Capital raising services in Finland
Finland has one of the most active VC ecosystems per capita in Europe, with Helsinki and the Slush network creating a founder community that regularly attracts international growth capital from Nordic, London and US-based investors.
Supercell's SoftBank deal, Wolt's DoorDash acquisition, Aiven's US-led Series D and Smartly.io's transatlantic growth raises demonstrate that Finnish companies compete and close at the top of international VC markets - not just the local Nordic tier.
Flow manages mid- to late-stage growth raises for Finnish companies seeking capital on the best terms. Our service covers complete investor preparation, pitch deck development, operating and financial model build, and full end-to-end process management through close - with an extensive VC investor network spanning Helsinki, Stockholm, London and the US.
UK
Ireland
France
Germany
Spain
Portugal
Italy
Netherlands
Belgium
Switzerland
Austria
Denmark
Sweden
NorwayFinland
Iceland
Poland
Czech Republic
Slovakia
Hungary
Romania
Greece
Croatia
Estonia
Latvia
Lithuania
Malta
US
Canada
Mexico
Brazil
Argentina
Chile
Colombia
Peru
Uruguay
Panama
Ecuador
Dominican Republic
Israel
UAE
Saudi Arabia
Qatar
Kuwait
Bahrain
South Africa
Nigeria
Kenya
Egypt
Morocco
Rwanda
India
Kazakhstan
Turkey
Australia
New Zealand74
VC rounds raised in the last 12 months in Finland
$21M
Median VC valuation (across all stages) in Finland
25x
Median VC revenue multiple (across all stages) in Finland
$900M
Largest VC round raised in Finland in the last 12 months
Raising venture capital in Finland
Finland has one of the most active VC markets in the Nordics per capita, with Helsinki as the centre. Lifeline, Inventure, Open Ocean, Maki.vc and Icebreaker anchor the local fund base, with strong cross-border participation from Nordic, European and US investors at growth stage.
FVCA-aligned documentation
The Finnish Venture Capital Association (FVCA) coordinates industry conventions. Finnish venture rounds typically use FVCA-aligned documentation for Series A and beyond. Pre-seed and seed rounds often use simplified Nordic-standard templates.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Finland. SAFEs are used where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is standard. Finnish Oy (limited company) structures require board and shareholder resolutions plus PRH filings for share issues.
Public co-investment
Business Finland, Finnvera and Tesi co-invest at seed and Series A alongside private VCs. Their preference structures, information rights and reporting requirements are well-defined and routinely accommodated in round documents.
Foreign investment review
Finland's Act on Monitoring Foreign Corporate Acquisitions requires notification of investments giving control over Finnish companies in defence, critical infrastructure or sensitive technology. Adds notification time and conditions to scoped transactions involving non-EU/EEA acquirers.
Closing mechanics
Closings are typically same-day signing and funding with documents executed via DocuSign. Share issues and changes to articles require PRH filings shortly after close. Finland does not levy stamp duty on share issues; transfer tax (varainsiirtovero) applies to share transfers in some cases.
Largest private tech companies in Finland
Oura valued at $11B is the largest still privately-owned company in Finland.
See all large tech companies in Finland| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Oura | | Oura is a Helsinki-headquartered company founded in 2013 that manufactures the Oura Ring Gen3, a finger-worn sensor tracking heart rate, blood oxygen, temperature, and sleep stages. The companion app delivers readiness, activity, and recovery scores used by professional athletes and over 10 million app downloads worldwide. Available in the US, Europe, and Asia through direct sales and retailers like Best Buy. | Oct-25 | $900M Series E | $11B | |
RELEX Solutions | | RELEX Solutions is a Helsinki-headquartered provider of AI-powered supply chain and retail planning software. Its unified platform optimizes demand forecasting, replenishment, and assortment for grocers like Morrisons, Coop Denmark, and Rossmann across 20 countries. With offices in North America and Europe, RELEX serves 300-plus retailers managing billions in annual sales. | Feb-22 | $561M | $5.8B | |
Aiven | | Aiven is a Helsinki-headquartered cloud data platform managing open-source technologies like PostgreSQL, Apache Kafka, and OpenSearch across AWS, Google Cloud, and Azure. Serving over 4,000 organizations including Adobe and N26, it automates scaling for petabyte-scale workloads with 99.99 percent uptime. Founded in 2016, Aiven employs 500 staff across Berlin, Sydney, Toronto, and Boston. | May-22 | $210M Series D | $3.0B |
Startups who recently raised money in Finland
Largest VC round raised recently in Finland was a $116M Undisclosed stage of Verda in April 2026.
