevance of the technology sector in Estonia.

Thus, in partnership with Siena Secondary Fund we are compiling a special ranking of TOP 30 Estonia’s most valuable technology companies.

The mission of the TOPTech ranking is to incorporate the most valuable local technology companies and bring more public attention to their contributions. In specific, we are talking about companies that have an Estonian founder or are registered in Estonia and either the company’s HQ or substantial part of R&D is located in Estonia.