Fundraising Fox

Tesi (Finnish Industry Investment Ltd)

Government fund

Helsinki · Pre-Seed–Late Stage · 11 people tracked

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Investment thesis

Tesi invests on market terms in Finnish companies with genuine potential for globally scalable growth and a track record of growth capability, aiming to build new high-tech companies and enable scaling with domestic capital. It targets roughly half direct investments and half fund investments, though the split varies with market conditions. Under a strengthened industrial-policy role, it may participate in larger growth financing rounds while remaining a minority investor. Focus areas strategically important to Finland include deep tech, health technology, clean transition, and defense industry, though it can also back high-potential companies outside these themes; it is not fundamentally restricted to specific sectors.

Source: firm website, verified Aug 3, 2026.

Stage
Pre-Seed–Late Stage
Check
$5.4M – $16.2M
HQ
Helsinki, FI
Leads rounds
Follows
Instruments
Equity
Founded
1995
AUM
$2.8B
Tracked investments
72

Team · 11 people

from public directories

What they invest in

from 25 of 72 portfolio companies

Fintech ×8Cleantech ×5Deep Tech ×5AI & Machine Learning ×4Biotech ×3Climate Tech ×3Energy ×3Enterprise Software ×3

HQs:Finland×19United Kingdom×1Sweden×1United States×1

Investments · 72 tracked

founders shown can be your intro path
3Button Groupin

Alder is a Nordic investment fund that acquires and grows technology companies focused on resource-efficient industrial systems and sustainable environmental solutions.

Circular EconomyCleantechClimate TechStockholm, SE

3TS Capital Partners3tscapital.com
Adamant Healthadamanthealth.comin

Adamant Health develops an AI-powered technology that uses surface electromyography (EMG) and kinematic measurements to track the visible and hidden motor symptoms of Parkinson's disease.

AI & Machine LearningDigital HealthMedical Devices

Antler Nordicantler.co
Armadacreditarmadacredit.comin

Armada provides private debt financing, with investment tickets of €3-30 million, to lower mid-market companies in the Nordics and DACH region.

Fintech

Atomicoatomico.com
Aurorastudiosaurorastudios.fi
Baldertonbalderton.com
Blume Equityblumeequity.com

Blume Equity is a European investment firm focused on climate technology, partnering with growth-stage companies working on climate and sustainability solutions.

CleantechClimate Tech

Butterflybutterfly.vcin𝕏

Butterfly Ventures is a seed-stage venture capital firm founded in 2012 that invests in deep tech, hardware, and hardware-interfacing software startups with social or environmental impact.

Deep TechOulu, FI

Cactoscactos.com

Cactos develops energy storage solutions for industrial and sustainable energy infrastructure applications.

Advanced ManufacturingCleantechEnergyHardwareIoTPropTechFinland, FI

Capmancapman.comin

CapMan is a Nordic private markets investment firm whose funds invest in real estate, infrastructure, natural capital, real asset debt and unlisted companies through active ownership.

Fintech

Cloudberrycloudberry.vcin

Cloudberry is a €30M early-stage venture capital fund investing €400K to €1M into pre-seed and seed startups working on semiconductors, photonics, and advanced materials, mainly in Europe.

Deep TechHardwareSemiconductors

Conorconor.vc
Creandumcreandum.comin𝕏

Creandum is a venture capital firm whose team is made up of former operators, founders, engineers, and specialists who back startups and their founders.

Sector Agnostic

Devcodevco.fiin

DevCo provides companies with full-time hands-on resources, strategic support, tailored ownership solutions, and growth capital.

Sector Agnostic

Eaglefiltersgroupeaglefiltersgroup.com

Eagle Filters Group develops advanced fiber-based filtration materials and products used to improve air filtration efficiency and cut energy use for the energy and process industries, HVAC and industrial filter manufacturers, and healthcare settings such as hospitals.

CleantechEnergyNew Materials

Eqtventureseqtventures.com
Etfpartnersetfpartners.capital
Evlievli.comin𝕏

Evli is a Finnish asset management and fund company offering discretionary wealth management, mutual funds, and alternative funds for private, institutional, and professional investors.

Fintech

Evolverevolver.axin

An ownership firm that invests capital and provides know-how and tools to Swedish and Finnish owner-led companies to accelerate their growth and value creation.

Sector Agnostic

Failupfailup.com
Folmerfolmer.fi
Gorillacapitalgorillacapital.fiin

Gorilla Capital is a Nordic institutional angel/early-stage investor that backs capital-efficient, technology-enabled startups solving real business problems, typically investing before product-market fit.

Sector Agnostic

Gosgos.fi

GOS Group provides financial administration and financing services to small and medium-sized businesses, including bookkeeping, accounting, corporate finance, outsourced CFO support, and business analysis.

Enterprise SoftwareFintech

Greencode Ventures Visit Greencode Venturesgreencode.vcin

Greencode Ventures is a European venture capital fund investing from Seed through Series A in applied AI solutions for energy systems, industrial operations, and critical infrastructure.

