Finnish startups attracted record funding in 2019

Finnish start-ups attracted 116 million euros of financing for the first half of this year, which is a record high, the country’s venture capital association said.

In 2018, startups raised 203 million euros. The pace of raising capital in the remainder of 2019 remains high.

“The increase in investment is a reflection of the fact that we have more and more first-class companies in Finland that are also interested in international investors,” said Pia Santavirta, Director General of the Finnish Venture Capital Association.

At the same time, the average volume of investments in one company increased from 1.2 million euros in 2014 to 7.2 million euros this year.

The growth in funding is reflected in the emergence of successful companies. The Association cited the example of the company Wolt, which attracted more than 100 million euros of investment to develop a home-delivery food delivery application.

According to Santavirta, the largest European startup conference Slush, organized annually in Helsinki, is a good ground for the development of the entire startup ecosystem.