See all VC rounds in Finland| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | Verda | | Verda is a cloud infrastructure provider optimized for AI workloads with GPU-accelerated resources. Based in the United States, it supplies virtual machines, bare metal servers, instant Kubernetes clusters, and high-performance block storage. Verda's platform caters to machine learning training and inference needs of AI developers and enterprises. | byFoundersLifeline Ventures+2 | $116M | - | Undisclosed stage | |
Apr-26 | Kelluu Oy | | Kelluu Oy is a Finnish developer of stratospheric platforms using autonomous lighter-than-air vehicles for persistent Earth observation. The Helsinki-based company constructs a constellation operating below satellite altitudes to generate high-resolution digital twins and real-time aerial intelligence. Kelluu delivers data subscriptions via cloud access and browser interfaces, targeting applications in agriculture, disaster response, and environmental monitoring. | Gungnir CapitalKeen Venture Partners+2 | $17M | - | Series A | |
Dec-25 | N | Novatron | | - | Mandatum Asset Management | $14M | - | Undisclosed stage |
Feb-26 | Capalo AI | | Capalo AI is an artificial intelligence platform tailored for the energy sector, accessible via capalo.guru. It provides analytics, predictive maintenance, and optimization tools for oil, gas, and renewable operations. The service processes operational data to enhance efficiency in upstream, midstream, and downstream activities. | Heartcore CapitalInnovestor+4 | $13M | - | Series A | |
Nov-25 | Gosta Labs | | Gosta Labs is a healthcare AI company building specialized machine learning models for clinical workflows. Based in the United States, it develops predictive algorithms for patient triage, readmission risk, and resource allocation, integrating with electronic health records to enhance hospital efficiency. | Cor GroupReaktor+3 | $8.7M | - | Seed | |
Apr-26 | Treon | | Treon is a Finland-headquartered technology provider of wireless IoT edge devices, gateways, sensors, and platforms for industrial, smart building, and logistics applications. The company engineers scalable solutions including condition monitoring systems and asset tracking devices deployed in over 20 countries. Treon partners with enterprises like Konecranes and offers custom engineering services from its Espoo facility. Established in 2017 through mergers, it supports massive IoT deployments with LTE-M and LoRaWAN connectivity. | ACME Capital | $7.9M | - | Series A | |
Jan-26 | Agileday | | Agileday is a cloud-based operating platform designed for professional services firms. Headquartered in the United States, it enables resource planning, project delivery, and client management through integrated tools for time tracking, invoicing, and profitability analysis. The platform supports agencies in marketing, consulting, and IT services with real-time dashboards and workflow automation. Agileday serves mid-sized enterprises across North America and Europe, focusing on people-first methodologies to optimize team utilization and project margins. | Business FinlandNewion+2 | $7.6M | - | Series A | |
Feb-26 | Vexlum | | Vexlum is a Barcelona-based provider of high-brightness semiconductor lasers for high-power applications and quantum technologies. | European Innovation Council FundKvanted Ventures+1 | $7.1M | - | Undisclosed stage | |
Feb-26 | SportIQ | | SportIQ is a Finland-based sports tracking and analytics platform offering real-time player, team, and equipment monitoring. It integrates data collection, video services, and broadcast solutions for performance analysis at sportiq.fi. | KB PartnersKoppenberg Management+1 | $6.2M | - | Series A | |
Feb-26 | Zenniz | | Zenniz is an ITF-approved tennis analytics system using sensor technology for automated line calls, shot tracking, and match stats on any court. It provides stroke speeds, serve analytics, and heatmaps via mobile app for players, coaches, and clubs. Amsterdam-based since 2017, the platform equips over 100 facilities worldwide. | Bromelia CapitalButterfly Ventures+4 | $6.0M | - | Undisclosed stage | |
