Tesi (Finnish Industry Investment Ltd) — Full Portfolio

Rester is a Finnish company that mechanically recycles end-of-life business textiles — such as workwear, uniforms, flat linen, and production side streams — into recycled fibers and raw materials.

Circular EconomyCleantechNew Materials

Rocsole develops hybrid process flow management systems and software with sensor technology for safety-critical and pollution-challenged industries.

CleantechDeep TechEnergyEnterprise SoftwareIoTKuopio, FI

Co-investorsRERepsol Energy VenturesSHShell Ventures

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

Consumer

Ruokaboksi is a meal kit delivery service that provides pre-portioned ingredients and professionally designed recipes to customers, allowing them to prepare meals at home without planning or shopping.

FoodTech

Co-investorsINInnovestor VenturesNONordic Foodtech VCINInnovestor

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

Co-investorsABAboa Advest

Savroc develops TripleHard, a surface coating technology for hydraulic components designed to provide wear resistance, low friction, and corrosion protection while meeting environmental compliance requirements.

Advanced ManufacturingCleantechNew Materials

Co-investorsNONostetta Ventures

Seaber develops an AI-powered platform for maritime freight planning that integrates siloed data to help tanker and bulker shipping companies optimize vessel utilization, cargo matching, and fleet performance.

AI & Machine LearningLogistics & Supply ChainSaaSHelsinki, FI

SSSebastian Sjöberg(Founder)in

Co-investorsCOCounterview CapitalLILifeline Ventures

Secapp develops a platform for critical communications and rapid emergency alerting designed for fire, rescue, hospital, and police authorities.

CybersecurityEnterprise SoftwareGovTechSaaSHelsinki, FI

Niko Tuomi-Nikula(Board member, Director of Information Management & Development at Secapp)

BoardJDJarkko Danska(Board member, Investment Director at Midinvest Management)inKimmo Kaario(Board member, CEO at Magister Solutions)in

Co-investorsMIMidinvest Management Oy

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

Fintech

Singa provides a karaoke streaming service accessible via computer, mobile devices, and smart TVs, offering a library of karaoke songs including original recordings.

ConsumerGamingMedia & Entertainment

Co-investorsINInvesdorSISisu Game VenturesSUSuperhero Capital

Sisu Auto develops and manufactures heavy-duty trucks and military vehicles, and provides related vehicle technology consulting, design, and project management services.

Advanced ManufacturingDefense TechMobility & Transportation

Solar Foods produces Solein, a sustainable protein ingredient created through gas fermentation technology that converts CO2 and renewable electricity into edible protein.

BiotechCleantechClimate TechFoodTechImpact & Social GoodEspoo, FI

DPDr Pasi Vainikka(Founder)DJDr Juha-Pekka Pitkänen(Founder)GZGodert Zijlstra(Chief Commercial and Product Officer)inJuha-Pekka Pitkanen(Founder)Pasi Vainikka(Founder)

Co-investorsAGAgronomicsBRBridford Investments (Bridford Group)LILifeline VenturesSPSpace CapitalCPCPT CapitalHAHappiness Capital+1 more

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

Steady Energy develops the LDR-50, a low-temperature heat reactor based on technology from the Technical Research Centre of Finland.

CleantechClimate TechDeep TechEnergy

TNTommi Nyman(Founder)inHHHannes Haapalahti(Founder)inPTPetteri Tenhunenin

Co-investors9292 CapitalLILifeline VenturesMOMove EnergyVAValo VenturesYEYes VC

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)GGGytenis Galkis(Partner, Lithuania)Audrius Milukas(Partner, Lithuania)

Swappie sells refurbished iPhones to consumers at lower prices than new devices.

Circular EconomyE-commerce

Sami Marttinen(Founder)inJiri Heinonen(Founder)

Co-investorsINInventureLILifeline VenturesINInventureVEVerdane

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

MRMarjatta Rytömaa(Director, Bioindustry Business)inITIiro Tiilikainen(Technical Director)in

TactoTek provides design tools, reference designs, and technical resources for In-Mold Structural Electronics (IMSE) manufacturing, serving designers, engineering firms, and manufacturers across the product development lifecycle.

Advanced ManufacturingDeep TechDeveloper ToolsHardwareNew MaterialsHelsinki, FI

Co-investorsRERepsol Energy VenturesVOVoima Ventures

Tamturbo manufactures oil-free compressed air compressors using active magnetic bearing technology for industrial applications.

Advanced ManufacturingCleantechEnergyHardwareTampere, FI

Kimmo Laine(Co-founder)Jaakko Säiläkivi(Co-founder)in

Co-investorsBUButterfly VenturesBUButterfly

TILT Biotherapeutics develops an investigational adenoviral immunotherapy platform for treating solid tumor cancers, with late-stage development of TILT-123 for head and neck cancer treatment.

