Finnish venture capital fundraising reaches record €678 million

Fundraising by Finnish venture capital investors reached a record €678 million in 2025, according to the latest statistics from the Finnish Venture Capital Association. At the same time, Finnish startups raised a record €1.9 billion in investments. While domestic venture capital investors have financed the early stages of many successful startups, participating in later, larger funding rounds would require bigger funds than currently available.

Fundraising by Finnish venture capital investors focusing on startups rose to an all-time high last year, with a total of €678 million raised. These funds will be invested in startup companies over the coming years.

The largest individual fund was raised by Lifeline Ventures, whose €425 million fund is the largest in Finnish history. Previously, the largest venture capital fund in Finland was around €150 million.

“Assets under management by Finnish venture capital funds have tripled over the past ten years, while the total amount of funding raised by Finnish startups has increased sixfold,” says Jonne Kuittinen, Deputy Chief Executive Officer of the Finnish Venture Capital Association.

The year 2025 was record-breaking for Finnish startups, which raised a total of €1.9 billion in investments. The largest funding rounds included Oura (€777M), IQM (€275M), and ICEYE (€150M). Around 75% of startup funding came from foreign investors.

Domestic venture capital investors have supported many successful Finnish startups in their early stages but participating in later and larger funding rounds would require bigger funds.

“The Finnish startup ecosystem has made a significant leap forward in recent years. Finnish investors in venture capital funds now need to take a similar leap in order to finance our most successful companies further with domestic capital,” says Kuittinen.

Growth-enhancing measures to boost the venture capital industry

Several growth measures to develop the domestic venture capital market were outlined in last spring’s Room for Growth project. Efforts are being made to increase foreign investment in Finnish venture capital funds and to remove tax-related barriers for domestic investors. In addition, Finland aims to build an internationally competitive fund structure based on public benefit organizations.

“These growth measures could significantly promote business success and create smooth conditions for increasing fund sizes. Numerous studies show that venture capital investors are particularly important as owners, as active ownership creates added value, growth, employment, and well-being. Finnish funds must also internationalize more strongly in the future. Only internationally experienced owners can support globally competitive companies,” says Riku Asikainen, Chairman of the board of the Finnish Venture Capital Association.

​Read more about the statistics here.

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