Market data
On this page you find market data from Finnish venture capital and private equity funds and companies ranging from startups to scaleups and above.
Investment returns of Finnish venture capital and private equity funds
The long-term returns of Finnish venture capital and private equity funds have decreased only very moderately compared to the previous year. A large part of the funds still outperform their European peers and listed markets. Below you will find more information, for example, on annual returns and total returns.
VC investment activity in Finland
Finnish military product and dual use companies
Finnish defence industry is growing strongly: new startups and growth companies are being founded at an accelerating pace while the sector’s more traditional companies are scaling up. Dual-use companies, offering solutions for both civil and military use, are growing fastest and they are also attracting investors’ interest.
Finnish deep tech companies
Availability of financing for Finnish deep tech companies has improved compared to last year. A few top Finnish companies are well on their way to becoming market leaders in their field, and there are many new entrants in the deal flow of investors. However, the outlook is clouded by a higher bankruptcy rate and the lagging later-stage investments.
Market data and surveys
Tesi’s study: Deep tech companies in Finland 2024
Availability of financing for Finnish deep tech companies has improved compared to last year. A few top Finnish companies are well on their way to becoming market leaders in their field, and there are many new entrants in the deal flow of investors. However, the outlook is clouded by a higher bankruptcy rate and the lagging later-stage investments.
270
Finnish deep tech companies
€363M
VC & PE investments (11/2024)
40 %
more PE & VC investments when compared to 2023 (11/2024)
Startup study 2025
A joint study by Tesi (Finnish Industry Investment), the Finnish Startup Community and the Finnish Venture Capital Association reveals continued strong growth in Finland’s startup ecosystem, even while the rest of the economy struggles against headwinds.
yli 4000
yritystä
~€12 mrd.
liikevaihtoa
50 000
työpaikkaa
Tesi’s survey of investment returns 2025
The study examined the performance of Finnish venture capital and private equity funds and compared their returns to those of the listed market (OMXHGI, OMX Nordic Small Cap, STOXX Europe 600 Technology) as well as to peer European VC & PE funds.
2,7 x
the average PME for venture capital funds in the top quartile
over half of the funds
outperformed the listed market
Diversity and carry allocation review
Gender diversity in the investment teams of Finnish venture capital and private equity funds has increased over the past five years. Currently, one in five team members is a woman. People still enter the field through fairly narrow study paths: the majority of those working in the investment teams of VC & PE investors have commercial or technical study backgrounds.
~20 %
women in investment teams
~40 %
women at manager level
~15 %
women at partner level
A Market Survey of Finnish Defence Industry
Robust growth in Finland’s defence industry: new startups and growth companies are being founded at an accelerating pace while the sector’s more traditional companies are scaling up. Dual-use companies, offering solutions for both civil and military use, are growing fastest and they are also attracting investors’ interest.
368
companies in total
144
rapidly-growing startups and growth companies
30–40 %
growth in net sales of dual-use technology companies
Tesi’s survey about the composition of Boards of Directors in Finnish companies 2024
There have been no significant changes in the composition of Finnish companies’ board of directors. The proportion of international board members and also the age distribution have likewise remained at broadly the same level.
13 %
of board members are women in ICT
43 %
of boards members are women in healthcare and social services
Study: Cleantech in Finland
Finland is steadily increasing its number of cleantech growth companies and that these companies show promising growth rates. Financing availability for the early stages of these companies is fairly good, but there is cause for concern about financing for their later-stage growth.
>30%
average annual growth rate in terms of both net sales and number of employees (2018-2022)
<15%
of follow-on funding rounds are raised entirely in Finland
Study: Cleantech in the Nordics
According to the study, it is estimated that the Nordic cleantech market will need a cautious estimate of at least EUR 15 billion in venture capital investments over the next five years to maintain a good growth trajectory.
€15bn
funding needed
€6bn
dry powder in cleantech funds
Deep tech in Finland 2025
Funding for Finnish deep tech companies has reached a new record. A large part of this is explained by the significant investment rounds raised by Oura, Iceye, IQM and Nest.ai. In contrast, the number of smaller funding rounds under €20 million has been slightly lower than last year.
285
companies
~€1,6bn
investment volumes in 2025
roughly 5%
of all domestic business R&D
