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Economy Finland Investment News

Finnish Startups Face Funding Dip

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Last year, Finnish startups experienced a significant reduction in funding, down from the previous year’s record highs. According to the Finnish Venture Capital Association (FVCA), total growth funding for Finnish startups was approximately €871 million, a sharp decline from the €1.7 billion raised in 2022.

This downturn in startup funding is primarily due to a reduction in the size and number of large investment rounds. For example, Hostaway, a leading provider of vacation rental customer relationship management software, secured the largest funding round of 2023 with €162 million. This contrasts starkly with the €440 million and €500 million rounds secured by Wolt in 2021 and Relex in 2022, respectively. The decrease was particularly pronounced in foreign investments, which plummeted by 58%, although domestic investments also fell by 17%.

All in all, 2023 was a robust year for Finnish venture capital funds, which raised a total of €507 million in new capital, near record levels. Notable contributions included Finland’s largest venture capital fund Lifeline Ventures, which amounted to €150 million. New entrants like Greencode Ventures, Kvanted, and Failup Ventures also marked their debut.

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