Finland

Greater Helsinki

MEMBERS:
City of Helsinki

Helsinki startup ecosystem has showed great resilience during the pandemic. Venture capital flow into Helsinki-based startups keeps growing and the message is clear - there is quality in the ecosystem.

Marja-Leena Rinkineva
Director of Economic Development, City of Helsinki
Top 15 European Ecosystem: Talent & Experience
Top 10 Global Emerging Ecosystem: Funding
Top 20 European Ecosystem: Performance

Highlights

With its small population of just 5.5 million, Finland has shown an impressive ability to turn out tech and startup success stories from Nokia to Rovio to Wolt. The greater Helsinki area is the epicenter of the country’s startup scene. Helsinki’s startup conference Slush is the largest single gathering of venture capital in Europe with 1,500 investors. Helsinki has created 4 unicorns and its startups generate more than 10% of all Finland’s tech jobs. Currently the region is home to an additional 8 startups valued between $250 million and $1 billion that are on track to achieve unicorn status. This successful track record has attracted the interest of investors. Finnish startups receive the most venture capital per capita in Europe. Finland is also home to a large business angel network. Finland offers public funding to startups through Business Finland, Finnvera and other public sector organizations. In 2020 Finnish startups received a record $1 billion in investments. There are several startup hubs offering support for young companies to accelerate their business, such as the “Maria 01 Campus,” which is currently home to 170+ startups and 14 VC funds. An ongoing expansion project will make it one of the largest startup campuses in Europe. Recent companies of note include food delivery platform Wolt, which raised US$535.23 million in January 2021, putting the company's valuation at US$3.19 billion, mobile game studio Metacore, and PropTech company Kodit.io, which has raised a total of US$132.2 million over 6 rounds.

Ecosystem by the numbers

TOTAL EARLY STAGE FUNDING
$549 m
GLOBAL AVG.
$548 m
ECOSYSTEM VALUE
$6.6 bn
GLOBAL AVG.
$13.68 bn
MEDIAN SEED ROUND
$408 k
GLOBAL AVG.
$480 k
MEDIAN SERIES A ROUND
$2.7 m
GLOBAL AVG.
$3 m
SOFT. ENGINEER SALARY
$54 k
GLOBAL AVG.
$44 k

Sub-sector Strengths

Digital Health

Healthcare in both the public and private sector in Finland is moving towards being fully digitized, and the coverage of electronic health records (EHR) across the country is now 100%. Aiforia, a maker of software for healthcare professionals, has raised a total of $25.57 million over 4 rounds. Health Incubator Helsinki (HIH) is a unique incubator program for research-based health sector teams and start-ups.

AI, Big Data & Analytics

In February 2020 the Ministry of Finance launched the AuroraAI program to utilize AI to help people access government services more seamlessly. In November 2020 Finland launched an updated AI strategy to promote the development and adoption of AI technologies within local companies. Database-as-a-service platform Aiven has raised a total of $150 million over 4 rounds. Marketing analytics startup Supermetrics has raised €43.5 million/$49.68 million over 2 rounds.

Gaming

In 2020 the Finnish Game Industry celebrated its 25th anniversary, an industry employing 3600 people in 200 studios with 2,4 Billion euros of total turnover. It is an international industry on creating global brands, raising several hundreds of millions capital and almost 30% of the employees comes abroad. The unique ecosystem of Finland supports the game development from Government grants to strong education with an active community.

Reasons to move your startup to Greater Helsinki

Access to talent

Finland’s educational system is consistently ranked among the best in the world, and the greater Helsinki region consistently ranks in the European top 10 for productivity and global competitiveness. Helsinki has the second-highest concentration of commercially successful app developers globally after only Silicon Valley. The Global Talent Competitiveness Index 2020 from INSEAD, Adecco, and Google ranked Finland seventh among 132 countries globally, citing the workforce’s strong technical skills among other strengths. Helsinki also invest heavily to creation of new business initiating several incubator programs with University of Helsinki.

Get connected

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