News archive

Your traineeship is fixed-term (6 months), beginning from January 2021. The traineeship is full-time and requires, first and foremost, curious mindset and proactive working style.

ICEYE Continues to Set the Pace for the Market for Synthetic-Aperture Radar (SAR), with Four Additional Satellites planned for 2020, and Eight in 2021

Your traineeships are fixed-term (4-5 months), beginning from January 2021. The traineeships are full-time and require, first and foremost, analytical mindset.

Compared to other Finnish companies, our portfolio companies grow faster on average – total net sales grew by 12 %; total exports by 8 % and the number of jobs by 20 % -, employing some 43 000 people. Besides being profitable, we want our portfolio companies to use their expertise and solutions to make a net impact on society that is as beneficial as possible.

XR technology leader receives strong support from new and existing investors to meet growing demand for enterprise virtual and mixed reality

Funding enables MariaDB to drive hypergrowth by capitalizing on the rising demand for enterprise grade cloud database solutions worldwide.

The funding will be used to accelerate Swappie’s international expansion and to support the company’s rapid growth.

Tesi invests in innovative Finnish companies looking for international growth. The Venture Bridge program is meant for companies that have previously raised at least seed financing from professional venture capital investors and have had to postpone their next external financing round due to the COVID-19 situation. Tesi makes investments from the program together with private venture capital investors, on equal terms and with the same expectations for returns.

The market pulse survey sheds light at regular intervals to the business and financial situation of Finnish venture capital and private equity backed companies.

The programme will temporarily expand Tesi’s investment focus and give start-up companies more time for larger scale fundraising.

Elekta (EKTA-B.ST) announced today that it will further develop its focus on cancer care providers and their patients through its acquisition of Kaiku Health. The Finnish company is best known for its app that monitors patient-reported outcomes, providing intelligent symptom tracking and management for healthcare providers in routine oncology care and studies.

Tesi is now looking for a full-time, fixed-term (3 – 5 months) Analyst trainee with an analytical mindset to join the Research & Development team.

The results of a wide-ranging questionnaire survey commissioned by Tesi analyses the problems faced by Finnish SMEs sector by sector.

The new €100 million fund acquires businesses that have strong growth potential but are not living up to their full potential in the current ownership.

Tesi will apply its stability programme to invest in medium-sized companies encountering sudden and temporary difficulties, but which however have the potential to overcome their financial problems with further financing. The investments will be targeted at safeguarding the continuity of companies’ business operations. The size of the programme is €150 million in total.

Icebreaker.vc has made the first close of its second fund at 50 million euros to enable the benefits of accelerating digitalization across industries. Icebreaker Fund II invests in very early stage technology companies. There has been a lack of investors in this segment in the target geographies already before the Corona crisis, since most technology investors focus on later investment rounds. Investors in the new fund include Finland´s state-owned investment company Tesi (Finnish Industry Investment Ltd) and KRR III fund-of-funds, Varma Mutual Pension Insurance Company, Elo Mutual Pension Insurance Company, Oy Julius Tallberg Ab, and many other investment companies and founders. The target size of the fund is €75 million.

The corona crisis has substantially depressed the net sales of small and medium-sized enterprises (SMEs), and the situation is expected to deteriorate even more during April. Most companies have sufficient solvency for a number of months, but 10% of companies will not survive over the next month.

During 2019, Tesi made new investments and commitments amount­ing to €133m. Tesi gave commitments totalling €89m to ten funds and made direct investments amounting to €43m in 25 companies.

Managed by Sparkmind.vc, the Sparkmind Fund (formerly EduImpact Fund) is the first venture capital fund in Finland to focus on the education sector. The €40 million fund will specialise in investing in educational technology. Investors include state-owned Tesi (Finnish Industry Investment Ltd) and KRR III, Elo Mutual Pension Insurance Company, the Jenny and Antti Wihuri Foundation, the Saastomoinen Foundation, the Konstsamfundet foundation, the Trade Union of Education OAJ, OP Financial Group, the City of Espoo, Tradeka-sijoitus, and the University of Jyväskylä.

