Keep your eyes on Finland: a new record has been set! Finnish startups and early-stage growth companies raised over €349 million in funding, in 2017. This is the highest amount of business angel and venture capital funding to date, according to the statistics collected by Finnish Business Angels Network ry (FiBAN) and Finnish Venture Capital Association ry (FVCA).
The thriving Nordic startup ecosystem has not remained hidden from foreign investors: Finnish startups and early-stage growth companies attracted €208 million in foreign financing – an increase of 33%. Since 2010, the number of foreign investments has increased tenfold.
This phenomenon works both ways, as almost 30% of Finnish VC’s investments are allocated to companies outside of Finland.
“Being known for our world-class gaming industry, research-based deep tech cases, and initiatives such as Slush and the Nordics’ biggest startup hub Maria 01, the Finnish startup ecosystem can be seen as one of the most active in the Nordics and Europe, and the positive development should only continue in the upcoming years,” summarizes Reidar Wasenius, Managing Director of FiBAN in today’s press release.
Similar data can be seen in Slush attendance from last year. In 2017, over 1600 investors attended, which was 40% more than in 2016. Investors came from 68 different countries, most heavily from Sweden, Germany, the UK, and the USA, alongside Finland.
Check out more info about Slush Investors here!
Photo: Jussi Hellsten