2023 Investments reported by FiBAN members

The Finnish Business Angels Network (FiBAN) reports a significant decline in angel investments in Finnish startups during 2023, with funding dropping from €37 million to €26 million compared to the previous year. This 30% decrease reflects the cautious stance adopted by investors amidst uncertain financial markets.

Capital Investments Declining – Fewer Funded Companies in 2023

According to FiBAN’s annual startup investment and exit statistics, the number of funded companies decreased from 248 to 173 in 2023. Despite this downturn, the number of active private investors remained stable, with 60% of respondents indicating continued investment in startups.

“While angel investment activity remains stable, investors are proceeding cautiously with new opportunities, resulting in slightly reduced investment volumes,” said Ivan Helin, FiBAN’s data engineer. “The median investment size has also decreased from €20,000 to €17,000.” Read more about FiBAN’s investment data.

Number of funding rounds

Number of funding rounds

FiBAN’s CEO Tiina Laisi-Puheloinen emphasized the impact of rising interest rates and geopolitical uncertainty on the financial market, which has led to a prioritization of existing company support over new ventures. “It is likely that less risk is now being taken, and angels likely prioritize supporting their existing portfolio companies,” she confirms.

However, Laisi-Puheloinen highlighted the continued active investment in Finnish enterprises. “95% of angel investments are directed towards local businesses. Angels play a crucial role in enabling critical early-stage growth despite the prevailing economic challenges,” she says. 

Dristribution of investments in 2022-2023

Distribution of investments in 2022-2023

More bankruptcies and fewer acquisitions

In 2023, the number of reported exits increased to 145, with a notable rise in bankruptcies. Reflecting national trends, FiBAN’s data aligns with Statistics Finland, which recorded the highest number of bankruptcies in 25 years. The Finnish startup hub Maria01  recently also reported a decline in startup investments.

Different exit types - a third of exits were bankruptcies

Different exit types – a third of exits were bankruptcies

Despite the drop in investments, Laisi-Puheloinen remains optimistic about the future, citing the anticipated positive impact of new co-investment models and financial instruments. 

Initiatives such as the Finnish co-investing fund aim to co-invest 30 million euros together with Finnish angel investors in early-stage startup growth. “We believe this is the positive boost that the Finnish startup sector needs in this economy,” Laisi-Puheloinen confirms.

With Finland’s fresh Nato membership, international venture capitalists have shown increased interest in the Finnish early-stage startup scene. “I suggest keeping an eye on emerging sectors such as deep tech, defense, and security innovations, highlighting potential growth opportunities in these areas,” Laisi-Puheloinen says.

Angel investments in Finland by region

Angel investments in Finland by region

For further information and interviews, please contact:

Tiina Laisi-Puheloinen, CEO of FiBAN

+358 40 7507417



Find more angel investment data from 2017-2023.

Learn more about FiBAN’s history and founders.