UpCloud, the European leader in high performance cloud computing services fuels its growth with €18 million in new funding. UpCloud is incredibly excited to announce that it has secured €18 million in equity and debt funding to expedite its growth and international expansion. Over the next 24 months, UpCloud plans to triple its personnel and recruit more than 100 new employees. The company is also going to utilize more than 10 new 3rd party data centres across its key markets in Europe, Asia and North America as well as new regions such as Australia. UpCloud will also be launching exciting new software-based services that enable customers to run their cloud infrastructure even more effortlessly.This investment round was led by Connected Capital & Partners, a Netherlands based B2B software growth investor and includes participation from Finnish Industry Investment, a Finnish state-owned investment company as well as Inventure, a Finnish Venture Capital company who also invested into UpCloud in 2016.

BC Platforms, a world leader in genomic data management and analytics, today announced that it has closed a 15 million USD financing round alongside a new commercial partnership with IQVIA™ (NYSE: IQV). The round was led by IQVIA in conjunction with Debiopharm Innovation Fund and Tesi, a Finnish venture capital and private equity company. As part of the partnership, IQVIA and BC Platforms plan to launch new data driven technologies, integrating complex clinical and genomic data, to benefit transformational research.

Endev, a Finnish company extracting energy and nutrients from wastewater sludge, has raised EUR 4.3 million and is scaling up its technology to full industrial production. State-owned Tesi will co-invest in the company along with Sinituote Ltd, Tejusa Ltd, Loipposet Ltd, Henri Juva, Aivi Invest Ltd and a number of private investors. Endev’s solutions are based on a circulating mass dryer and reactor combination patented in 19 countries. Energy is produced from the incineration of wastewater treatment sludge while harmful components are removed from circulation. After many years of successful testing in test plants, the company’s technology is currently undergoing joint trials with Napapiiri Energy and Water Ltd (Neve) in an industrial-scale plant in Rovaniemi, in Finnish Lapland.

Venture capital firm Lifeline Ventures has raised EUR 130 million for a new fund, an amount that sets a new record for fundraising in Finland. The company invests in Finnish technology companies in all their development stages: from first-round investments in the angel or seed stage through to large-scale, follow-on investments in later-stage financing rounds. Lifeline Ventures also invests in funds; including insurance funds Ilmarinen, Varma and Elo, state-owned investment company Tesi and FoF Growth III fund, Nordea Life Assurance and Taaleri Kasvurahastot.

DevCo Partners has raised €180m of long-term capital for its next investment platform. DevCo aims to create global success stories by focusing on a limited number of carefully selected companies, hands-on involvement in company development, and a long investment horizon. The investor base includes Ilmarinen Mutual Pension Insurance Company, Keva, state-owned investment company Tesi, OP Financial Group, Norwegian Argentum, and family-owned Rettig Group. Private investors include Antti Herlin, Georg Ehrnrooth and Ilkka Paananen.

Finnish Industry Investment Ltd (Tesi) invests in Fira to help to modernise the construction sector into solutions that serve people and the environment. Fira’s goal is to increase its impact and, together with its customers and partnership network, produce revolutionary business models for the living environment for use on an international scale. This investment will extend the investment of Ilmarinen Mutual Pension Insurance Company in Fira.

Tesi made new investments and investment commitments amounting to €76m during the review period.

Tesi is now looking for a fulltime, fixed-term (4 – 5months) Investment Analyst trainee with an analytical mindset.

Finnish investor IPR.VC has raised a new fund investing in European TV, film and interactive content in the media production and licensing business. IPR.VC Fund II has just launched its investment operations with capital of MEUR 42 and the target of boosting the fund to MEUR 60 within a year. The investor mix includes state-owned investment company Tesi, the FoF Growth III fund, pension investors, insurance companies, family offices, art and culture foundations, and fund managers.

Tesi´s Fund Investments team is looking for a full time Analyst to join the team. As an Analyst your main tasks include supporting your team with market, industry and fund proposal analysis. You get the chance to analyze various themes within the entire capital and private equity market as well as Tesi´s own portfolio (direct and fund investments in c. 700 companies), assist the team in the assessment of both domestic and international fund proposals and help on the build-up and development of Tesi´s internal data model.

The sales of Zsar Outlet village exceeded expectations

IQM as an emerging hardware leader in the race to develop a quantum computer for practical applications.

Finnish investors make significant investments in Picosun, a manufacturer of ALD equipment, increasing the company’s share capital by 12 million euros. New investors are CapMan Growth fund, Tesi (Finnish Industry Investment), and Risto Siilasmaa’s First Fellow Partners.