AI & Machine LearningClimate TechEnergy

Hadean Ventureshadeanventures.com
happnacquired by Hello Group

Hyper-localized dating app acquired by Hello Group Inc

Healthcaphealthcap.eu
Heartcoreheartcore.comin𝕏
Icebreakericebreaker.vcin𝕏Aug 2017

North Attleboro, US

Julio E. Vega(Mr. Vega is the Secretary of the Issuer.)Mark Brehaut(Executive Officer, Director, Promoter)Kevin Murray, Jr.(Executive Officer, Director, Promoter)

Innovestorinnovestorgroup.com
Interapartnersinterapartners.fi

Intera is a Finnish investment firm that practices responsible investing as an active owner, aiming to create value for its investors and society.

Ipripr.vc
Juuripartnersjuuripartners.fiin𝕏

Juuri Partners is a Finnish private equity firm that finances and develops established, profitable small and mid-sized companies in Finland through active minority investments, debt financing, and strategic support.

Fintech

Karmakarma.vc
Koronainvestkoronainvest.fiin

Korona Invest is a Finnish private equity firm founded in 2006 that focuses on buyout and growth investments in small and medium-sized Finnish companies.

Leoleo.capital
Lifeline Ventureslifelineventures.com
LSPlspvc.com
Maki VCmaki.vc
Mandatumammandatumam.com

Mandatum is an asset manager focused on credit and alternative investments, serving institutional and professional investors as well as family offices.

Fintech

Mbrahastotmbrahastot.fiin
Midinvestmidinvest.fi

Midinvest Management Oy is a partner-owned private equity fund management company that invests in and finances growth for small and medium-sized enterprises, focusing on companies in Central Finland with revenues typically under €10 million.

Sector AgnosticJyväskylä, FI

Mvmmvm.com

MVM is a healthcare-focused investment firm that provides growth equity to companies in medical technology, pharmaceuticals, diagnostics, digital health, life science tools, and contract research and manufacturing.

BiotechDigital HealthHealthtechLondon, GB

NATO Innovation Fundnif.fundin

The NATO Innovation Fund is a standalone venture capital fund backed by 24 NATO allies, deploying over €1 billion into deep tech startups.

Deep TechDefense Tech

Nftnft.vcin

Nordic Foodtech VC is an early-stage venture capital firm investing in deep tech companies working on the food system, from alternative proteins and precision fermentation to farming data and food-related materials.

AgTechDeep TechFoodTech

Nordiamanagementnordiamanagement.fiin

Nordia Management is a Finnish investment company that provides capital together with operational expertise to its partner companies, drawing on three decades of experience building the growth of domestic businesses.

Sector Agnostic

Northzonenorthzone.com
NSI Nordic Science Inordscience.fiin𝕏

Nordic Science Investments is an early-stage investor that turns university research into science-based startups, working with founders on business development, team building, and providing anchor and follow-on funding.

BiotechDeep TechHealthtech

Pale Blue Dotpaleblue.vc
PROfoundersinventure.vc
Profounderscapitalprofounderscapital.com
Royalmajesticsroyalmajestics.com

Royal Majestics managed what it describes as the first private equity fund focused on Finnish fashion and design, operating from 2013 to 2025.

Consumer

Saaripartnerssaaripartners.fi

Saari Partners is an investment firm that owns and develops portfolio companies, focusing on building AI-native operating models within service businesses.

AI & Machine Learning

Senticasentica.fiin

Sentica is an independent Finnish private equity investor that acquires and develops small and medium-sized domestic growth companies through active ownership.

Fintech

Sparkmindsparkmind.vc
Sponsorsponsor.fi

Sponsor Capital is a Finnish private equity investor that acquires stakes in Finnish companies with revenues of EUR 15–200 million and stable, profitable operations, supporting management in growth, consolidation, internationalization, or succession situations.

Sector Agnostic

Superherocapitalsuperherocapital.com

Exits · 1

IPOs and acquisitions across the tracked portfolio

happnacq. by Hello Group

Frequently asked questions

What stage does Tesi (Finnish Industry Investment Ltd) invest at?
Tesi (Finnish Industry Investment Ltd) invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth, Late Stage stages.
What is Tesi (Finnish Industry Investment Ltd)'s typical check size?
Tesi (Finnish Industry Investment Ltd) typically writes checks of $5.4M – $16.2M.
What sectors does Tesi (Finnish Industry Investment Ltd) focus on?
Tesi (Finnish Industry Investment Ltd) focuses on Advanced Manufacturing, Biotech, Cleantech, Climate Tech, Consumer, Deep Tech, Defense Tech, Enterprise Software, Healthtech, Medical Devices, SaaS, Sector Agnostic.
Where is Tesi (Finnish Industry Investment Ltd) located?
Tesi (Finnish Industry Investment Ltd) is headquartered in Helsinki, FI.
Does Tesi (Finnish Industry Investment Ltd) lead rounds?
Tesi (Finnish Industry Investment Ltd) typically participates in rounds rather than leading them.

Media · Podcasts & interviews

from their channel

Kasvuyrityspulssi Q4/2025: Kasvu kiihtyy, mutta investoinnit jumittavat

Tesi

Images

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