Finnish fundraising rewards founders who pair breakthrough solutions with ruthless execution—and the best investors bring Nordic relationships, public–private leverage, and deep-tech expertise, not just capital. Here's the definitive, founder-first guide to who's truly active in Finland, how to pick the right partner, and how to pitch so you get to "yes."

1) How to pick the right Finnish investors (quick and founder-first)

Map investor → motion.
- Pre-seed company builders: Icebreaker.vc (first tickets up to €1.5M), Superhero Capital (up to €1M initial), Wave Ventures (student-led pre-seed), Gorilla Capital (frequent €50k–€1M checks). (Icebreaker)
- Deep tech / science: Voima Ventures (Fund III €100M+), Butterfly Ventures (pre-seed/seed deep-tech), Maki.vc (deep tech & brand-driven). (Voima Ventures)
- B2B SaaS / data infra: Vendep Capital (B2B SaaS, €0.1–3M), OpenOcean (Helsinki/London; early B2B software), Inventure (Nordics/Baltics seed/A). (Vendep Capital)
- Cross-border platform & corporate access: NGP Capital (Helsinki office; Nokia-backed), NordicNinja (Nordic + Japanese networks). (NGP Capital)
- Gaming: Play Ventures (Fund III $140M; Helsinki partner). (Pocket Gamer)
Stack Finland's public edge. Pair VC with Tesi (state LP/co-investor) and Business Finland grants (e.g., Tempo up to €60k) to extend runway without ugly dilution. (tesi.fi)
Signal real PMF math. Lead with activation → 30/60/90 retention, payback by channel, and 12–18-month milestones tied to this round.
Ask for leverage beyond the check. Shortlist firms that add distribution (corporate/int'l), technical diligence, or hiring firepower in your exact market.

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2) The investors (what they do, why founders pick them, how to approach)

For each: Center, Stage & ticket (indicative), Why them, They scrutinize, How to approach.

1) Lifeline Ventures (Helsinki)

Center: Iconic early-stage Finnish fund; day-zero to scale.

Stage & ticket: Pre-seed → A; new €400M fund in 2025 expands follow-on power. (tesi.fi)

Why them: Seed backer of Supercell, Wolt, Oura, ICEYE, Aiven. (tesi.fi)

They scrutinize: Founder velocity, category insight, and path to global scale.

Approach: One-pager showing your wedge → category plan and weekly usage/retention curves.

2) Inventure (Helsinki)

Center: Generalist early-stage across Nordics/Baltics with heavy portfolio support. (Inventure VC)

Stage & ticket: Seed/A (select pre-seed). (PitchBook)

Why them: Deep talent/help for cross-border expansion.

They scrutinize: ICP clarity, repeatable sales, and "why now."

Approach: Show 2–3 lighthouse expansions and a hiring roadmap for the next phase.

3) Icebreaker.vc (Helsinki)

Center: Company-builder mindset from idea to seed; community + studio DNA.

Stage & ticket: First tickets up to €1.5M; Finland/Sweden/Estonia focus. (Icebreaker)

Why them: Hands-on at zero to one (design partners, founder tooling).

They scrutinize: Founder-problem fit and early activation/habit.

Approach: Bring design-partner letters and 90-day build/ship cadence.

4) Maki.vc (Helsinki)

Center: Early-stage deep tech & brand-driven ventures. (Maki)

Stage & ticket: Pre-seed/Seed, concentrated bets.

Why them: Pattern recognition in hard tech + crafted consumer brands. (Maki)

They scrutinize: IP or scientific edge and a crisp demand story.

Approach: Map TRL → commercialization, plus first paying customers.

5) Voima Ventures (Helsinki/Stockholm)

Center: Science-driven deep tech (Nordics & Baltics).

Stage & ticket: Initial €200k–€3M from €100M+ Fund III (Article 8). (Tech.eu)

Why them: Strong university/R&D ties; climate & industrial focus. (Vestbee)

They scrutinize: IP/FTO, derisking plan, and industrial pilots.

Approach: Show a pilot pipeline and regulatory/scale milestones.

6) OpenOcean (Helsinki & London)

Center: Early-stage B2B software / data infrastructure; roots with MySQL/MariaDB's Monty Widenius. (OpenOcean)

Stage & ticket: Seed/Series A across Europe. (OpenOcean)

Why them: Deep technical diligence and go-to-market for data products.

They scrutinize: Data moats, developer adoption, and scalable unit economics.

Approach: Bring pipeline by persona (PM/data/infra) and time-to-value data.

7) Vendep Capital (Espoo)

Center: B2B SaaS specialist across Nordics/Baltics.

Stage & ticket: €0.1–3M initial; leads seed, supports follow-ons. (Vendep Capital)

Why them: Practical SaaS help; recent co-leads in Nordic SaaS. (Vendep Capital)

They scrutinize: Payback by channel and NRR path.

Approach: Share cohort math and two customer expansion stories.

8) Superhero Capital (Helsinki)

Center: Seed investor in software-driven New Nordics founders.