Matts Grönholm (47) MSc Econ, MSc Tech has been appointed as Tesi’s CFO and member of the Management Team. He reports to the CEO Jan Sasse. Matts Grönholm will start in his new position as of 2 September 2019.

Finnish glass recycler and foam glass manufacturer Uusioaines Oy and Swedish foam glass manufacturer Hasopor AB will form Europe’s leading foam glass manufacturer when Uusioaines’ parent company, Partnera Glass Recycling, acquires Hasopor. Hasopor is located in Hammar, Sweden’s glass recycling centre, and the company is now the only foam glass manufacturer in the country – in much the same way as Uusioaines, the Group’s company in Finland. The acquisition brings Forssa-based Uusioaines into the extensive Baltic fold of glass recycling business and foam glass production. Uusioaines and Hasopor are joining forces to achieve strong growth and internationalisation, transforming the circular economy into profitable business and riding the popularity of their established product brands. The President & CEO of the new corporation will be Arto Pohjonen, who is already a force for change in infrastructure and industry.

Tesi is now looking for both Analyst trainee for Fund Investments team and Investment analyst trainee for Direct Investments team.

Tesi and KPN Ventures join existing investors in supporting Wirepas on its growth trajectory

Evolver, a specialized investor in Swedish and Finnish small-cap buyouts, announced 2nd April the first closing of its maiden private equity fund, Evolver Fund I, with €50 million in capital commitments. The successful fundraise follows a solid nineyear track record of deal-by-deal funded investments, including 11 platform investments and six exits at an average multiple of 3x.

HappySignals’ pioneering service experience measurement has helped customers identify areas where employees are losing time while their IT Service Management (ITSM) issues are dealt with. The company has now extended its offering to measure satisfaction and lost work time for all IT services, whether offered internally or by service providers. HappySignals is a latest portfolio company of Vendep Capital. Tesi, in turn, has invested in to Vendep Capital Fund.

In 2018, Tesi made new investments of €121m to accelerate the growth and internationalisation of Finnish companies. The aggregated net sales of direct portfolio companies grew on average by 19% during the financial year. Exits reached record levels in 2018, especially in the case of venture capital investments. Tesi’s social impact is manifested in the growth of portfolio companies and is exerted by promoting the development of Finland’s investment industry and enhancing skilled ownership. Another objective, alongside boosting companies’ growth, is to internationalise the Finnish venture capital and private equity market though investments made in funds as well as via direct minority investments.

Interested in the Finnish economy and private equity? Eager to learn more about new technologies and business opportunities in different industries? Eye for detail and ability to see the big picture?

Some 60,000 young people have dropped out of school and working life in Finland. Often the reason is that they lack the ability, knowledge or skills to manage school, college or working life. The everyday routines of a young person might be disrupted by a challenging life situation, and without outside help a young person may then be unable to pick up the reins again.

ICEYE, an Earth observation company creating the world’s largest Synthetic-aperture radar (SAR) satellite constellation, today announced it has received a 10M€ a capital loan from Business Finland that is meant for the orchestration of Growth Engines. Business Finland is the most important public funding agency for research funding in Finland, and it is directed by the Ministry of Economic Affairs and Employment. The received funding is used for SAR satellite manufacturing during 2019 and for establishing the Internet of Locations ecosystem originating from Finland.

Excellent opportunity to learn about the venture capital and private equity industry from data perspective

Hostaway has successfully gained a major foothold in the rapidly growing vacation rentals market, alongside its partners - Booking.com, AirBnb, and Expedia to name a few - who are streamlining the entire industry. Hostaway enables short-term property managers through an integrated SaaS system that has the ability to manage operations and increase their revenues, by integrating into all major channels (Airbnb, Booking.com, HomeAway, and more).

Partnera, a Finnish investment company located in Oulu, has reached an agreement to acquire Uusioaines Ltd. As a result of the transaction, Partnera becomes the majority owner of Uusioaines with a 58% stake in the company. Other shareholders include Tesi (Finnish Industry Investment Ltd) with 30% ownership, as well as the former sole owner Jarkir Ltd, and Managing Director Jussi Parkkali. The total consideration of the transaction is EUR 19.8 million on a debt and cash free basis.

