May 17, 2018

Finnish startups attract most venture capital in Europe

The maturation of the Finnish startup ecosystem is moving at a fast pace. “I believe we are ready to set our ambition level even higher,” comments Pia Santavirta, managing director of the Finnish Venture Capital Association.
Finnish Venture Capital Association

Data from the past five years reveals that Finland is the number one country in European venture capital (VC) investments when the end investments are compared to GDP.

According to the Finnish Venture Capital Association, the amount of early-stage VC financing received by Finnish companies as a percentage of GDP is twice as high as the European average. Sweden and Ireland round out the top three.

2017 was a bumper year for Finnish startups, with the total financing figure hitting a record 349 million euros. Finnish startups and early-stage growth companies also raised the fourth highest amount of VC funding in Europe.

“For Finland to be able to compete globally in the long run, we need more VC funds capable of leading substantial, international financing rounds from stage A onwards,” states Pia Santavirta, managing director of the Finnish Venture Capital Association. Santavirta highlights the Finnish Startup Permit as an example of positive legislative initiatives boosting the startup ecosystem.

“Next, we are working on making Finland the most attractive country in Europe for international fund investors,” she adds.

The number of foreign investments in Finnish companies has increased tenfold since 2010.

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Finnish Venture Capital Association

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