Apr-26 | Realm | | Realm is a San Francisco-based workplace search engine using conversational AI to retrieve company documents. Employees query in natural language to access emails, Slack messages, and files with perfect recall. Integrated with Microsoft 365 and Google Workspace, Realm indexes petabytes of data for teams at scale. Launched for knowledge workers, it reduces search time by surfacing context-aware results. | Alex BouazizCal Henderson+2 | $4.5M | - | Seed | |
Mar-26 | Tangled | | Tangled is a decentralized Git collaboration platform built on the AT Protocol for code hosting and team workflows. Developers manage repositories using version control, pull requests, and issue tracking integrated with federated social features. The system relies on self-hostable lightweight servers called knots to enable contribution submissions, reviews, and interoperability across networks. | AntlerAvery Pennarun+5 | $4.5M | - | Seed | |
Jan-26 | Carbonaide | | Carbonaide is a cleantech company injecting carbon dioxide into concrete during curing to enhance strength and sequester emissions. Its technology reduces production costs, accelerates curing times, and strengthens material properties while generating verifiable carbon credits. A software platform monitors processes in real-time and handles credit trading. Espoo-headquartered as a VTT Research Center spinoff from Finland, Carbonaide supplies precast plants across Europe. Founded in 2021, it partners with concrete manufacturers globally. | Helkama KiinteistötIhantola Invest+5 | $4.4M | - | Seed | |
Apr-26 | Confidentialmind | | ConfidentialMind is an Espoo, Finland-headquartered AI startup developing generative AI platforms for on-premises and private cloud deployments. Its microservices stack supports complex AI systems on proprietary enterprise data, targeting sectors with high data sensitivity. Launched to meet demands for secure, standalone gen AI infrastructure. | D11Z.VenturesLifeline Ventures | $4.1M | - | Seed | |
Jan-26 | Offerswap | | Offerswap is an AI-driven platform matching buyers and sellers in service commerce through automated sourcing, screening, negotiation, and data-sharing features. | - | $2.4M | - | Seed |
Top VCs and strategic investors in Finland
Lifeline Ventures, Antler, Tesi and Innovestor funded the most startups in Finland in the last 12 months.
See all VCs in Finland| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Lifeline Ventures | | Lifeline Ventures is a Helsinki-based venture capital fund that invests from inception through Series A in sector-agnostic startups. Established in November 2009, the firm collaborates closely with founders by supplying capital, talent recruitment, and operational support to construct market-leading enterprises. It maintains a portfolio of high-performing companies across technology and other domains, drawing on expertise from serial entrepreneurs to foster resilient growth in competitive landscapes. | CRACIReducinerConfidentialmind+2 | 22 | Seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | TangledPrenewHomie+2 | 17 | Pre-seed | |
Innovestor | | Innovestor is a Helsinki-headquartered Nordic venture capital and financial services firm regulated by the Finnish Financial Supervisory Authority. It connects investors with opportunities in selected high-growth companies while offering those companies competitive funding and expertise from seasoned professionals. The firm manages funds targeting technology, healthcare, and consumer sectors across Finland, Sweden, and neighboring markets. | Jaakko.comCapalo AICronvall+2 | 14 | Pre-seed | |
Superhero Capital | | Superhero Capital is a Helsinki-based seed-stage venture capital firm that invests in early-stage startups across Finland and the Baltic states. The fund deploys tickets ranging from 100,000 euros to 1 million euros into insight-driven technology companies. Superhero Capital supports founders in sectors like software, fintech, and consumer tech through its regional network. | ZennizSkeneHomie+2 | 13 | Seed | |
Business Finland | | Business Finland is a Finnish public funding agency supporting research, industry, and services. Formerly known as Tekes, it funds technological, service-related, design, business, and social innovations without claiming profits or intellectual property rights. | AgiledayMarginumAIATELLA+2 | 13 | Seed | |
