“Five and a half million people with modest purchasing power and even weaker willingness to spend,” says Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing Company, describing the Finnish market. It is, he adds, “a difficult combination. The market exists elsewhere.”

For Salama, fragrance house SEES, and food delivery company Wolt, that reality has shaped strategy from the start. In a small home market, growth demands sharper positioning and earlier international moves, sometimes even at a Hollywood scale.

Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing. Photo given by Vassinen.

Salama. Export as structure

Salama, a craft brewer founded by four friends in 2019, shows how quickly the domestic ceiling appears.

The Helsinki-based brewery recently began exporting to China, marking its 23rd export market. Export revenue is approaching half of the total turnover. At the current pace, Sweden may soon surpass Finland as its largest market.

International growth has been deliberate. Salama has maintained a steady presence at festivals, bars, and trade events outside Finland.

Recognition followed. Hop Culture selected Salama as one of the most interesting breweries in the world in 2025. The New York Times listed its Salamanation bar as a must-visit destination in Helsinki. In an ironic twist, fame abroad accelerated recognition at home.

SEES. Small and fast

SEES, led by CEO Elisa Koivumaa, represents a different kind of leverage.

SEES hand wash products. Photographed by Christian Jakowleff.

Earlier this month, the Finnish fragrance house placed its products in the Grammy Awards goodie bags, Koivumaa shared on LinkedIn. International visibility had been building earlier. SEES products had appeared in the And Just Like That series, Koivumaa explains to Listeds.

The collaboration came without a marketing agency. Someone on the HBO team had discovered SEES on Instagram and was drawn to its minimalist aesthetic.

“Small can be an advantage,” Koivumaa says, adding that a niche brand like SEES should think globally from day one.

Her thinking was shaped by time spent living in Japan, where branding, storytelling, and restraint are highly valued. The experience led her to question why Finland’s strengths, pure nature, quiet design, and conceptual clarity, so rarely translate into global hit brands.

Part of the obstacle, she suspects, is fear of failure. Some founders worry that not entering large supermarket chains signals defeat. Koivumaa disagrees. When HBO requested products for the sequel to the HBO series Sex and the City, SEES was able to customize the products and meet the requirements immediately.

Being niche allows the brand to position itself as exclusive and premium. Producing biodegradable cosmetics, scents, and detergents in Finland is not a limitation. It enables SEES to say yes only to opportunities that align with its values. Above all, it leaves room to think internationally from day one.

Wolt. Hollywood without hesitation

Wolt, acquired by DoorDash in 2022, reflects the same small market logic at a greater scale, with the backing to think bigger.

Andrew MacDonald, CEO of MacWell (wearing black), photographed during filming with Owen Wilson in Australia. Photo provided by MacWell.

In its first global brand ambassador campaign, Wolt cast Owen Wilson, known from Midnight in Paris and Zoolander, and rolled out a cinematic campaign across 25 countries last year.

According to MacWell, the agency leading the project, the decisive factor was not the celebrity alone but the process. As Andrew MacDonald, CEO of MacWell, puts it: "Wolt was looking for an iconic face whose influence could travel across regions while still feeling neighborly and authentic.” Wilson was selected after extensive shortlisting, and the creative was written with his voice in mind. The guiding question was simple: how would Owen do this?"

The production took place in Australia over a single, tightly orchestrated day, involving multiple teams and remote collaboration. The more lasting lesson came afterward.

“A celebrity is not an idea. You need to match the persona's brand to your brand positioning,” says Liisa Paasio, executive creative director at MacWell. It requires investments, she states, but offers exponential returns.

MacWell's Executive Creative Producer Marc Stevenson urges Finnish companies to ask bigger questions. What kind of campaign could we build with an A-list star? What if it were possible? He sums it up: “If you do not ask, you do not receive.” 

Built for beyond

Vassinen argues that the shift must happen early. “Companies must look beyond Finnish borders. This means that leaders must speak to global audiences and brands must be built for international relevance from the very beginning.”

For Salama, that has meant export markets accounting for nearly half of revenue. For SEES, it has meant designing a brand that can respond quickly when the global media calls. For Wolt, it has meant launching a campaign across 25 countries with a Hollywood actor at its center.

Finland’s 5.5 million consumers do not allow companies to rely solely on domestic depth. The constraint demands clarity, speed, and international orientation.

|

Weekend

Wolt, SEES, and Salama show the power of a small market

Wolt, SEES, and Salama show the power of a small market

·

5 min read

Credit: Elisa Koivumaa, founder and CEO of SEES. Photographed by Sanna Lehto.

Credit: Elisa Koivumaa, founder and CEO of SEES. Photographed by Sanna Lehto.

“Five and a half million people with modest purchasing power and even weaker willingness to spend,” says Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing Company, describing the Finnish market. It is, he adds, “a difficult combination. The market exists elsewhere.”

