Private Equity and Venture Capital Market Pulse Survey: No significant affiliations with Russia for Finnish startups and growth companies

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Finnish private equity and venture capital investors have good outlook of the impact the Ukraine crisis has had on their target companies. Startups and growth companies possess good conditions for business and capacity for follow-on financing, and no country risk specifically concerning Finland emerged in the investors’ assessments. However, fundraising by funds and development of exit market raise concern.

Private equity and venture capital (PE & VC) investors have been prompt and thorough in charting the situation their target companies are facing. The affiliations the target companies and PE & VC funds have with Russia and Ukraine are insignificant at most, and majority assess the ones existing have only a little impact. On the other hand, future fundraising by new funds raise concern as the economic uncertainty increases.

” Contrary to the common beliefs in Europe and in rest of the world, Finnish PE & VC investors as well as startups and growth companies possess very little affiliations with Russia. This is an important fact to emphasise to prevent unnecessary negative impact on how Finland attracts capital and skilled workforce. At the moment, it seems the availability of funding for Finnish startups and growth companies remains at a desirable level despite the global situation being what it is,” states Pia Santavirta, Managing Director of FVCA.

” As a fund investor, it’s relieving to witness how fast Finnish PE & VC investors have adapted to the challenging situation. The impact of the Ukraine crisis on the businesses of target companies has been minute,” assesses Matias Kaila, Director of fund investments at Tesi.

Tesi (Finnish Industry Investment) and FVCA (Finnish Venture Capital Association) cooperated in collecting views that Finnish PE & VC investors have about the impact of Russian invasion of Ukraine. Conducted between 11 – 18 March 2022 and sent to the members of FVCA, the market pulse survey was answered by 33 Finnish PE & VC investors. The charted outlook will be updated and specified should a need emerge.

See more in the summary of the survey


Further information:

Finnish Venture Capital Association, Managing Director Pia Santavirta, +358 40 5467 749,
Tesi, Director Matias Kaila, +358 40 720 1324,


FVCA is the industry body and public policy advocate for the venture capital and private equity industry in Finland. As the voice of the Finnish VC and PE community and the entrepreneurs they fund, it is our role to demonstrate the positive impact of the industry on the Finnish economy. FVCA – Building growth.

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Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 2.4 billion euros. @TesiFII