FiBAN Members invested 57 million euros in 2025

The combined annual revenue of companies in Finland’s startup ecosystem amounts to €12 billion. One third of this — €4 billion — is generated by companies funded by members of the Finnish Business Angels Network (FiBAN).

In 2025, early-stage Finnish startups received a total of €57 million from angel investors. The number of investments rose 46% compared to the previous year. These record-breaking figures come from the latest FiBAN 2025 Annual Statistics report, which was completed by over 400 angel investors in the FiBAN network.

“Direct investments into startups amounted to €46 million, with €11 million invested through funds. Previous record years were seen in 2019–2021, when there was a great deal of money available in Finland. Russia’s invasion of Ukraine, which began in 2022, also brought the startup sector to a halt and made people much more cautious. Now, confidence in the economy and in investing is returning,” says Ivan Helin, Data Scientist at FiBAN.

The focus of startup investment has shifted. Business Finland, for example, has reduced its early-stage funding instruments for companies.

“Early-stage companies die if they don’t receive investment. The greatest risk of business failure comes at the very beginning. Without angel investors, we wouldn’t have Oura, Wolt, or Framery. Business angels are once again the most important supporters of startups in the early stage. Investor funds are directed particularly toward hiring new talent. The range of companies receiving funding is increasingly diverse. In addition to the technology sector, angel investors are also showing interest in creative economy businesses, for example,” Helin notes.

The focus of startup investment has shifted. Business Finland, for example, has reduced its early-stage funding instruments for companies.

“Early-stage companies die if they don’t receive investment. The greatest risk of business failure comes at the very beginning. Without angel investors, we wouldn’t have Oura, Wolt, or Framery. Business angels are once again the most important supporters of startups in the early stage. Investor funds are directed particularly toward hiring new talent. The range of companies receiving funding is increasingly diverse. In addition to the technology sector, angel investors are also showing interest in creative economy businesses, for example,” Helin notes.

2025 was a record year for exits. In an exit, an investor’s ownership in a startup ends — for example, through the sale or bankruptcy of the company. According to the FiBAN 2025 Annual Statistics, angel investors in the network completed a total of 185 exits, a 32% increase in total volume.

“Bankruptcies accounted for approximately 44% of reported exits, an increase of around 10% from the previous year. Startup investing is high-risk investing. The odds are steep in both directions, but one good investment can offset many bad ones. A successful exit can generate returns many times over and cover the losses from underperforming investments,” Helin notes.

“The macroeconomic impact comes from two directions. First, a few investors leave the proceeds of a successful exit sitting in a zero-interest bank account — capital is quickly redirected into new investments. Second, an entrepreneur who has become wealthy from selling their company often becomes an investor themselves,” Helin continues.