Finnish venture capital has entered a new phase of maturity. In 2025, funds raised a record €678 million, while startups attracted €1.9 billion, underscoring both domestic momentum and strong international interest in the ecosystem.
The headline figure came from Lifeline Ventures, whose €425 million fund reshaped expectations in a market where €150 million was once considered large, the Finnish Venture Capital Association noted in a report today. Some of the startups whose funding rounds raised the most last year included Oura (€777M), IQM (€275M), and ICEYE (€150M).
Assets under management by Finnish venture capital funds have tripled over the past decade, while the total amount of funding raised by Finnish startups has surged by sixfold, said Jonne Kuittinen, deputy chief executive of the FVCA.
Still, structural gaps persist. Finnish investors remain strongest in early-stage financing, while later rounds are increasingly dominated by foreign capital, accounting for roughly 75 percent of total funding.
As Kuittinen noted, “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.”
Policy efforts are underway to address this imbalance. Proposed measures include attracting foreign capital, easing tax constraints, and building globally competitive fund structures to sustain long-term growth.
·
5 min read
Finnish venture capital has entered a new phase of maturity. In 2025, funds raised a record €678 million, while startups attracted €1.9 billion, underscoring both domestic momentum and strong international interest in the ecosystem.
The headline figure came from Lifeline Ventures, whose €425 million fund reshaped expectations in a market where €150 million was once considered large, the Finnish Venture Capital Association noted in a report today. Some of the startups whose funding rounds raised the most last year included Oura (€777M), IQM (€275M), and ICEYE (€150M).
Assets under management by Finnish venture capital funds have tripled over the past decade, while the total amount of funding raised by Finnish startups has surged by sixfold, said Jonne Kuittinen, deputy chief executive of the FVCA.
Still, structural gaps persist. Finnish investors remain strongest in early-stage financing, while later rounds are increasingly dominated by foreign capital, accounting for roughly 75 percent of total funding.
As Kuittinen noted, “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.”
Policy efforts are underway to address this imbalance. Proposed measures include attracting foreign capital, easing tax constraints, and building globally competitive fund structures to sustain long-term growth.
Stay on the pulse, catch the signals
Subscribe to Listeds Leadership Intelligence Platform:
leader and company database access
email alerts
career, boards and interim opportunities