Stage & ticket: Initial €100k–€1M; "help you get to the next level." (Superhero Capital)

Why them: Fast process, hands-on early traction support.

They scrutinize: Founder grit, early usage, pragmatic GTM.

Approach: Show weekly activation and a simple sales machine you can scale.

9) Butterfly Ventures (Oulu/Helsinki)

Center: Pre-seed/seed deep-tech (often research-based).

Stage & ticket: Investing from Fund IV (€47M). (Butterfly Ventures)

Why them: Hardware + science comfort; very early entries. (The Hub)

They scrutinize: Tech truth, path to revenue, and protectability.

Approach: Put proof-points (TRL, POC pilots) and customer validation on one slide.

10) Innovestor Ventures (Helsinki)

Center: One of Finland's most active early-stage investors; €250M+ across six VC funds. (Innovestor)

Stage & ticket: Pre-seed → A; multi-sector (tech, life science, sustainability). (Innovestor)

Why them: Breadth + follow-on capacity; good co-investor networks.

They scrutinize: Capital efficiency and credible go-to-market.

Approach: Bring budgeted milestones and named co-investors.

11) NordicNinja VC (Helsinki-born, pan-Nordic)

Center: Deep-tech with Nordic innovation + Japanese networks. (Nordic Ninja)

Stage & ticket: Early-stage; Fund II launched in 2023. (Nordic Ninja)

Why them: Japan/East-Asia access and corporate intros.

They scrutinize: Industrial relevance and global path from day one.

Approach: Show partner pilots and an Asia expansion hypothesis.

12) NGP Capital (Espoo/Helsinki)

Center: Global B2B tech; formerly Nokia Growth Partners; Helsinki office. (NGP Capital)

Stage & ticket: Early-growth; Fund V $400M commitment from Nokia (2022). (Nokia Corporation | Nokia)

Why them: Corporate networks (5G/edge/industrial) and scale discipline.

They scrutinize: Enterprise-readiness and durable unit economics.

Approach: Bring security/compliance posture and enterprise payback.

13) Play Ventures (Helsinki/Singapore)

Center: Early-stage gaming fund; global, with a GP based in Helsinki. (Play Ventures)

Stage & ticket: Pre-seed → A; Fund III $140M (2024). (Pocket Gamer)

Why them: Veteran game builders; infra + content; strong portfolio pace. (Play Ventures)

They scrutinize: Team craft, core loop, UA math, infra ROI.

Approach: Share build cadence, playtest data, and UA unit economics.

14) Wave Ventures (Helsinki; student-led)

Center: Europe's largest Gen-Z-run VC; earliest pre-seed across New Nordics. (Wave Ventures)

Stage & ticket: First tickets up to ~€100k; Fund grew to €7M in 2025. (Tech Funding News)

Why them: Ridiculously early conviction + network of next-gen operators. (Tech.eu)

They scrutinize: Speed of learning and founder-market obsession.

Approach: Bring a 6-month experiment stack with crisp success criteria.

15) Gorilla Capital (Helsinki)

Center: High-volume early-stage investor with a "probabilities over luck" approach. (EU-Startups)

Stage & ticket: €50k–€1M; co-invests with angels/seed VCs. (Vestbee)

Why them: Processed, fast, and pragmatic on capital efficiency.

They scrutinize: Frugal growth and repeatable acquisition.

Approach: Show channel payback and a lean hiring plan.

Also useful: Tesi (state investor) and Business Finland grants/loans can be paired with the VCs above to reduce dilution and de-risk milestones. (tesi.fi)

3) Five quick tips for pitching Finnish investors (that actually land)

Pilot math on one slide. Who's piloting, the success metric (time-to-value, retention, NRR), and exactly how pilot → multi-site/paid expansion.
Stack non-dilutive capital. Outline how Business Finland (e.g., Tempo up to €60k) and a potential Tesi co-investment extend runway and sharpen milestones. (Business Finland)
Come enterprise-ready. DPA/GDPR, SSO/SCIM, security contacts, and a procurement Gantt—this shortens cycles with Nordic corporates.
De-risk the next round. "This round buys: (a) 3 design-partner expansions, (b) SOC2/CE or regulatory step, (c) €X MRR with Y% NRR."
Focus your ask. One clean use-of-proceeds ladder tied to 12–18-month truths. Make "yes" easy. Use Peony to organize your startup data room and track investor engagement.

Final Thoughts

Finnish fundraising in 2025 requires precision, preparation, and professional presentation. The investors listed above are actively deploying capital, but they expect founders to come prepared with clear proof points, realistic milestones, and evidence of Nordic traction.

Finnish investors evaluate not just your technology, but your ability to leverage the public–private ecosystem, navigate EU regulations, and demonstrate scalable unit economics. Organize your startup data room, track investor engagement, and demonstrate operational maturity from day one.

Get started with Peony for your Finnish fundraising — secure data rooms built for startups raising capital.

Impress Investors

Top 15 Active Investors in Finland 2025: Leading Finnish VCs and How to Pitch Them