In 2024, Finnish startup ecosystem saw $881M in VC investing, with Helsinki ($586M) leading the way, followed by Oulu ($295M), according to Dealroom data. The largest funding rounds included Silo AI (acquired by AMD at $665M valuation), ŌURA (Series D in November and December, totaling $200M at $5.2B valuation), Convion (acquired by HD Korea Shipbuilding & Offshore for $72M), ICEYE ($32.5M in debt), and Onego Bio ($27M Series A).
While deeptech attracts 30% of funding, AI startups represent just 12% of 2024’s total. Flow Computing exemplifies innovative adaptation through its pan-European structure – distributing R&D across Finland’s €3.2B research infrastructure while positioning commercial teams in lower-cost markets. Meanwhile, food tech shows promising growth (exemplified by Onego Bio’s €27M round), contrasting with clean tech’s decline – energy investments dropped 22% in 2024 despite Finland’s top SDG ranking.
A recent report from Maria 01, a leading European startup hub, reveals a striking trend: startups with international founders secured nearly 60% of all funding raised by Maria 01 startups. The report shows that Maria 01 startups raised €87M across 37 funding rounds, with the largest investments going to Swappie (€17M), Bit Odd (€17M), Datacrunch.io (€13M), Wamo Solutions OY (€5M), and Collo (€5M). More than a third (36%) of Maria 01 startups have at least one international founder, highlighting the ecosystem’s appeal to global entrepreneurs.
International founders bring valuable cross-border networks that align perfectly with Finland’s export-driven economy. For example, Superhero Capital’s €50M fourth fund targets teams with global scalability potential, with partners now covering all Baltic states. This approach matches investor priorities – foreign capital constituted 65% of Finland’s 2022 VC investments, making multinational market entry capabilities essential from day one.
VCs like Superhero Capital assess teams on two key factors: technical excellence and global scalability potential. International founders inherently demonstrate market expansion capabilities, reducing perceived risk. Success stories like Aiven’s €200M round and Wolt’s €440M raise show how cross-border founding teams attract growth-stage capital. Data shows international teams secure 42% larger Series A rounds on average, with 2024’s €137M early-stage investments favoring teams with multinational customer reach.
But does this mean that diverse founders lead the Finnish landscape? Tech Funding News investigated by speaking with founders from Flow Computing, Supersight Oy, AIATELLA, Kuurai, and Maria01. Here’s what we discovered.
Cross-border talent attracts larger investment rounds
Maria 01’s annual Impact Report confirms that startups with international talent in their founding teams secured larger funding rounds in 2024. This aligns with the Finnish Venture Capital Association (FVCA) report, which shows that VC investments reached €137 million in the first half of 2024, maintaining pace with 2023’s total funding of €871 million.
According to statistics, 58% of Maria01 startups have at least one international founder, while 42% are purely Finnish. Most international founders come from Europe, Asia, and South America. Here are insights founders shared exclusively with TFN:
Timo Valtonen, CEO and co-founder of Flow Computing: “We are very international. Our team consists of ten people of five different nationalities (Finnish, Italian, Hungarian, British, American) working in five different countries (Finland, Italy, Hungary, Switzerland, United Kingdom).”
William Hammersley, COO and co-founder, Supersight Oy: “Supersight is 87.5% international. Our team comprises 2 Brits, 1 Bangladeshi, 2 Pakistanis, 1 Italian, 1 Hungarian, and 1 Finn. Our founding team is 66% international, with one Finn, one Brit, and one Italian.”
Jack Parker, CEO, co-founder, AIATELLA: “We are 75% international.”
Suvi Haimi, CEO and co-founder of Kuurai: “Our small team is already international, with four different nationalities, and three out of seven are non-Finns. However, the whole team is based in Helsinki.”
“International founders tend to be bold risk-takers, willing to make bigger leaps of faith in pursuit of success. Many are highly educated, bringing expertise, fresh perspectives, and a strong drive to innovate, develop new products, and launch businesses. This influx of talent and ideas is a tremendous asset — not only for the Finnish startup ecosystem but for the entire economic future of Europe,” says Sarita Runeberg, CEO of Maria 01.
Finland’s government actively supports international startups through initiatives like Business Finland, offering funding and investor connections. The country’s robust infrastructure of startup hubs and accelerators, including Maria 01, provides an ideal environment for international startups. The Startup Permit program offers a straightforward two-year residence permit, making it easy for international founders to establish businesses and enhance the ecosystem’s diversity.
Being international yet not diverse still gives the advantage
More than diversity alone, team internationality appears to be the competitive advantage in the region. Parker notes: “Hard to say we got more investment because of an international team, but our lead investor does specifically select for diverse teams.”
Valtonen shares this view: “The pre-seed funding we closed in 1Q/2024 was with founders only in the team, all Finnish, and based in Finland. However, we planned to build an international team, which was also clearly communicated to our first investors. Investors believed that we can succeed by building an international team.”
Haimi adds: “The diverse background of our founders, both in terms of nationality and experience, was a significant contributing factor to us raising a successful first investment round.”
Finland’s trust-based society fosters collaboration and innovation, benefiting startups with diverse founding teams. While foreign entrepreneurs face language barriers and networking challenges, various initiatives now provide language support and networking events to help international founders integrate into the Finnish business community.
Gender gap persists in Finnish startup ecosystem
Teams with female founders consistently raise less funding than their male counterparts. Maria 01 is tackling this disparity through a new initiative supporting visionary founders. Currently, only 15% of startups have at least one female founder, and these teams receive just 15.4% of all funding rounds.
Haimi shares: “We have two female co-founders out of six co-founders in total, with one of the female co-founders serving as our CEO. We believe that a diverse founding team — and the different perspectives that come with it — has been crucial in helping us identify growth opportunities, define our unique value proposition, and build a successful company.”
To address these challenges, Maria 01 is launching a new program for early-stage founders. The initiative offers free working space for up to three months per company, reserving half its spots for female and minority founders. The program is open to startups from the idea stage onward.
The future of Finnish startups: A path toward diversity?
Despite its successes, Finland’s startup ecosystem faces distinct challenges. A small domestic market, high taxation, and significant labor costs can limit startup growth and scalability. Many startups must pursue international markets early, which can make some investors hesitant due to limited domestic traction.
Finland stands out through its dedication to sustainability, exemplified by vibrant clean tech and food tech sectors. Breakthrough innovations in cell-based agriculture and 3D food printing drive substantial growth. This pragmatic focus on solving real-world challenges positions Finland as a pioneer in sustainable innovation.
The ecosystem captures global attention through flagship events like Slush, a powerful magnet for international talent and investors. Such visibility creates valuable opportunities for internationally led startups to forge connections with potential investors and partners across the globe.
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