Market data
On this page you find market data from Finnish venture capital and private equity funds and startup and growth companies.
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)
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
Tesi’s survey of investment returns 2024
The survey examined the returns of Finnish private equity funds and compared them to both the returns of the Helsinki Stock Exchange and those of European peer funds.
75%
of the funds exceed the returns generated by the listed market
2,5x
higher returns than the listed market from top quartile by top quartile funds