Tesi | | Tesi, or Finnish Industry Investment Ltd, is a Helsinki-headquartered state-owned investment company channeling privatization proceeds into venture capital funds and direct stakes in Finnish growth enterprises. It supports internationalization across all sectors through co-investments in spin-offs, restructurings, and major expansions. Established in 1995, Tesi has committed over 1.6 billion euros to more than 800 companies and funds. | VerdaKelluu OyCapalo AI+2 | 12 | Series A | |
Voima Ventures | | Voima Ventures is a Helsinki-based venture capital firm investing in deep tech startups across bio and new materials, medical technologies, life sciences, imaging, optics, IoT, electronics, robotics, software, ICT, and AI. It supports more than 30 companies including Solar Foods, Infinited Fiber Company, and Dispelix, with cornerstone backers VTT Technical Research Centre of Finland and the European Investment Fund. | ReducinerGosta LabsAgate Sensors+2 | 8 | Seed | |
Vendep Capital | | Vendep Capital is a venture capital firm that targets early-stage B2B SaaS startups throughout the Nordics and Baltics. Based in Tallinn, Estonia, the firm provides initial investments ranging from 0.1 million to 3 million euros to software companies at seed and Series A stages. Vendep Capital leverages operator expertise from former SaaS executives to assist portfolio companies like Troobl and Inbank in scaling operations and accessing international markets. Established in 2021, it maintains a network spanning Europe and the United States for deal sourcing and co-investments. | Test of ThingsAgiledayInven+2 | 6 | Series A | |
byFounders | | byFounders is a Copenhagen-headersquartered early-stage venture capital fund targeting tech startups in the Nordics and Baltics. The fund, comprising serial entrepreneurs from companies like Unity and Pleo, invests $1-5 million in seed and Series A rounds across fintech, healthtech, and climate tech. Portfolio includes Trint, Voi Technology, and Dixa, with over 40 investments since 2016. byFounders manages €200 million across three funds and operates from offices in Tallinn and Helsinki. | VerdaTangledSpiral Hydrogen+1 | 4 | Seed | |
Varma Mutual Pension Insurance Company | | Varma Mutual Pension Insurance Company is a Helsinki-headquartered provider of statutory employment pensions in Finland. It manages pension contributions, pays out benefits, and offers rehabilitation services plus well-being-at-work programs for over one million insured individuals. Founded in 1998 as Varma-Sampo, the company renamed in 2003 and administers investments exceeding €55 billion. | VerdaIQM Quantum ComputerseBrands+1 | 4 | Series A |
What if not VC? Non-equity funding in Finland
Finland has one of the strongest non-dilutive funding stacks per capita in Europe - between Business Finland, Finnvera and EU funding access, Finnish startups can extend runway by 12-24 months with substantial public-sector support before signing a VC term sheet.
Business Finland funding
Business Finland provides R&D grants, innovation loans and the Young Innovative Companies (YIC) programme. The single largest source of non-dilutive cash for early-stage Finnish tech companies. Up to €1.25M of combined grants and loans per project for qualifying startups.
Finnvera loans and guarantees
Finnvera provides loans, guarantees and export credits for Finnish SMEs. Often used alongside Business Finland funding to extend non-dilutive runway. Particularly relevant for export-oriented startups and those with significant working capital needs.
Tesi co-investment
Tesi invests directly in Finnish growth companies and as an LP in Finnish and Nordic VC funds. Direct investments typically alongside private leads at seed and Series A - often the institutional anchor in Finnish tech rounds.
Helsinki angel ecosystem
Nokia, Supercell, Rovio, Wolt and post-IPO operator alumni anchor one of the densest per-capita angel scenes in Europe. FiBAN syndicates much of the structured Finnish angel investment.
EU funding access
Finnish companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies that can wait the 6-12 month process.
Venture debt
HSBC Innovation Banking, Kreos Capital, Claret Capital Partners and Finnvera are the main venture debt providers active in Finland. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Finland and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Finland.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Finland
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Finland
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO