Finnish startups witnessed a record-breaking year in 2021 as they pulled a total of €1.2 billion in investment, majorly from foreign venture capital companies.
A total of €743 million was poured by Venture capital investors into Finland’s startups, with foreign venture capital companies having €553 million and domestic venture capital firms gulping €190. And all were invested in 182 startups.
The remaining €1.2 billion was pulled from other foreign investors, including private individuals and companies.
Confirming the development, Pia Santavirta, managing director of the Finnish Venture Capital Association, said, “Finnish success stories attracted large amounts of international funding last year. The share of foreign investments in the total amount invested in startups grew to 71 percent, totaling 855 million euros.”
Finnish startups invested hugely in growth in early 2022
Finnish startups embarked on 7-figure funding rounds and acquisitions for global growth in early 2022.
Two bigger funding rounds were finalized by Jobilla, a developer of digital recruitment solutions in Helsinki, and Naava, a developer of intelligent green walls based in Helsinki.
In February, Jobilla revealed it had finished an 8.25 million-euro funding round headed by Trind VC and Juuri Partners. The funding enabled the startup to provide its AI-powered recruitment solution to a rising number of firms grappling with trendy labor-market phenomena, like the great resignation.
The company announced that it registered a rise of 150% in profit between 2020 and 2021, which sets itself up for growth, especially in the US and Germany.
According to Henri Nordström, Jobilla CEO, “we are currently growing exponentially in every market our solution is available in,” stated. “With the help of our investors, we can accelerate that growth even further by developing partnerships with key players in different markets that can offer our solution in the respective market.”
In another vein, Naava revealed in February that it had secured a seven million-euro equity investment from a group of “superstar investors,” including ex-Rovio CEO Mikael Hed, led by Stockholm-based Nidoco and ex-Marimekko CEO Mika Ihamuotila.
For Naava, the investment would permit it to solidify its market position in green walls and furniture by scaling its present investment and offering in sales, marketing, and expansion in North America, the Middle East, and Europe.
It’ll equally offer a fertile environment for future development or growth of solutions and products with a positive effect on the health of millions of people in offices and homes.
This Naava and Jobilla announcement would fuel expectations of another big year for Finland’s venture capital investments.
Photo by Joakim Honkasalo on Unsplash