BiotechHealthtechMedical DevicesHelsinki, FI

Akseli Hemminki(Founder and CEO)in

Co-investorsLILifeline VenturesAMAmadeus Capital Partners

Timegate provides real-time process analytics tools for biopharmaceutical manufacturing using patented Timegated Raman Technology, which enables rapid spectral analysis of bioprocesses without fluorescence interference.

BiotechData & InfrastructureDeep TechDeveloper ToolsMedical DevicesOulu, FI

LLauri(Co-founder, tech & science lead)inMMariin

Co-investorsLILifeline Ventures

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.

TLTaavi Lepmets(Founder)in

Co-investorsWAWave VenturesINInnovestorNOnode.vc

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

AMAlan Mamedi(Founder)inNZNami Zarringhalam(Founder)in

Co-investorsATAtomicoKLKleiner PerkinsOPOpenOceanSESequoia CapitalBABackstage ABBABalderton Capital+6 more

TWICE is an operating-system-style platform for circular commerce, giving businesses one system to run rental, resale, and hybrid operations with per-unit inventory tracking, catalog and pricing management, multi-channel sales, order processing, and customer management.

Circular EconomyE-commerceRetail TechSaaS

TuomoToomasJoel

Co-investorsANAnthemis VentureMIMission One CapitalSPSpecialist VCTETera VenturesMAMaki.vc

Unikie is a global software engineering and innovation company focused on physical AI, building embedded software that adds real-time intelligence and autonomous capabilities to vehicles, devices, networks, defense systems, and industrial solutions.

AI & Machine LearningDeep TechIoT

Co-investorsVEVendep Capital

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

High performance cloud servers

Co-investorsINInventureINInventure

Uute Scientific is a microbiome science company, spun out of research at the University of Helsinki and Tampere University, that develops a nature-derived microbial ingredient intended to reduce the risk of immune-mediated and autoimmune diseases.

BiotechHealthtechImpact & Social GoodNew MaterialsWellness & FitnessHelsinki, FI

Co-investorsBUButterfly VenturesBUButterfly

Vaadin provides a Java-based framework and tooling for building web application user interfaces, offering UI components such as cards, buttons, forms, and data visualizations for developers.

Developer ToolsEnterprise SoftwareSaaS

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

Sector Agnostic

Valpas provides bed bug detection and prevention solutions for hotels, focusing on safety and sustainability in guest accommodations.

HealthtechImpact & Social GoodPropTechParis, FR

Martim

Co-investorsGLGlobal BrainICIcebreakerRORockaway VenturesACActivumHOHoughton Street VenturesMAMaki.vc

Vapaus offers a bike benefit program (cycle-to-work scheme) that lets employers provide leased bicycles—including e-bikes, city, family, and gravel bikes—to their staff through an ISO 27001-certified portal.

Circular EconomyHR TechMobility & Transportation

Co-investorsSHShift4GoodSUSuperhero Capital

Varjo develops extended reality (XR) simulation technology for military and defense training applications, with products designed to train personnel in operations such as counter-drone tactics.

Defense TechEnterprise SoftwareHardwareHelsinki, FI

UKUrho Konttori(Founder)inKlaus Melakari(Founder)Niko Eiden(Founder)Roope Rainisto(Founder)

Co-investorsATAtomicoBRBragiel BrothersGUgumi IncLILifeline VenturesNENext47NONordicNinja+5 more

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

Verda provides AI cloud compute infrastructure, including GPU hardware and foundational AI training services for large-scale inference workloads.

AI & Machine LearningCloud ComputingDeep TechRoboticsHelsinki, FI

Co-investorsNVNVIDIABYbyFoundersISIsomer CapitalJ1J12 VenturesLILifeline Ventures

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 SoftwareHelsinki, FI

Vexlum is a spin-off from Tampere University of Technology's Optoelectronics Research Centre that develops VECSEL (vertical-external-cavity surface-emitting laser) technology, including optoelectronic materials, scalable manufacturing processes, and application-specific laser systems.

Deep TechHardwareQuantum ComputingSemiconductorsTampere, FI

JPJussi-Pekka Penttinen(CEO, CTO)MGMircea Guina(Executive Chairman, CSO)EKEmmi Kantola(COO)in

Co-investorsKVKvanted

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

Voima Ventures is a venture capital firm that invests in and supports founders building deeptech and science-based companies, from pre-seed and technology spin-offs through Series A and B rounds.

Deep Tech

Co-investorsABAboa AdvestPRProdeko Ventures

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

VSVeera Sylvius(Managing Partner)in

Wirepas provides a connectivity platform designed for enabling long-term, large-scale deployments of connected devices across various industries and applications.

Cloud ComputingIoT

Jussi Numminen(Founder)Teppo Hemiä(Founder)

Co-investorsCUCuriosity VCHIHighland EuropeINIn-Q-TelINInventureKAKarma VenturesKPKPN Ventures+1 more