Tesi (Finnish Industry Investment Ltd) — Full Portfolio

3TS Capital is a technology-focused investment firm that leads and co-leads growth rounds in high-growth SMEs, backing proven regional leaders and innovative global challengers.

Sector Agnostic

Co-investorsCatalyst RomaniaCisco Investments

Adamant Health provides AI-powered disease management tools for Parkinson's disease, enabling data-driven treatment decisions and patient-centric care models.

AI & Machine LearningDigital HealthHealthtechMedical DevicesFinland, FI

Paulus Carpelan(CEO, Co-founder)Saara Rissanen(CTO & Chief Scientist, Co-founder)

Co-investorsButterfly VenturesVoima Ventures

Antler is a global early-stage venture capital firm that invests in founders from first check through IPO, offering capital, network, and community.

Sector Agnostic

Magnus Grimeland(Founder)in

Co-investorsAC VenturesAgaeti VenturesAntler AustraliaElmehøj VenturesFarvatn VentureModi Ventures+3 more

Armada provides tailored private debt financing solutions for growth-stage, profitable companies in the Nordic and DACH regions.

Enterprise SoftwareFintechFinland, FI

London-based European venture capital firm founded in 2006 by Skype co-founder Niklas Zennström, investing from seed to pre-IPO.

Co-investorsBeast VenturesPeakRedbus VenturesSamsung Catalyst FundAtomicoBMW i Ventures+2 more

Helsinki-based Aurora Studios finances, develops, produces and distributes films and TV dramas in the Nordics and internationally.

Balderton Capital is a London-based venture capital firm investing exclusively in European-founded technology companies.

London, GB

Co-investorsMetavallon VCOnstage

The European Investment Fund (EIF) provides debt and equity financing to European SMEs and infrastructure projects across their development stages, channelling funding through funds and intermediaries.

FintechImpact & Social Good

Co-investorsAlpine Space VenturesBOMCrowberry CapitalInvivo Capital PartnersKhanuM80 Partners+2 more

Blume Equity is an investment and advisory firm led by experienced professionals from investing, consulting, and operations backgrounds who help entrepreneurs accelerate growth while pursuing Net Zero sustainability goals.

CleantechClimate TechImpact & Social Good

Co-investorsWave VenturesImpact Engine

Butterfly Ventures is a European venture capital firm committed to carbon-neutral operations, acquiring emission allowances to offset its annual carbon footprint while investing in early-stage startups.

Advanced ManufacturingClimate TechDeep TechImpact & Social GoodIoTOulu, FI

Johan Wiklund(Founder and CEO)Reinhardt Kotzé(Chief Technology Officer)

Co-investorsButterfly Ventures

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

Advanced ManufacturingCleantechEnergyHardwareIoTPropTechFinland, FI

Olli Nuutila(Founder)in

Co-investorsUnion Square Ventures (USV)Superhero Capital

Capalo AI develops AI-powered software to optimize energy storage systems, lower price volatility, and reduce carbon emissions.

AI & Machine LearningCleantechClimate TechEnergyHelsinki, FI

Henri Taskinen(Co-Founder & Chief Executive Officer)inRiku Kukkonen(Co-Founder & Chief Sales Officer)inEerik Jauhiainen(Co-Founder & Chief Technology Officer)inTeemu Lappalainen(Co-Founder & Development Director)in

Co-investorsHeartcore CapitalInnovestor VenturesVentureFriendsInnovestorInventure

CapMan is a Nordic private asset management company that invests in real estate, infrastructure, natural capital, and unlisted companies across the Nordic region and Europe.

Data & InfrastructureEnergyFintechLogistics & Supply ChainSector AgnosticHelsinki, FI

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

Co-investorsGLOBALFOUNDRIES

Conor Venture Partners is an Espoo-based early-stage VC firm backing deep tech companies in the Nordics and Baltics.

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

Staffan Helgesson(Founder)in

Co-investorsButterfly VenturesCalm/Storm VCGolden Sparrow Ventures, LlcVintage Investment PartnersAndreessen HorowitzBain Capital Ventures+8 more

DevCo is an investment and venture capital firm that provides portfolio companies with hands-on operational resources, customized ownership structures, and capital to support growth.

Deep TechEnterprise SoftwareSector Agnostic

Otto Kukkonen(DevCo Partners)Lauri Stadigh(DevCo Partners)in

BoardMatti Alahuhta(Chairman of the Board of DevCo Partners)

Eagle Filters Group is a material science company that develops advanced filtration media for the energy industry and other applications.

