Finnish startups raised €1.4 billion in 2024, 56% more than the previous year, boosted by larger funding rounds, despite domestic investors struggling to keep up. The Finnish Venture Capital Association has shared their insights on the country’s ecosystem in the annual report. AIN shares the key highlights below.
General numbers
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Finnish startups raised a total of €445m (+1%) of VC and growth funding in 2024.
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Of the total amount raised by Finnish startups, €214m (+13%) came from Finnish and €231m (-7%) from foreign investors.
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In total, 208 (+6%) Finnish startups raised VC or growth funding.
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Finnish VC and growth investors invested a total of €376m (+30%), of which €162m (+61%) in foreign startups.
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A total of 285 (+5%) startups received funding from Finnish VC and growth investors.
Venture capital analysis
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Finnish VC funds raised over €300 million in 2024, reflecting a decline of 38% in a tough fundraising landscape.
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New funds were launched by companies like Superhero Capital and Maki.vc, while first-time VC funds were established by Equilibrium Ventures.
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Public sector is the largest segment, indicating strong government or public investment in VC funds.
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A significant portion of funding comes from pension funds, suggesting that they are important investors in the VC landscape.
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The smaller segments indicate less engagement from certain categories, such as insurance companies and other asset managers.
Largest investment rounds
Top-5 biggest rounds include:
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Hostaway – €345m – Hostaway, a rental software and management platform, raised a record breaking $365 million investment in December 2024. This round was led by General Atlantic with participation from the existing investor PSG.
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OURA – €192M – Oura, a company behind Oura Ring, secured $200M (approximately €192M) in Series D funding at a valuation of over $5.2B in December 2024. The latest funding round was led by Fidelity Management & Research Company and Dexcom.
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ICEYE – €87M and €63M – In April 2024, ICEYE, a Helsinki-based Polish-Finnish company which specializes in synthetic aperture radar satellite operations for Earth Observation, has raised €87 million in funding led by the Finnish fund Solidium. In December, it closed a $65M extension to existing growth funding round.
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TACTOTEK – €56M – Oulu-based TactoTek has secured $60 million in a funding round led by Nidoco AB. The company specializes in In-Mold Structural Electronics (IMSE®), a technology that embeds electronic components like circuits, touch sensors, antennas, and LEDs directly into molded plastic structures.
The use of domestic capital
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78% of the fundraising in the region was sourced from domestic fund investors.
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In the past year, Finnish VC and growth investors invested in a record number of domestic startups, totaling 189.