Dispelix Ltd, the designer and manufacturer of its proprietary see-through displays for Augmented Reality, announces today the €12 million funding round from Lifeline Ventures, VTT Ventures, Finnish Industry Investment, 3M Ventures and an undisclosed investor. Earlier in 2016, Dispelix raised €1.7 million from Lifeline Ventures and VTT Ventures as a spin-out from VTT Technical Research Center of Finland.

The Committee on Economic Policy of Finnish Government decided in May 2018 to endorse the reorganising of the State’s mining industry holdings into Finnish Minerals Group with the aim to advance the development of Finland’s battery and mining cluster. Pursuant to this decision the shares in Sotkamo Silver AB and Keliber Oy as well as a convertible loan and related option rights entitling to shares in Ferrovan Oy have been transferred from Finnish Industry Investment Oy (Tesi) to Finnish Minerals Group.

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Tesi's interim review 2018

MENLO PARK, Calif. and HELSINKI – September 20, 2018 – MariaDB® Corporation today announced that Pat Casey, SVP of Development and Operations at ServiceNow®, is joining its board of directors and ServiceNow Ventures is participating in MariaDB’s Series C funding round. Pat Casey joins executives from Intel and Alibaba who collectively bring a wide range of deep cloud experience to the enterprise open source database company. MariaDB products are used in ServiceNow’s cloud-based platform, running workflows for the world’s largest companies. To operate at scale, ServiceNow’s platform runs on up to 85,000 MariaDB databases that serve more than 25 billion queries per hour.

New USD $7.4 Million Investment Follows Impressive Growth in North America

Founded by Ilka Kivimäki and Pirkka Palomäki, the Maki.vc fund makes seed round or Series A round investments in promising tech startups. Launched in March 2018, the fund has already investments amounting to EUR 76 million. The company targets the Nordic countries, but the founders are on the lookout for outstanding teams with the potential to radically reshape markets regardless of geographical base, sector or technology.

Henri Hakamo has been appointed as Tesi’s Chief Digital Officer (CDO), Mikael Niemi as Investment Director and Elisa Lehmusniemi as Executive Assistant. Juha Lehtola returns to Tesi’s Venture Capital team as Director.

A new financing model of the EIB and Tesi will invest EUR 100 million to growth-oriented SMEs and innovative mid-cap companies over the next eight years.

Oura Health, the Finnish health technology company behind the Oura ring, has moved its total private funding to 12.5M€ after the closure of a round led by US-based Bold Capital Partners and Finland’s Tesi. The company also appoints new board members with US industry expertise for latest growth phase.

ICEYE, an Earth observation company providing synthetic-aperture radar (SAR) data, today announced €29 million Series B funding led by return investor True Ventures and supported by Draper Network VC funds and others. Building on ICEYE’s recent aerospace industry achievements, the Finland-based SAR data company will use the new capital to expand its custom analytics services for its growing customer base, further develop its SAR satellite technology, as well as fund additional launches of ICEYE SAR satellites.

All SuperPark Oy’s shares have been sold through ownership arrangements. The new investors, the independent private equity company Sentica and the state-owned venture capital and private equity company Tesi, will join the company and provide growth funding. Of the previous owners, the current management together with Takoa Invest Oy and Magic Angel Oy will continue in the new company. Restamax Oyj and Nordia Finance gave up all of their shares.

Venture capital funds offer investors the opportunity to take part in the success stories of innovative companies that have potential to revolutionise entire sectors, while generating attractive returns.

Finnish digital health company Kaiku Health Oy, which provides intelligent patient monitoring software for healthcare providers across Europe, has closed a €4.4 million funding round. The investment was led by Debiopharm Innovation Fund SA and Tesi with participation from Prodeko Ventures Oy and existing investors Reaktor Ventures Oy, Metsola Ventures Oy, and Athensmed Oy.

With Additional Funding, Midaxo Reinforces Its Position as The Leading Provider Of M&A Software.

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Tesi made new investments totaling €149m, incl. a €60m commitment in the fund-of-fund KRR III. Direct portfolio companies continued to grow strongly, as their sales increased on average 22% during the year. Favourable operating environment, strong growth in portfolio companies as well as numerous exits led to a financial result of €66m for the year.

The fund will make majority investments in small and mid-sized service companies with the aim of growing them into sector leaders through focused development of their branding, marketing and digitalisation.

Thirdpresence, an AI-driven programmatic video advertising company, has raised $2.4M in seed funding to accelerate R&D on their purpose-built AI. Nordic venture capital firms Inventure and Tesi participated in the funding round together with new and existing investors. This was the first investment from the Inventure Fund III, the largest early-stage technology fund ever raised in Finland.

Finnish fintech company Zervant, which provides online invoicing software for small business and entrepreneurs across Europe, has announced €6 million in funding. The investment was led by Tesi, along with Northzone, NFT Ventures and Conor Venture Partners.

LocalTapiola and Tesi have reached an agreement on a significant investment in Viria, a company that offers solutions in digital and physical security. As part of the arrangement, LocalTapiola and Tesi will buy 575,000 shares of Viria Plc’s subsidiary Vemetra Holding Oy at the price of EUR 20 per share. The total purchase price is EUR 11.5 million.

In 2017 Valmet Automotive took significant steps in transforming from a Finland-based vehicle manufacturing business to a service provider with a broad offering to the automotive industry: a company with a special focus on electric vehicles and a strong presence in Central Europe, close to its key customers. While vehicle manufacturing continues to be a core element in Valmet Automotive’s strategy, the company is putting more emphasis on growth from new areas such as automotive engineering and battery pack supply. This complements its vehicle and roof manufacturing businesses.

Interested in the Finnish economy and private equity? Eager to learn more about different industries? Eye for detail and ability to see the big picture?

Tesi, The CapMan Buyout X fund and Varma Mutual Pension Insurance Company have entered into an agreement to invest in KotiSun Group. The seller in the transaction is Panostaja Plc. As a result of the transaction, CapMan, Tesi and Varma will become the majority owner of KotiSun Group Oy. The management of KotiSun Group will own 30% of the company.

The year 2017 has been significant for Finland as we have celebrated our 100th year of independence. In addition to honoring the past, it is also a great moment to look ahead. The 100-year-history has given us a forward-looking generation of entrepreneurs that value meaningful work and aim high. Today we create a foundation for the next generation of entrepreneurs that will build a better tomorrow in 2117.

In June-July we conducted a corporate image survey, to which altogether 500 representatives of our stakeholders responded. The survey results show that Tesi is a well-known, professional and trusted player in the Finnish venture capital and private equity market. Over 80% of respondents were prepared to recommend Tesi, and regard us as a good growth financer and an attractive partner , as well as a skilled and solution-focused player.

Croda International Plc, who creates, makes and sells speciality chemicals for some of the biggest, most successful brands in the world, today announced that it has acquired IonPhasE for €24m. IonPhasE is an innovative technology supplier of static electricity protection products headquartered in Tampere, Finland.

Ecolab Inc., the global leader in water, hygiene and energy technologies and services has acquired a minority stake in MetGen OY. As part of the acquisition, Ecolab will be granted exclusive distribution rights globally for MetGen’s pulp and paper portfolio, as well as its wastewater enzyme portfolio. This business supplies differentiated custom blended enzymatic solutions to maximize biomass performance for various industries.

Already at the first closing, Inventure Fund III is the largest pure early-stage technology fund ever raised in Finland.

MariaDB® Corporation, the company behind the fastest growing open source database, today announced that it raised $27 million in an investment led by Alibaba Group, with participation from existing investors Intel Capital, California Technology Ventures, Tesi, SmartFin Capital and Open Ocean. Combined with a recent $27 million investment from the European Investment Bank (EIB), this latest capital brings MariaDB’s total funding this year to $54 million.

Danish family company Danfoss has acquired Visedo, a company specializing in electric powertrains and components. Visedo is a world-leading expert in electric solutions for the off-highway and marine markets, and a Tesi portfolio company since 2013. With this step, Danfoss is responding to the growing customer demand for electric solutions to reduce emissions and pollution and to increase productivity. Visedo is headquartered in Lappeenranta in Finland.