For Salama, fragrance house SEES, and food delivery company Wolt, that reality has shaped strategy from the start. In a small home market, growth demands sharper positioning and earlier international moves, sometimes even at a Hollywood scale.

Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing. Photo given by Vassinen.

Salama. Export as structure

Salama, a craft brewer founded by four friends in 2019, shows how quickly the domestic ceiling appears.

The Helsinki-based brewery recently began exporting to China, marking its 23rd export market. Export revenue is approaching half of the total turnover. At the current pace, Sweden may soon surpass Finland as its largest market.

International growth has been deliberate. Salama has maintained a steady presence at festivals, bars, and trade events outside Finland.

Recognition followed. Hop Culture selected Salama as one of the most interesting breweries in the world in 2025. The New York Times listed its Salamanation bar as a must-visit destination in Helsinki. In an ironic twist, fame abroad accelerated recognition at home.

SEES. Small and fast

SEES, led by CEO Elisa Koivumaa, represents a different kind of leverage.

SEES hand wash products. Photographed by Christian Jakowleff.

Earlier this month, the Finnish fragrance house placed its products in the Grammy Awards goodie bags, Koivumaa shared on LinkedIn. International visibility had been building earlier. SEES products had appeared in the And Just Like That series, Koivumaa explains to Listeds.

The collaboration came without a marketing agency. Someone on the HBO team had discovered SEES on Instagram and was drawn to its minimalist aesthetic.

“Small can be an advantage,” Koivumaa says, adding that a niche brand like SEES should think globally from day one.

Her thinking was shaped by time spent living in Japan, where branding, storytelling, and restraint are highly valued. The experience led her to question why Finland’s strengths, pure nature, quiet design, and conceptual clarity, so rarely translate into global hit brands.

Part of the obstacle, she suspects, is fear of failure. Some founders worry that not entering large supermarket chains signals defeat. Koivumaa disagrees. When HBO requested products for the sequel to the HBO series Sex and the City, SEES was able to customize the products and meet the requirements immediately.

Being niche allows the brand to position itself as exclusive and premium. Producing biodegradable cosmetics, scents, and detergents in Finland is not a limitation. It enables SEES to say yes only to opportunities that align with its values. Above all, it leaves room to think internationally from day one.

Wolt. Hollywood without hesitation

Wolt, acquired by DoorDash in 2022, reflects the same small market logic at a greater scale, with the backing to think bigger.

Andrew MacDonald, CEO of MacWell (wearing black), photographed during filming with Owen Wilson in Australia. Photo provided by MacWell.

In its first global brand ambassador campaign, Wolt cast Owen Wilson, known from Midnight in Paris and Zoolander, and rolled out a cinematic campaign across 25 countries last year.

According to MacWell, the agency leading the project, the decisive factor was not the celebrity alone but the process. As Andrew MacDonald, CEO of MacWell, puts it: "Wolt was looking for an iconic face whose influence could travel across regions while still feeling neighborly and authentic.” Wilson was selected after extensive shortlisting, and the creative was written with his voice in mind. The guiding question was simple: how would Owen do this?"

The production took place in Australia over a single, tightly orchestrated day, involving multiple teams and remote collaboration. The more lasting lesson came afterward.

“A celebrity is not an idea. You need to match the persona's brand to your brand positioning,” says Liisa Paasio, executive creative director at MacWell. It requires investments, she states, but offers exponential returns.

MacWell's Executive Creative Producer Marc Stevenson urges Finnish companies to ask bigger questions. What kind of campaign could we build with an A-list star? What if it were possible? He sums it up: “If you do not ask, you do not receive.” 

Built for beyond

Vassinen argues that the shift must happen early. “Companies must look beyond Finnish borders. This means that leaders must speak to global audiences and brands must be built for international relevance from the very beginning.”

For Salama, that has meant export markets accounting for nearly half of revenue. For SEES, it has meant designing a brand that can respond quickly when the global media calls. For Wolt, it has meant launching a campaign across 25 countries with a Hollywood actor at its center.

Finland’s 5.5 million consumers do not allow companies to rely solely on domestic depth. The constraint demands clarity, speed, and international orientation.

Board Programme

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The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Board Programme

Built for Nordic listed company boards.

The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Topics

# Topics

Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

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Leadership Moves

Elecster keeps leadership inside the board as Juuso Halonen becomes CEO

Oct 2, 2026

Elecster's board has named Deputy CEO Juuso Halonen as chief executive from 1 December 2026. Arto Kinnunen, CEO since 2017 and with the group for more than 30 years, leaves the role on 30 November and stays on as management advisor. On the same day, CFO Veronika Halonen becomes deputy CEO, eleven months after taking the finance role.

The March deputy appointment was the succession plan

On 5 March, Elecster appointed Halonen deputy CEO and a member of the management team from 30 March, reporting to Kinnunen. The stated remit was global sales and marketing and the development of management systems. Seven months later, the board has confirmed what that move signalled.

