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Five From Finland

2018’s biggest investment rounds

Finnish innovation has been boosted by some serious funds this year.Credits: : Julia Bushueva

This quintet has made headlines this year for closing significant funding rounds.

2018 has been a big year for attracting big bucks, with these five innovative companies at the top of the financial heap.

Finest Bay Area – EUR 100 million

Earlier this month, the development of an ambitious undersea rail link between Helsinki and Tallinn was boosted by a 100 million-euro investment.

“To have the first external funding is a significant step for the whole project […]. The Helsinki-Tallinn area will in the future be one of the fastest-growing [metropolises] in Europe,” said former Rovio executive Peter Vesterbacka, who is leading the project.

HMD Global – USD 100 million

Back in May, the exclusive licensee for Nokia’s phones and tablets raised an additional 100 million US dollars to scale up operations and fuel growth.

“It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for,” said Florian Seiche, CEO of HMD Global. “We aim to be among the top smartphone players globally and our success to date gives us the confidence to further continue on a growth path in 2018 and beyond.”

Small Giant Games – USD 41 million

This Small Giant got a whole lot bigger in February, after EQT Ventures, Creandum, Spintop Ventures and Profounders pitched in due to the strength of its runaway hit, Empires & Puzzles

“The [studio’s] strong, data-driven entrepreneurial team had a clear vision of what it wanted to achieve, and it’s delivering on that,” said Lars Jörnow, partner at EQT Ventures. “Small Giant Games has achieved great traction and is determined to become a global winner.”

ICEYE – USD 34 million

By May, a total of 53 million US dollars had been raised by this Finnish microsatellite manufacturer, as it sought to reach its goal of nine satellite launches by the end of 2019.

“This funding secures our goal of deploying the world’s largest SAR satellite constellation before the end of next year,” outlined chief executive and co-founder Rafal Modrzewski.

Varjo – USD 31 million

The world’s first human-eye resolution VR/XR product received a considerable financial boost in October.

“It’s because of Varjo’s world-class team that industries such as automotive, engineering, aerospace, architecture, construction, industrial design and real-world training simulations won’t have to wait that long to be able to utilise the technology for their business-critical use cases,” stated funding partner Atomico’s Niklas Zennström.”

By: James O’Sullivan