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Financing a Startup in Finland


The most popular form of outside funding for Finnish companies is traditional bank financing. As of late, this trend has further accelerated due to low interest rates offered throughout the EU. However, there are a number of other forms of funding available as well, including various forms of government-backed financing.

Public Financing

The largest agency responsible for R&D funding in Finland is the Finnish Funding Agency for Innovation, Tekes. The agency has an annual budget of around 500 MEUR and hosts, among other things, accelerator programs aimed specifically at start-ups. Another large operator is Sitra, an innovation fund financing both smaller trials and larger startup projects. Other public operators worth looking into for funding are the ELY Centres (Centres for Economic Development, Transport and the Environment) and Finnvera.

Crowd Funding

Although a newish form of financing, crowdfunding is quickly gaining ground in Finland. Both equity and debt-based funding are available from local and Nordic operators. Noteworthy platforms include Invesdor and the Around service of Privanet. As of 2016, crowdfunding is governed by the Crowdfunding Act (734/2016, FIN: joukkorahoituslaki).

Investment Companies and Angel Investors

Finland has a healthy and established venture capital market. According to the Finnish Venture Capital Association, local VC companies invested a total of 121 MEUR in 2016. Additionally, there are a number of private angel investors dedicated to the financing of promising companies in their startup phases. The Finnish Business Angels Network, or FIBAN, is a good place to start when looking for an angel investor.

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