Since 2009, the KRR fund-of-funds concept has accelerated the growth and internationalisation of 150 companies

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Tesi’s Interim Review 2017

Changyuan Group Ltd (“Changyuan”) has acquired 100% of OptoFidelity Oy (“OptoFidelity”) bringing together a unique combination of test & measurement solutions and capabilities available to customers worldwide. With Changyuan and OptoFidelity joining forces, customers will also enjoy many complementary benefits given Changyuan’s strong presence in Asia and Optofidelity respectively in Europe and in the US.

Brella raises €1.2 million – establishes subsidiary in USA

BCB Medical, the Nordic market leader in gathering and analysing clinical data, has raised new capital from a group of high quality institutional investors led by Standout Capital and Tesi. The investors will support BCB Medical’s continued growth in the Finnish market and the launch of BCB’s quality register software and clinical data products internationally.

Matias Kaila joins Tesi as Director for Fund Investments, Jussi Hattula to lead Growth and Industrial Teams.

Mustavaaran Kaivos Oy (MKOy) is pleased to announce an arrangement of 9.7 M€ funding for the completion of a bankable feasibility study on its vanadium plant project.

BC Platforms, a world leader in genomic data management solutions, today announces that it has closed a $USD 10 million financing round. The round was led by Debiopharm Innovation Fund in conjunction with Tesi, and was supported by BC Platforms’ existing investors.

The European Investment Bank (EIB) announced a EUR 25m funding of MariaDB, the company behind the fastest growing Open Source database, to support the company’s next stage of growth and database innovation. This EIB operation is guaranteed under the European Fund for Strategic Investments (EFSI), a key element of the European Commission’s Investment Plan for Europe, aiming at reviving investment in strategic projects around Europe.

The fund with the target size of €40 million will invest mainly in Finnish startups offering software to B2B customers. The investors are Finnish institutional investors, foundations, family offices and private investors.

Finnish private equity company Sentica Partners has raised its new Sentica Buyout V fund, which was closed at its 185 million euros hard cap. The fund is Sentica’s fourth buyout fund and like its predecessors, it focuses on developing Finnish lower mid-market companies.

Vaaka Partners has successfully made the first and final closing of its new fund, Vaaka Partners Buyout Fund III Ky, at its hard cap limit of EUR 225 million. Vaaka received very strong support from its existing investors as well as significant demand from new investors in a rapid 3-month process. The investor base is comprised of prime Finnish and European institutional investors.

Rightware, the leading provider of automotive user interface software and Tesis’ portfolio company since 2013 has been acquired by Thundersoft, the world’s leading provider of operating systems and smart device platform technology.

Folmer Management Oy has raised its second private equity fund, Folmer Equity Fund II Ky, which will continue the investment strategy of Folmer Equity Fund I Ky. The size of the fund at first closing is 62M€, with a maximum target of 75M€ at final closing.

Leading Nordic insulation manufacturer Jackon Group has bought 90% of ThermiSol Ltd’s capital stock. ThermiSol is a manufacturer of EPS insulation products and a Tesi portfolio company since 2011. The agreement was signed on 10 February 2017.

Proactive and analytical team player? Interested in private equity and the Finnish economy?

Valmet Automotive has signed an agreement with Semcon, an international technology company listed on the Stockholm stock exchange, to acquire Semcon’s automotive engineering operations in Germany with some 800 employees and annual turnover of EUR 90 million. Acquisition comprises of Semcon’s automotive engineering service operations located in Germany and testing operation in Spain.

Starting 1st of February, you will get to know Finnish Industry Investment under the Finnish brand name Tesi also in English. Tesi has been our unofficial nickname for years, and the change will provide consistency to all of our partners.

Valmet Automotive and Contemporary Amperex Technology Limited (CATL), a leading global provider of battery and energy storage solutions, have entered into strategic partnership in electric automotive solutions. Simultaneously CATL has subscribed to new shares issued by Valmet Automotive for a 22% ownership in the company. After the new share issue, the owners of Valmet Automotive are Pontos (39%), Tesi (39%) and CATL (22%).

Joni Karsikas (30), M.Sc. (Technology), B. Sc. (Econ. & Bus. Adm), has been appointed to Finnish Industry Investment’s Venture Capital team as Investment Manager with effect from 16 January 2017. He will be responsible for screening and assessing technology-oriented growth companies as potential portfolio companies, contractual negotiations, portfolio company development and value creation, as well as for building relationships with Finnish and international investors.

