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
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
Industrial scale projects in Finland 2025
Finland has the opportunity to build growth through new industry. If realized, investments in new industrial projects would be significant and have the potential to create industry and competence clusters around them.
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
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