Halonen is an insider in every sense. He joined the group in 2011, has been CIO since 2019 and has sat on the board since 2024. At the time of the March appointment he held 32,705 Elecster shares. The company says Kinnunen's advisory role is meant to secure continuity through the year-end financial statement process, which places the first results under the new CEO in early 2027.

“Juuso knows Elecster, its business, personnel and international operating environment very well. The Board believes that his long experience with the company and the close work with Arto in recent months create a strong foundation for transferring the CEO's responsibility and further developing Elecster's operations,” says Jukka Halonen, Chairman of the Board, in the press release.

“I am pleased that the change of CEO can be implemented in a planned and controlled manner. I have worked closely with Juuso, and I can confidently transfer the responsibility of CEO to him,” says Arto Kinnunen.

He inherits a company whose order book has halved since March

The numbers Halonen takes over are thin. First-half 2026 revenue fell around 5.2% to EUR 15.8 million, and operating profit dropped to EUR 0.1 million from EUR 0.5 million a year earlier. The order backlog stood at EUR 4.8 million at the end of June, down from EUR 8.6 million at the end of March, as the Middle East conflict delayed customer investment decisions. A fire at the Kenyan subsidiary in Nairobi added around EUR 0.4 million in one-off costs.

The longer trend points the same way. Full-year 2025 revenue fell around 3.6% to EUR 32.7 million, and operating margin narrowed to 3.0% from 4.7%. The April AGM approved no dividend. The Russian packaging business, which the company says it will keep running for now, is the risk it flags most directly in the H1 report. Elecster still guides for revenue growth and improved earnings per share in 2026.

Halonen's own priorities match the gap. He names international sales and marketing, the service business and presence in core markets as the areas to develop, while keeping profitability as a cornerstone.

“Reliability, customer focus and profitability remain the cornerstones of our operations. At the same time, we must develop international sales and marketing, service business, our products and operating methods, and strengthen our presence and customer cooperation in our key market areas,” says Juuso Halonen in the press release.

Halonen family will hold both top executive roles and four of six board seats

The appointment concentrates leadership further. The board elected at the April 2026 AGM has six members: Aija Bärlund, Jarmo Halonen, Jukka Halonen as chair, Juuso Halonen, Veronika Halonen and Timo Kangas. From December, the CEO and deputy CEO will both come from that board.

“With her analytical and dynamic approach, Veronika Halonen has taken on the responsibilities of her current position well, and with this appointment as Deputy CEO, we are clarifying the Group's overall management structure,” says Jukka Halonen.

For a company of Elecster's size, an internal successor with seven months of supervised handover is a defensible choice. It also means the board chose continuity over an external search at a point when the business needs commercial renewal. Whether that trade pays off will show first in the order book, not in the governance chart.

Market Signals

Nightingale Health's USD 6.5 million brain health deal lands as it targets EUR 10 million in revenue

Oct 1, 2026

The Michael J. Fox Foundation will pay USD 6.5 million for Nightingale Health to analyse 60,000 UK Biobank samples for neurodegeneration markers. The company disclosed the agreement as inside information on 30 September. A day later, Nightingale published an annual report setting a revenue target of at least EUR 10 million for the current financial year.

The work will use Alamar Biosciences' NULISAseq™ Neuro 220 Panel, which is designed for neurodegeneration and other brain health conditions. At the Foundation's direction, the dataset goes to UK Biobank and opens to the wider research community in 2027. The aim is to find blood markers that change years before the symptoms of Alzheimer's and Parkinson's appear.

CEO and founder Teemu Suna said the company believes the deal will produce the world's largest brain health-focused proteomics study on a single research cohort.

The contract puts Nightingale's move into proteomics to work

The annual report says Nightingale expanded its offering into proteomics in response to growing interest in multiomics, strengthening its position in the research market. The step came through its November 2025 partnership with Alamar.

The report describes research as a separate business with its own customers and products. It is also where much of the evidence for Nightingale's healthcare business comes from, including measurements of all roughly 500,000 UK Biobank participants. The largest research agreements the report lists for the past financial year were with Aalborg University, at about EUR 2.4 million, and the Moli-sani study, at about EUR 0.7 million.

Revenue follows the samples, and the first read comes in March

Nightingale's revenue for the financial year ended June 2026 was EUR 5.50 million, up from EUR 4.69 million. That fell short of the more than 50% growth the company had targeted. In June, Nightingale warned that a EUR 2.4 million project announced in September 2025 had been delayed for reasons outside its control. As a result, about EUR 2 million of revenue moves into the current financial year. Suna called it "timing, not lost business".

The company recognises revenue over time as samples are analysed. It collects advance payments for most of its services, and the gap between payment and analysis is typically three to six months. The release gives no timeline for analysing the 60,000 samples.

The company expects its liquid funds of EUR 36.8 million to last until the end of the 2027/2028 financial year. The half-year report on 9 March 2027 will be the first chance to see how much of the delayed project and the Fox Foundation contract has turned into revenue towards the EUR 10 million target.

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