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Start-up activity at the country level varies significantly in terms of density across Europe. On a population-adjusted basis, Estonia is the clear European capital of start-ups; adjusted for its population of just 1.3M, Estonia has 4.6x as many start-ups per capita as the European average. Estonia's efforts to build a start-up-friendly environment have been well documented and they appear to be delivering; Pipedrive's recent investment from Vista Equity Partners at a $1.5B valuation means that Estonia has now played a major role in the building of five European $1B+ companies.