Finnish business angels invested in diverse sectors but especially large increase was done in the ”life science” and ”health tech” sector. The amount of positive exits increased including several 10X results. The capital invested decreased to 11M€ (14M€ in 2012) but is still one of the largest in the Nordics.

The amount of companies who received angel investments doubled from year 2012 to 164 companies. A typical angel investment was done through a company and in a syndicate with other angels. This positive as the Finnish angel activity is getting more mature and the average investment size is now more close to the European average.


  • Respondents: 157 business angels (response rate 30 per cent).
  • Investments in euros: Over €11 million, average €49.000 and median €25.000
  • Exits: More than half yielded a profit with several returns over 10X


BOARD 2014
Riku Asikainen, pj.
Jaakko Salminen, vpj.
Anne Berner
Aarne Sipilä
Ari Hyppönen
Juha Kurkinen
Pekka Vartiainen

Jan Oker-Blom, toimitusjohtaja

Claes Mikko Nilsen, koordinoija

 Finnish Business Angels Network (FiBAN)

FiBAN is a national, non-profit association of private investors that aims to improve the possibilities for private persons to invest in unlisted potential growth enterprises. 

  • A non-profit association of private investors
  • Over 350 approved business angel members; at present, more than a hundred portfolio companies
  • A national interest group for private investors

FiBAN’s objective is to create a solid foundation for the network of business angels and to offer a place where angel investors and growth enterprises can meet. The purpose is to strengthen and develop the profession of private venture capitalists, i.e. business angels. In addition, FiBAN helps entrepreneurs to build growth enterprises by training and supporting cooperation with investment institutions. 
The association represents private investors at the European Business Angels Network (EBAN), where it was granted the “Business Angel Network of the Year” award for 2012.

Finnvera’s Venture Capital Investments

Finnvera plc, the State-owned specialised financing company, provides financing for the start, growth and internationalisation of enterprises and for protection against export risks. Finnvera reinforces the capacity and competitiveness of Finnish enterprises by offering loans, domestic guarantees and export credit guarantees. In addition, Finnvera’s subsidiaries make venture capital investments through funds or as direct investments. Direct investments are made in innovative start-up enterprises.