Consorto is honoured to be mentioned among Proptech Start-ups to watch. We were highlighted in the Baltic StartUp Scene Report 2018/19 by Startup Wise Guys.
Despite their small size, the three Baltic countries show impressive results in digitalization. They are also a booming space for startups, the report states.
Estonia, where Consorto is based, has 650 start-ups as of July 2019, or 4.9 per 10,000 inhabitants. This is a total investment of €329.6million, or €249 per capita, around four times more than second-placed Lithuania.
Consorto named among start-ups to watch in Estonia
Consorto was named in the report among Proptech Start-ups to Watch for being “on the radar”.
Estonia is the leader within the Baltics for major start-ups – seven out of the 13 biggest deals in 2018 and three out of the five top deals in 2019 (Q1-Q3) belong to Estonian startups.
The report says, “Since 2013, Estonia has seen a linear funding growth – in 2018, there was a 21.4% increase when compared to the year before. Both local and foreign VC funds and business angels are actively investing in Estonian startups, contributing to the country’s efforts to brand itself as an innovation hub.”
Each Baltic country regularly comes up with data and reports. But the region is rarely analyzed as a whole and benchmarked with other countries in Europe.
Interesting phenomenon in the European startup scene
. “Continuously ranked among places with best tax regimes, ease of doing business, and tech savviness, the Baltic states are quite an interesting phenomenon in the European startup scene. Estonia alone is home to some of Europe’s fastest growing companies – including four unicorns. In the meantime, the neighbouring countries of Latvia and Lithuania are also catching up.”
In spring 2018, Lithuania introduced the first PropTech sandbox in the world, aimed at companies worldwide and inviting them to test their solutions and launch pilot projects in the Baltics, the report says. “It’s also one of the few business areas where startups and companies from all three Baltic countries have managed to work together and create a network of innovation, called PropTech Baltics.
“Looking at the curated Startups to Watch list, it becomes obvious that the scene is dominated by marketplaces and Proptech startups that go hand in hand with Fintech – P2P lending, crowdfunding, and similar.” However, to give a broader spectrum of Proptech in the Baltics, the report also included projects related to short-term renting, as well as professional imaging services.
Wise Guys accelerator program
In August 2019, we wrote about how Consorto had been selected for the Wise Guys Accelerator Program.
Over 400 applicants in Baltic States, Central and also Eastern Europe were assessed. In the end, 11 – including Consorto – were chosen for the mentorship program.
Startup Wise Guys assist the founders behind tech startups in becoming first-class entrepreneurs. It has been running an accelerator since 2012.