Tesi’s role has changed according to market needs
1990→
1995
1990's recession
Sales proceeds from state assets used to pay down state debts, invest in R&D, and to establish and capitalise Tesi.
1990→
1995
2000
Birth of Tesi
Tesi offers risk capital, development of industrial structures, and internationalisation. Investment operations start in 1996. Technology Fund (Teknologiarahasto) co-founded with Sitra in 1997. Foundations for Finland’s investment industry created – investment volume increases tenfold during 1995–2000.
1995
2000
2007
IT bubble bursts
VC & PE market comes to a standstill. New Act of Parliament on Tesi enters into force. Tesi’s role changes from boosting market volume to eliminating market bottlenecks.
2000
2007
2008
International investments
Legislative change in 2007: Tesi can also make international investments. Finnvera’s and Sitra’s fund units transferred to Tesi in 2003, risk capital allocated to biotech and mining. Funding from the Seed Financing programme launched by Tesi in 2004 to almost 100 companies, before transfer to Finnvera in 2007.
2007
2008
2013
Financial crisis paralyses the market
Tesi provides new instruments of growth: KRR I fund-of-funds, MEUR 100 stabilisation programme, Mining Financing II programme. First investment in an international fund in 2010 (Industri Kapital).
2008
2013
2020
Industrial policy investments added to Tesi's mission
Tesi becomes majority owner of Aker Arctic in 2013, Industrial Renewal programme launched in 2014, and Tesi collaborates with Finnish shipyards. Co-financing programme with the European Investment Bank launches in 2018.
2013
2020
2025
COVID-19 pandemic and Russian war of aggression against Ukraine
Tesi launches COVID-19 special investment programmes. International VC investments in Finland plummet in 2022. Geopolitical uncertainty increases.
2020
2025
The Finnish state consolidates its VC & PE operations under Tesi
Opportunity for larger investments to spur more growth: scale-up phase, industrial-scale projects, larger VC funds. Industrial policy mission emphasised without compromising operations on market items.