The Finnish Business Angels Network (FiBAN) has released its 2024 investment report, revealing a strategic shift in Finland’s early-stage investment landscape. While total angel investments rebounded to €31.5 million, the number of funded startups dropped significantly, reflecting a more selective and targeted approach. Investors are increasingly pooling resources through syndication, with a sharp focus on high-growth sectors like artificial intelligence, defense, and dual-use technologies. The report also highlights growing collaboration between angels and institutional investors, signaling a maturing ecosystem that prioritizes depth over breadth.
The Finnish Business Angels Network (FiBAN) is Europe’s largest and most active angel investor network, bringing together over 600 private investors and more than 50 strategic partners. Founded in 2010 by Juha Kurkinen, Ari Korhonen, and nearly 20 other visionaries, FiBAN has become a cornerstone of Finland’s startup ecosystem. The organization is dedicated to fostering early-stage innovation by connecting ambitious, growth-driven startups with experienced angel investors.
Beyond matchmaking, FiBAN plays a key role in elevating the professionalism of private investing through tailored education, networking events, and collaborative initiatives. Over its 15-year history, FiBAN members have collectively invested nearly half a billion euros into more than 2,000 startups. The network has also become a trusted source of insight, having tracked and published comprehensive investment statistics annually since 2010.
According to FiBAN’s investment statistics for 2024, Finnish business angels invested a total of €31.5 million in Finnish startup companies in 2024, bringing angel investments back from 2022’s dip. However, the number of funded startups dropped significantly: only 84 startups received funding in 2024, compared to 173 in 2023. While the trend of angel investing has been declining across Europe, Finnish angel investing continues strong. Members of FiBAN, the largest angel investor network in Europe, have invested nearly half a billion euros into over 2,000 startups during its 15-year history.
Larger Funding Rounds for a Selected Few
In Finland, the early-stage investment climate has been challenged by general market uncertainty, technological disruption, and a rise in bankruptcies. According to Statistics Finland, there were 3,475 bankruptcies in 2024, a roughly 5% increase from the previous year.
This is also reflected in FiBAN’s data as a decrease in follow-up rounds, but at the same time, the importance of promising new startups is emphasized. Startups that succeeded in securing angel funding received significantly larger investments than in previous years.
“New companies are emerging, especially in the application of artificial intelligence as well as in the defense and dual-use sectors. Angels are drawn to new technologies and industries. For example, in the defense and dual-use sector, we witnessed immense demand for funding — we received over 120 applications from defense-related startups alone in 2024. This trend appears to be accelerating in 2025,” says Tiina Laisi-Puheloinen, CEO of FiBAN.
Syndicated Investments Enable Larger Rounds and Risk Diversification
With an individual angel in Finland typically investing in an average of 1.7 startups per year, the significance of syndication has grown: The average size of funding rounds involving FiBAN members was €275,000.
“The trend of co-investing is particularly evident in these emerging sectors, such as defense and dual-use technology. Research-driven startups require larger capital injections. A great example is the €920,000 investment round in Dobbelgänger, a company developing decoi technology, which brought together VC firm Lifeline Ventures, Innovestor, and a large group of angel investors. “In 2024 alone, over 150 startups in the defence, dual-use, and security sectors applied for funding through FiBAN—compared to fewer than 10 such applications before 2023,” explains Tiina Laisi-Puheloinen, CEO of FiBAN.
FiBAN has significantly increased its collaboration with various investment firms, thereby expanding investment opportunities for its members.
“FiBAN has 600 members, and many want to diversify their startup investments across different categories — especially if their portfolio already contains dozens of startups. The Co-Investment Fund, established at FiBAN’s initiative, has further increased collaboration between different investor groups. For experienced angel investors, a natural next step is to establish their own fund and diversify their investments,” adds Laisi-Puheloinen.
140 Exits in 2024 – Silo.AI the Biggest Success Story
It typically takes 7–10 years for an exit to materialize. In 2024, the number of exits remained high at 140, despite a more cautious approach to new investments. Of these exits, 40% were due to bankruptcies.
The most notable angel exit of 2024 was the sale of AI company Silo.AI to AMD in the U.S. for €600 million. Silo.AI was recognized as FiBAN’s Exit of the Year 2024 at the annual Angel Gala.
“Silo.AI is a prime example of how the role of business angels in early-stage financing can enable significant growth for a company — and a strong return on capital invested with high risk,” says FiBAN CEO Tiina Laisi-Puheloinen.
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Read the orginal article: https://arcticstartup.com/fibans-2024-investment-report/
