A woman sitting in a leather chair posing for a photograph in an otherwise empty conference room.
 Annukka Mickelsson, chairperson of FiBAN, believes early-stage investors have a key role in the creation of success stories in the vein of Aiven and Wolt. Image: FiBAN

Last year was record busy for private early-stage investment in Finland

Finnish Business Angels Network (FiBAN) on 4 April reported that private early-stage investors injected altogether 52.3 million euros into an estimated 626 startups in Finland in 2021.

Aleksi Teivainen


The statistics signal a rebound to pre-coronavirus pandemic levels, as private early-stage investments had plummeted from 52 million euros in 2019 to 35.6 million euros in 2020. Slightly over half (52%) of the investments were secured by startups closing their maiden funding rounds, according to FiBAN.

Last year was the busiest ever in terms of investment activity, with the number of transactions by private early-stage investors surging from 746 to 1 022 between 2020 and 2021.

The statistics also reveal that the median size of funding rounds has continued on an upward trajectory, rising by roughly 10 per cent year-on-year to 250 000 euros in 2021.

While the number of exits from startups remained markedly high, at 163, the share of very profitable exits – exits that yielded a return of at least 10 times the investment – increased by six percentage points to 19 per cent. Almost 70 per cent of private investors exiting a company, though, at best broke even, with 56 per cent incurring a loss.

“It’s great to see a growing trend in both exits and exit channels,” commented Annukka Mickelsson, chairperson of FiBAN. “However, we still need a functioning exit market for unlisted companies in Finland.”

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