Advanced ManufacturingCleantechEnergyNew Materials

Jarkko Joki-Tokola(CEO)

EQT Ventures is a European multi-stage venture capital firm that leads early-stage rounds of EUR 2-50m in technology companies.

VC fund (founded 2006) supporting entrepreneurs with investment capital and experience.

Co-investorsEnBW New Ventures GmbHKfW Capital

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

Co-investorsEvli Growth Partners

Evolver Equity is an Alternative Investment Fund Manager based in Finland that provides investment management services to corporate customers and investors.

Enterprise SoftwareSector Agnostic

AI agents that work alongside employees to automate routine tasks and help workers focus on higher-value activities.

AI & Machine LearningEnterprise SoftwareFuture of WorkSector AgnosticSan Francisco, US

Topias Soininen(Partner)

Folmer Management is a Helsinki-based private equity firm investing in and developing Finnish small and mid-sized companies.

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

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

Ubotica develops artificial intelligence that runs directly on satellites to process Earth observation imagery in orbit, delivering real-time intelligence for maritime monitoring and other Earth observation applications.

AI & Machine LearningCleantechClimate TechDefense TechEnergySaaSSpace TechHelsinki, FI

Juha Stenberg(CEO)Ville Parviainen(CTO)Fintan Buckley(CEO)Stefan Sack(CEO)Raimel Medina(CTO)John Bourke(CFO)

Co-investorsGreencode VenturesFarvatn Venture

Hadean Ventures is a European venture capital fund manager with over EUR 230 million in assets under management, with a track record in life sciences.

Biotech

Co-investorsFarvatn VentureKfW Capital

Hyper-localized dating app acquired by Hello Group Inc

Co-investorsDN Capital

HealthCap is a venture capital firm and company creator focused on life sciences, investing in companies developing targeted therapies for rare diseases, cancers, and genetic diseases.

Heartcore is a European early-stage venture capital firm that invests in and supports technology founders from inception through liquidity.

ConsumerCrypto & Web3Sector AgnosticCopenhagen, DK

Co-investorsOVNI Capital

Icebreaker.vc is a venture capital firm that provides first tickets of up to €1.5M to early-stage teams from idea to seed stage, focusing on startups in Estonia, Finland, and Sweden.

Sector AgnosticNorth 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)

Co-investorsButterfly Ventures

Innovestor is a Finnish investment manager offering opportunities in venture capital, commercial real estate, and energy storage assets.

CleantechDeep TechEnergyFintechImpact & Social GoodJyväskylä, FI

Co-investorsInsta VenturesWave Ventures

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

IPR.VC provides institutional investors with structured access to the global entertainment sector through short-duration alternative investments in professionally produced content with predictable cash flows and distribution networks.

FintechMedia & EntertainmentHelsinki, FI

Co-investorsEuropean Investment FundPeak

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

Karma Ventures is a venture capital firm that invests in early-stage European deep-tech software startups at late seed and Series A, typically up to €5M per deal with follow-on investments in later rounds.

Deep Tech

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.

Leo Capital is a venture capital firm founded by operators with experience building and scaling category-defining companies, investing across continents with a focus on India and global markets.

AI & Machine LearningEnterprise SoftwareFintechSingapore, SG

Rajul Garg(Founder & Managing Partner)Shwetank Verma(Co-founder & Managing Partner)

Co-investorsInterplay Ventures Early Stage Management Llc

Lifeline Ventures is a sector-agnostic early-stage venture capital firm that invests at the pre-seed and seed stages and partners with founders from the start of their journey.

Sector Agnostic

Co-investorsWave Ventures

EQT Life Sciences (formerly LSP) is one of Europe's largest life sciences investment firms that invests in innovative companies developing therapeutics, medical devices, diagnostics, and healthtech solutions.

BiotechDigital HealthHealthtechMedical Devices

Co-investorsKfW Capital

Maki.vc is a venture capital firm that invests in early-stage deep tech and startups, with a focus on the Nordics and Europe.

Deep Tech

Co-investorsBeast VenturesPeakMaki.vcSpecialist VC

Mandatum Asset Management is an investment firm offering institutional and professional investors access to credit, alternatives, and equity strategies across multiple asset classes.

FintechImpact & Social GoodSector Agnostic

Finnish private equity firm making majority investments in mid-sized companies in Finland, active since 1988.

