A record-year for Finnish Startups: The amount of funding raised nearly doubled in a year and is already approaching the billion-euro mark

Note: Aboa Advest participated in the funding rounds of Oceanvolt and Plantui in 2020, and is an investor in two buyout funds and one startup fund actively investing in growth companies. We did not invest in new startup companies, the main focus was on helping our portfolio companies.


Domestic startups have raised a record amount of growth funding. The half-billion mark, which was reached in the two prior years, was already a record, but now the total has almost doubled: €951 million in funding was raised last year.

Of the total €951 million invested, the largest investor group was the venture capital investors, who invested €495 million into Finnish startups. Business angels invested a total of €36 million. The amount of capital raised by crowdfunding has stabilized at around €50 million. Other investors, such as larger companies and pension funds, invested a total of €370 million into Finnish startups. Foreign investments accounted for 57% of the total, totaling €543 million.


In 2020, Finnish startups received a record amount of venture capital investments totaling €495 million. The total amount increased by more than €200 million from the previous year. The most significant growth was seen in Finnish investors’ investments in domestic startups. The investment amount doubled in a year, from €113 million to €223 million.

A new record was also seen in foreign venture capital investments: a total of €272 million was invested in Finnish startups. Foreign investments accounted for 55% of all venture capital investments.

“Finnish investors’ activity also increases the amount of international investments, as 83% of foreign venture capital investments made in Finland are made in cooperation with Finnish investors. 174 startups raised venture capital funding in 2020,” says Pia Santavirta, Managing Director of the Finnish Venture Capital Association.

“Due to the successful cooperation between entrepreneurs and investors, Finland is one of the fastest-growing European startup hubs. Expanding international networks will continue to be important so that an increasing amount of Finnish companies receive help so that they can develop into a globally significant growth company,” comments Janne Holmia, the new Chair of the Board at the Finnish Venture Capital Association and from Verdane.


Business angels, private individuals who invest their own wealth into startups, invested a total of €36 million in 321 startups in 2020. The total decreased from last year’s record number €54 million, when many exceptionally large investments were made.

The main focus in investments shifted from new investments to follow-on funding rounds: as many as 79% of the startups that received investments were follow-on funding rounds, compared to 44% in 2019. “This reflects the message we heard from our members over the year, that in the midst of the pandemic, the main focus has been on helping portfolio companies over this exceptional period, and there has been less time to spend in finding new investments”, says Amel Gaily, Managing Director of the Finnish Business Angels Network.

“Despite the exceptional year, private investors made significant investments and activity, especially with acquisitions, filled many angels’ calendars. On the exit side, long-term activities, the maturing of the field, and activity of other early-stage investors are starting to show”, comments Reima Linnanvirta, Chair of the Board at the Finnish Business Angels Network.

Amongst angel investments, records were made in 2020 in exits made by investors: a total of 171 exits took place, up 68% from 2019. Of the exits, 13% were highly profitable, yielding a return of ten or more, and 6% yielded a return of five to ten. Despite the challenging year, the number of loss-making exits remained at the level of previous years, standing at 37% in 2020.


For the first time, the statistics also show other domestic investors as a new group of investors. This category includes larger domestic companies and pension funds that made close to €100 million in direct investments in startups in 2020.

In addition, the amount invested by other foreign investors has more than doubled to €271 million. The largest single investment was a €195 million funding round raised by telephone manufacturer HMD, where the majority of the funding was raised from Google and Qualcomm.

“It’s great that in addition to venture capital investors and business angels, domestic companies have become more active as investors. The cooperation of local investors will enable more and more companies to grow into an international success story”, Pia Santavirta and Amel Gaily conclude.


Finnish Venture Capital Association
Managing Director Pia Santavirta
+358 40 546 7749
Chairperson of the Board Janne Holmia
+358 40 0843333

Finnish Business Angels Network
Managing Director Amel Gaily
+358 50 3655 019
Chairperson of the Board Reima Linnanvirta
+358 50 538 1606

FVCA is the industry body and public policy advocate for the venture capital and private equity industry in Finland. As the voice of the Finnish VC and PE community and the entrepreneurs they fund, it is our role to demonstrate the positive impact of the industry on the Finnish economy. FVCA – Building growth.
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Finnish Business Angels Network (FiBAN) is a Finnish non-profit association of private investors on a mission to encourage private investments into early stage growth companies. The network is one of the largest and most active business angel networks in the world with over 670 approved members. www.fiban.org

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Instant Noodle Revolution Sparked by Female-led Startup

I am thrilled and inspired by the growing success of Noodelist. They issued a press release today and are hosting a virtual noodle night with Michelin Star Chef Dolan. I for one will be joining the cooking event to support this female founded and operated company. Way to go Noodelist!


Noodelist is Timo Ketonen’s private investment and the first one in a US based company.


