Lifeline Ventures launches Finland’s largest VC fund at EUR 400 million – Tesi joins as a major investor
Finnish venture capital firm Lifeline Ventures has raised its sixth and largest fund to date, at the size of EUR 400 million. This makes it the largest single VC fund in Finland focused on unlisted growth companies. The fund strengthens Finland’s growing role in Europe’s tech landscape and boosts the continent’s ability to scale its own success stories globally. Tesi (Finnish Industry Investment) joins the fund as an investor with a significant commitment, marking its largest fund investment so far. The goal is to strengthen Finland’s venture capital and private equity market and elevate a domestic fund to a new scale.
Lifeline Ventures continues its successful strategy of investing in startups in their earlier stages, while now reserving significantly more capital to support those companies through later growth. The aim is to empower Europe’s most promising founders to build global market leaders. Lifeline Ventures has been a seed-stage investor in most of Finland’s best-known unicorns, including Supercell, Wolt, Oura, ICEYE, and Aiven.
In line with its new investment strategy confirmed in spring 2025, Tesi aims to foster the emergence of larger domestic funds capable of participating in later-stage scale-up funding rounds. Tesi’s investment in Lifeline Ventures’ latest fund is the first of its kind under this new strategy.
“Tesi seeks to support the creation of globally successful scaleups in Finland. It is strategically vital for Finland that domestic private investors remain owners in these success stories for as long as possible, alongside international investors. To achieve this, we need larger funds like that of Lifeline Ventures. Strengthening domestic ownership benefits Finnish society broadly,” says Pia Santavirta, CEO of Tesi.
“Tesi has a long-standing relationship with Lifeline Ventures. In addition to being a respected and stable player in Finland’s venture capital market, the firm has an excellent track record and maintains close, active relationships with the founders of its portfolio companies,” adds Tapio Passinen, Investment Director at Tesi’s fund investments team.
Read more:
Additional information:
Tapio Passinen, Investment Director, Fund Investments
tapio.passinen@tesi.fi
+358 40 840 3681
Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies, and to new industrial scale businesses. tesi.fi | X (Twitter) | LinkedIn | Instagram | Bluesky | Threads | Newsletter