Midinvest Management is a partner-owned private equity fund management firm specializing in ownership arrangements and growth financing for small and medium-sized enterprises in Finland.

FintechSector AgnosticJyväskylä, FI

Jukka-Pekka Nikula(Toimitusjohtaja (CEO))Jarkko Danska(CEO)

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

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

Co-investorsAlpine Space Ventures

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

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

Northzone is a multi-stage venture capital firm founded in 1996, investing from seed to growth across Europe and the US.

Co-investorsPeakBattery VenturesNorthzone

Nordic Science Investments is an early-stage venture capital fund that invests in science-based startups and university spinouts across the Nordic region, with a focus on deeptech, health tech, and life sciences.

AI & Machine LearningBiotechDeep TechEnergyHardwareHealthtechEstonia, EE

BoardMart Maasik(General Partner)

Co-investorsNordic Science Investments

Swedish pre-seed and seed venture fund investing in climate tech companies across Europe and, selectively, the US.

Co-investorsVNV GlobalWave Ventures

Inventure is a generalist venture capital firm that invests primarily in startups across the Nordics and Baltics, backing companies in areas such as deep tech, consumer, healthtech, AI, and B2B SaaS.

Sector Agnostic

Co-investorsPeak

PROfounders Capital is a pan-European early-stage venture capital firm that has invested since 2009 in tech-enabled B2B and B2C startups, writing initial checks of €500k to €3m as lead or syndicate partner.

London, GB

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

Consumer

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

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

Fintech

Sparkmind.vc is a Finland-based venture capital firm investing exclusively in education and learning technology companies across Europe.

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

Superhero Capital is a venture capital fund investing in early-stage startups across the Nordic and Baltic regions, with team members based in Finland, Lithuania, and Estonia providing sector-specific expertise and mentorship.

Enterprise SoftwareSaaSSector AgnosticHelsinki, FI

Juha Ruohonen(General Partner, Finland)Jakob Storå(General Partner, Finland)Jussi Pyörre(CTO, Finland)Gytenis Galkis(Partner, Lithuania)Audrius Milukas(Partner, Lithuania)

Taaleri Bioteollisuus is an investment manager that runs private equity funds and joint ventures targeting growth companies in the bio-economy and circular-economy markets, focusing on Northern European firms.

BiotechCircular EconomyCleantech

Marjatta Rytömaa(Director, Bioindustry Business)Iiro Tiilikainen(Technical Director)

Trind is an early-stage venture capital firm that invests in consumer and community-driven startups across Europe, providing initial and follow-on funding from first ticket through multiple rounds.

Co-investorsWave Ventures

Truecaller offers a caller ID and spam-blocking app that identifies incoming calls and filters spam using community-contributed names and on-device processing.

ConsumerCybersecuritySaaSSocialStockholm, SE

Alan Mamedi(Co-founder)inNami Zarringhalam(Co-founder)

Co-investorsKleiner PerkinsOpenOceanAtomicoSequoia CapitalBackstage ABBalderton Capital+6 more

United Bankers is a Finnish wealth management and asset management firm offering funds, including traditional equity and fixed-income funds as well as real-asset funds, and portfolio management services for private and institutional investors.

Fintech

Vaaka Partners is a private equity investment firm that partners with and grows portfolio companies alongside its investors.

Sector Agnostic

A venture capital fund providing advisory and investment support to SaaS founders in the Nordics and Baltics region, with team members drawn from experience in software scaling, venture investing, and startup operations.

AI & Machine LearningCybersecurityEnterprise SoftwareFintechIoTSaaSHelsinki, FI

Marko Kaasila

European specialist growth equity firm investing in tech-enabled and sustainable lower mid-market companies.

Verso Capital is a European private equity firm that acquires and grows B2B companies through buy-outs, carve-outs, and management buyouts, typically taking the largest shareholder position and working with management to accelerate growth.

Enterprise Software

Finnish private equity firm investing significant minority stakes in established, profitable domestic small and mid-sized companies.

Finnish private equity firm investing for significant minority stakes in established, profitable small and mid-sized companies.

VNT Management is an investment firm focused on transformative technologies that address environmental challenges, with a particular emphasis on cleantech opportunities across economic cycles.

CleantechClimate Tech

Voland is a Finnish private equity and investment firm that partners with growth-stage technology companies, providing capital and hands-on advisory support from experienced technology sector professionals.

Enterprise SoftwareFintechSector AgnosticFinland, FI

Veera Sylvius(Managing Partner)in