Last week a Tallinn-based startup, known as Testlio, shared great news about their Series A investment round equal to $6.25 million! Vertex Ventures and Altos Ventures from California are leading this amazing deal.
Founded in 2012 by Kristel Viidik and Marko Kruustük, Testlio unites an international group of experienced QA professionals who work together on software testing. The interesting fact is Testlio is an already profitable company with a 500% growth rate, so the Series A might be not as essential as it usually is for most startup companies. According to Testilo’s CEO Kristel Viidik, the startup is already partnering with some famous global companies and in future plans to expand their activity beyond mobile app testing. For now, testing mobile software is a fruitful niche thanks to a growing trend of brands to reach the audience through individual apps, providing the first user experience.
Estonia has a loud reputation of the key global technology trendsetter, although it is a relatively small Baltic country (with only a 1.3 million population). The government plays a vital role in local startup ecosystem development: recently Estonian government launched a 60 million EUR fund for Tallinn startups. In addition, Estonia makes a significant example of a truly innovative government aware of the Internet opportunities and actively applying them within their e-residency program. Some people even call Estonia an incubator of such prominent ideas as digital citizenship and virtual business. Thanks to Estonian e-residency program, there are now 10 000 e-residents who have launched 500 companies so far: they pay taxes, locate their banks and law firms in Estonia. Evidently, Estonia has a strong base to become a leading startup hub in the Baltics and across whole Europe after changing its system to be perfect for startups, which is almost achieved already.
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