IDC European Woman in Venture Capital

EUROPEAN WOMEN IN VC IDC #EUR148997722 © IDC 2022 93 ESTONIA *Estonia only lists 3 VCs with AuM >25M. Work — 3 stars Money — 1.5 stars Knowledge — 2 stars Time — 4 stars Power — 1.5 stars The Estonian market provides reasonable opportunities related to work and time for women. Progress in these sectors is undermined by low rankings related to both money and power. GP Balance — Estonia Estonia Firepower Male 100% Female 0% 100% 0% Diversity from a Funding Perspective • Estonia is making small steps to improve the gender balance on a macro-economic level. The number of females in parliament has increased. At the same time the gender pay gap remains among the highest in Europe. There are several initiatives to improve the gender balance in Estonia: • Business and Professional Women (BPW) Estonia is a branch of BPW International, a global networking organisation connecting female entrepreneurs. BPW Estonia runs training programmes and regular local events, as well as its annual ‘Woman of the Year’ awards. Startup Perspective • There are some startups led by mixed teams with female founders in Estonia. One of the largest ones is Tuum (former Modulkarbank), which received its latest funding in January 2022, total funding of >$20M. Single.earth is an example of a climate startup, it is an online platform that enables forests, wetlands, and other natural resources to generate profit without being sold as raw materials but instead as carbon offsets and biodiversity offsets through the nature backed crypto token. Merit Valdsalu is the Co-Founder & CEO. • Estonia does therefore have a number of female entrepreneurs to act as role models for the industry. They include Kristel Kruustuk from Testlio, Kai Isand, and Mari Liis Lind who founded the tech sisters platform. In addition, there are companies such as Funderbeam and Jobbatical that are (co) led by females. #of startups from >=2010 that that received funding Source: Dealroom Startup Data 78 % Male Female Mix 2017 2018 2019 2020 2021 82 % 8 % 10 % 83 % 91 % 81 % 12 % 5 % 4 % 10 % 9 % 10 % 12 % 5 %