The amount invested in Finland by international venture capital investors has increased ninefold in less than ten years, and make in total over half of the investments, a study of Finnish Venture Capital Association showed.

“The Finnish startup ecosystem has been developed ambitiously, and it shows in the results: The total amount of funding received by Finnish startups has more than quadrupled in less than ten years, and Finnish startups raise the most venture capital investments in Europe relative to GDP,” Pia Santavirta, Managing Director at the Finnish Venture Capital Association (FVCA), said in a statement.

A total of 272 international venture capital investors have invested in Finnish startups since 2013, financing 235 Finnish startups, the study showed..

The venture capital investors that have invested in Finnish companies come from 42 different countries. The most active European investors investing in Finnish startups come from the United Kingdom (41 venture capital investors), Germany (24), and Sweden (22).

The most active foreign venture capital investor in Finland is Heartcore Capital, which has made 16 investments in Finland. The Danish VC firm has, for instance, invested in multiple gaming companies such as Futureplay, Seriously and Traplight Games.

The second most investments have been made by EQT Ventures, which has invested in Wolt and Varjo, for example. The third most active investor is Creandum, whose investments include the likes of Small Giant Games and KNL Networks. Both EQT Ventures and Creandum are globally recognized early-stage venture capital investors from Sweden.

In Finland, funding rounds of more than 10 million euros are typically done together with foreign investors. 83 % of international funding rounds target Finnish angel and venture capital investors’ portfolio companies or are made together with Finnish investors.

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