Just a couple of weeks ago, we asked our readers how much money they were raising and now we have the answer. Well, we have “an answer”, considering the tiny sample size and complete anonymity. Still we were happy to see some very interesting and impressive numbers that speak for themselves, but at the same time there is still plenty left to analyze.
To make the results as pleasing to the eye as possible, we put together an infographic outlining the major findings. We are going to provide some analysis below. So without further adieu:
In total, 61 startups replied to us and although most of them were from Finland, we got quite a nice coverage of the whole region. The majority of them felt like you need at least €20 000 to get going, which is a little contrary to what we thought was the case as many companies have told us previously that funding is becoming less and less of an importance at the very start.
It was also interesting to see that despite the fact that there are so many public funding sources, accelerators and angel groups available – most startups still go through FFF’s (Friends, Family and other Fools) as their first choice of funding.
Government funding and grants were a popular choice with 13 startups reporting to have raised money this way. The average grant was €55 000 and mostly from a single source.
Perhaps the most impressive figure is the fact that the companies from the region are valued on average at € 1 051 259 and that an average 1% stake in a Nordic/Baltic startup is hence worth €10 421.