Press Release

Going Gaga Over Noodelist’s Tasty, Plant-Based Meal, Ready in Five Minutes


Palo Alto, California, February 2, 2021 – Taking the Bay Area by storm, female founded and operated Noodelist is fueling a grassroots craze for instant noodles which feed the soul. What makes these noodles so hot? Noodelist has successfully brought together tasty and healthy in a meal you can make in five minutes flat. Professionals, parents, and vegans everywhere are slurping and buying up these noodles like there’s no tomorrow.

Noodelist founder Thuong Tan says, “I wanted to share the taste of my mom’s noodle soups with friends, while doing so in a healthy and environmentally sustainable way – and that’s how Noodelist started. I’m an immigrant whose mom lives in Finland, also I’m admittedly lousy in the kitchen. So, I teamed up with talented Chefs and other food connoisseurs to turn my dream into a reality.”

Noodelist’s secrets include noodles made from Moroheiya, an Egyptian spinach, and vegan broths packed with nutrition without sacrificing flavor. Bold bites of lemongrass, shiitake and other good-for-your-heart ingredients make it possible to have less of the not so good stuff like sodium.

Consumers and chefs agree – Noodelist has hit the mark with instant noodle goodness. One only needs to look at the many comments on social media to see the happy reactions to Noodelist noodles. Consumer Tiffany H. posts, “Words really can’t explain how happy I am to have discovered Noodelist. The amount of instant noodles that I consume is probably way more than the average person should. However, you really can’t beat the convenience and time saved when you’re busy at work and just need something quick. But hey, now I can eat these guilt-free since they are air dried (not fried like your typical instant noodles) and packs a punch of protein into such a small amount of noodles.”

Award-winning Chef Petteri Luoto states “Many consumers think healthy food means a trade off with taste, and that’s simply not the case. We worked for over a year on perfecting the Noodelist recipes, looking for that delicious balance of textured noodles and bespoke, tasty broths to come together in a meal that is high in fiber, carotene, calcium, iron, vitamin B, C, and antioxidants.”

Noodelist has tapped into a growing trend to eat better in a world that consumes 100 billion meals of instant noodles annually. Need new ideas on how to mix up your ramen? No problem, Noodelist also hosts noodle nights with Chefs, so the layman can learn from the best. Check out the upcoming online event on Feb. 11 with Michelin Star Chef Matthew Dolan from the highly-rated Twenty Five Lusk restaurant in San Francisco. More info on the virtual cooking event can be found on noodelist.com.

One can’t help but be inspired by a female immigrant who is bringing plant-based instant noodles to more American consumers, who are notoriously fraught with health challenges related to eating. The world needs more tasty comfort food that is also a comfort to our bodies and conscience. Way to go Noodelist!



About Noodelist

Noodelist provides delicious, guilt-free noodles that are 100% plant-based, with bespoke, tasty broths inspired by Chefs. Noodelist is female founded and operated, and committed to environmental sustainability.

Noodelist noodles are available for purchase online at noodelist.com. Just add boiling water, wait five minutes, then enjoy a delicious meal. For more information, visit noodelist.com


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BSH Group, part of the Bosch Group, strengthens collaboration with Plantui in smart indoor gardening

Plantui Oy press release


BSH Hausgeräte GmbH, one of the world’s leading home appliance manufacturers and the company behind Bosch home appliances, and Finnish startup Plantui have enhanced their partnership with the goal of bringing consumers even more innovative solutions for indoor gardening.

“The recent changes in the world have further spurred the grow-your-own food movement and urban citizens are looking for sustainable solutions for gardening indoors. Hydroponic, “no-soil”, “no pesticides” solution is one of them. With no natural light needed and automated technology to help those with no green thumb it provides a perfect opportunity to be a little self-sufficient”, says Piia Maaranen, CEO of Plantui.

“The technology has been developed in Finland and has successfully been tested in 30,000 Plantui-manufactured consumer devices. It is a great milestone for the company to have Bosch recognizing the value of the technology and our collaboration,” continues Maaranen.

Plantui’s technology is based on LED lights with specified light algorithms which replicate the light of Finnish Lapland. With a special photon stream to optimize the photosynthesis, plants produce more green mass and a higher level of nutrients. Together with an automated growth method, Plantui’s technology is a strong base for developing indoor garden solutions of all sizes including larger scale vertical farms.

Global patents: Ratified in US, Canada and China
Device for Hydroponic Cultivation WO/2015/144815
Hydroponic Indoor Gardening Method WO/2015/144812


More information:
Piia Maaranen, CEO Plantui
+358 40 5151 321

Kari Vuorinen, CTO Plantui
+358 50 1500

Plantui Oy
Köydenpunojankatu 14
Logomo Konttori
20100 Turku

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