Startup companies that pitched at events organized by the Finnish Business Angels Network (FiBAN) reported having raised €42.8 million in growth funding during 2024. FiBAN interviewed 95 startups that had pitched to investors at FiBAN events in late 2023 and during 2024. This interview-based survey was conducted for the first time.
Majority of pitching companies receive funding
According to the results, 60% of startups that pitched to investors received funding through FiBAN’s network or its events. The process from pitch to receiving an investment took six months on average, which is considered a typical length for closing an investment deal. The median size of an individual angel investment was reported at €20,000.
“Based on these results, the funding readiness of early-stage startups in Finland has improved. Startups are nowadays better prepared for funding rounds and understand the realities of fundraising when they come to our events,” says FiBAN CEO Tiina Laisi-Puheloinen.
FiBAN organizes about 12 Pitch Finland events and nearly 100 networking events annually to bring together investors and founders.
Investors back traction, not just ideas
FiBAN’s deal flow — the number of startups applying — has grown enormously in recent years, from around 400 applicants annually (2022) to over 1,000 applicants annually (2024, 2025)
“One often hears the claim that the quality of startups in Finland has declined in recent years. However, this does not align with the fact that so many companies going through FiBAN’s funding pipeline have secured financing. No investor knowingly puts their money into bad companies,” says CEO Tiina Laisi-Puheloinen.
On the other hand, competition for funding has become tougher, since investments are rarely made in pure idea-stage startups anymore. “Angel investors also want to see early-stage startups already generating revenue before they invest.”
The power of networking is also evident in follow-on funding opportunities opened by angel investors. “An angel investor is much more than just one of the first believers. Angels use their networks to help their portfolio companies access follow-on funding and even customers,” Laisi-Puheloinen adds.
Co-investing on the rise: Funding from multiple sources
According to the research, startups receive funding from several sources. Within FiBAN’s network, the role of co-investing has grown significantly. The Co-investment Fund managed by Innovestor, launched in 2024, has further increased co-investing practices. Other venture capital investors are also actively involved in funding rounds realized through FiBAN.
“Twenty-six investments have been made with the Finnish Angel Co-Fund that is managed by Innovestor. The average size of the fund’s investment is €138,000, and so far, 156 angel investors have participated. Altogether, these rounds have raised more than €10 million,” says Laisi-Puheloinen.
Finnish Business Angels Network ry (FiBAN)
- One of Europe’s largest and most active business angel networks
- Over 600 angel investors and 60 partners
- Core mission: connecting private capital with growth-driven startups
- Annually, 1,000 startups apply for funding through FiBAN
- FiBAN’s business angels have invested nearly half a billion euros into more than 2,000 startups over 15 years.