Here you will find the most commonly asked questions concerning the FiBAN annual survey. 
Please also see the FiBAN Glossary for further information.

1. Why do we collect these statistics?

FiBAN’s figures consist only of the data provided to us: we do not cover all angel investing activity in Finland. However, by pooling data, FiBAN can look into trends and findings which benefit the whole angel investor and startup community. Through quality research and analysis, we aim to offer valuable and unique knowledge for the whole startup ecosystem. 

By answering this questionnaire you will receive a 100 euro discount on your annual membership fee. The more answers we can gather, the more accurate information we can provide about the Finnish angel investment ecosystem.

2. Where is the date published?

The data will be published at Please find the data from the previous year’s annual survey.

3. Why should I take part in this survey?

These statistics have recently received significant public attention over the years, for example in Kauppalehti. With the upcoming Finnish parliamentary elections, the survey results hold greater value regarding governmental decision-making than ever. The more accurate data there is, the more educated information we can offer as an organization to support high-end decision-making processes.

4. Are loans considered investments?

Yes, a loan is also considered an investment.

5. What is the definition of an exit in this survey?

An event that allows founders and early investors in a company to cash out some or all of their ownership shares. Positive exits typically involve either IPOs or acquisitions. Negative exits typically refer to the failure, closing down and dissolution of the company or a sale to another company at a valuation too low. Read more from FiBAN’s Glossary.

6. Is a partial exit enough, where some of the shares were sold?

Yes, partial exits are also taken into consideration in FiBAN’s statistics. Read more from FiBAN’s Glossary.

7. If there are multiple rounds to the same company, do I need to report them all?

Yes, please report all investments in the “add investments and exits” section.

8. Are secondaries included?

Yes, secondaries are taken into account in the survey as well.

9. What is the definition of a startup in this questionnaire?

According to FiBAN’s glossary, a startup is defined as follows: “An unlisted venture or company that’s in the initial stages of operations, seeking rapid international growth.”   Read more from FiBAN’s Glossary.

10. What does “solo investment” mean?

This means that the angel has funded a whole round themselves without collaborating with other investors, including due diligence and/or negotiation of the terms.

11. I made no investments this year, do I still need to answer?

Yes. Even if you have not made any investments you should still answer as this will help produce more accurate data.

12. How to mark my shares in Höpöhöpö?

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For any content-related questions concerning this survey, please do not hesitate to contact the FiBAN office team at

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