The combined revenue of Finnish companies that have received angel investments rose to almost six billion euros in 2024. Their research and development investments grew to a record 281.5 million euros, and they employed 23,800 people in 2024. A joint study by the Finnish Startup Community and FiBAN shows how important angel-backed companies are to the Finnish economy.
Angel-backed companies in Finland generate nearly 6 billion euros in revenue and employ 24,000 people
The study covers 1,617 Finnish companies that have received angel investment. These include both early-stage startups and established companies.
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Angel investors enable new companies to grow
Angel investors play an important role in financing new companies and renewing the Finnish economy. They invest mainly in companies at an early stage, when outside funding can be hard to get. According to the study, companies typically receive their first angel investment two years after they are founded.
“Finland’s economic growth depends on new growth companies being created. Angel investors play a key role here, because outside funding is often hard to get in a company’s early stages. Without early-stage risk-taking, many new companies might never be founded, or their growth might stall at the start,” says Amir Hassan, economist at the Finnish Startup Community.
Over the years, angel-backed companies have raised a total of around 6.5 billion euros in funding from various investors. This figure is the cumulative amount of funding the companies have raised.
“Angel investors take risks at a stage when a company often has only its first customers and a lot of work ahead of it. Early-stage funding helps companies develop their products, find customers and grow. Finland needs more angel investors so that more new companies get the chance to grow internationally,” says Ivan Helin, data scientist at FiBAN.
R&D investment at a record high
The research and development expenditure of angel-backed companies rose to a record 281.5 million euros in 2024, an increase of almost 13 percent on the previous year. R&D investment therefore grew clearly faster than the companies’ revenue.
This R&D expenditure equalled about five percent of all R&D expenditure in Finland’s business sector. Angel-backed companies spent 4.7 percent of their combined revenue on research and development. Investment grew even though the number of companies reporting R&D expenditure fell from 255 to 221. R&D efforts are therefore concentrated in fewer companies than before.
Artificial intelligence and healthcare attract angel investors
Technology sectors are strongly represented among angel-backed companies. Software is the largest identified industry group, and healthcare is also a significant investment target.
The share of angel-backed companies focused on artificial intelligence, data analytics and healthcare in particular has grown in recent years.
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About the study
The Angel-backed Firms in Finland 2026 study, completed in October 2026 by the Finnish Startup Community and FiBAN, examines 1,617 Finnish companies that have received angel investment from FiBAN members. The data has been combined with register data from Statistics Finland and with data from Finnish Industry Investment (Tesi), the Finnish Patent and Registration Office (PRH) and Business Finland.
In addition to startups, the study covers established companies and companies that investors have already exited. Revenue and R&D figures are for 2024. At that time, 1,239 companies in the dataset were in the financial statements register, and revenue data was available for 1,126 of them.
The set of companies has been updated since the previous study, so the headline figures of studies published in different years cannot be compared directly. The growth percentages in this release are based on time series from the updated dataset.
About FiBAN
Finnish Business Angels Network (FiBAN) is one of Europe’s largest and most active business angel networks, with over 600 members.
FiBAN members invest a combined €30–50 million annually into early-stage companies, with total investments since 2011 reaching €480 million.
FiBAN promotes early-stage growth funding, supports angel investors, and develops the impact of angel investing. The association collects detailed annual statistics on investment activity and regularly conducts research on the early-stage startup landscape.
About the Finnish Startup Community
The Finnish Startup Community represents Finland’s startup and growth company ecosystem in public dialogue.
Its membership includes more than 300 startups and venture capital firms. The community regularly publishes data and research on Finnish startups.
Contact
Ivan Helin
Data Scientist, Finnish Business Angels Network ry
puh. +358 45 7838 7905
email: ivan.helin@fiban.org
Amir Hassan
Economist, Finnish Startup Community
puh. +358 45 889 9011
email: amir@startupyhteiso.com