CapMan Buyout X fund and Finnish Industry Investment invest in Forenom, a leading Nordic temporary housing service operator. CapMan and Industry Investment acquire a majority equity share in the company with the aim to grow the company's core business and further strengthen its market position in the Nordic countries. Forenom's current owner Barona Group as well as Forenom's active management will continue holding minority stakes in the company.

We wish you a Merry Christmas and a Happy New Year!

Helsinki and Beijing, 19 December 2016. Rightware, the leading provider of automotive user interface software, today announced its acquisition by Thundersoft, the world’s leading provider of operating systems and smart device platform technology. The arrangement supports the continued development of both companies — by creating a growth platform to help secure the top position in the rapidly expanding automotive software industry, while creating more complete solutions for customers. Rightware will remain an independent company with its current management and continued investments in the automotive business and Finland. The deal is worth 64 million Euros (471M RMB; 68M USD) and is expected to be closed in early 2017.

Visedo is ready to take a global lead in providing smart and high performance electric drivetrain systems.

Finnish Industry Investment’s Board of Directors has appointed Jan Sasse, MSc (Econ), aged 49, as the company’s new President & CEO, with effect from 6 March 2017. Martin Backman, Finnish Industry Investment’s incumbent President & CEO, will take up a new position as CEO of Aktia Bank p.l.c. on the same day.

This marks the second investment round for Vaadin this year. The capital will be used to further boost its investments into product development and marketing.

Put your boots on and come to meet us 30th Nov – 1st Dec at Slush in Helsinki.

Finnish Industry Investment Ltd (FII) and EOC Capital lead a 3,6 million euro investment round in Midaxo. FII invests 1,5 million euros, EOC Capital adds 1,15 million euros, and the existing investors join with about 950 000 euros. Additionally, Finnvera and a group of business angels have invested in the company.

for a permanent and full-time position in the Venture Capital team.

Alongside financial performance, Finnish Industry Investment assesses its economic and societal impact on a yearly basis.

California-based Karma Automotive has launched its new high-end, luxury plug-in hybrid, the Karma Revero, with a digital cockpit created using Kanzi® user interface software from Rightware, the leading provider of automotive Human-Machine Interface (HMI) software solutions. The innovative new vehicle has a digital cockpit consisting of two integrated HMIs—a fully digital instrument cluster and a high-resolution infotainment system—enhancing the look and feel of Karma’s highly distinctive brand.

Record-high investment volume – €100 million to finance company growth

Keith Bonnici, M.Sc. (Econ), aged 49, has been appointed Investment Director in Finnish Industry Investment’s Venture Capital team with effect from 29 August 2016. He is responsible for evaluating new investment opportunities, negotiating the associated contracts, developing portfolio companies, creating value in the investment portfolio, and enhancing relationships with co-investors.

Northzone is delighted to announce the closing of its biggest fund to date, Northzone VIII. The latest fund was, once again, oversubscribed at €300 million, making it one of the largest venture funds in Europe.

Verdane Capital IX AB (Verdane IX) has closed at its hard-cap with SEK 3 billion in commitments. The fund, which is Verdane’s largest to date, was significantly oversubscribed. Verdane IX will invest in small- and medium-sized growth companies in Northern Europe, primarily by providing liquidity to owners of unlisted portfolios.

Wärtsilä has today signed an agreement to acquire Eniram, a Finland-based technology company providing the marine industry with energy management and analytics solutions. The acquisition of Eniram will enable Wärtsilä to grow and strengthen its digital offering and in-house capabilities, specifically in data analytics, modelling and performance optimisation.

DevCo to acquire Vexve, a leading supplier of valves for district heating applications

Verto Analytics, the world’s first single-source audience measurement company, has raised a €14.5m growth investment. The investment consortium was headed by EQT Ventures, Finnish Industry Investment and the VisionPlus Fund. The round also included Conor Venture Partners and Open Ocean Capital, who were both investors in the company’s earlier seed rounds, too. Verto operates in the fast-growing market for cross-device audience measurement, having launched its first services in 2014 in the US.

OptoFidelity Ltd, the world leader in user interactions testing for smart devices, has agreed on a EUR3.6M funding including growth financing package with Finnish Industry Investment (FII) and the VisionPlus Fund.

CapMan Credit becomes Nest Capital and announces the €100 million first close of its new fund. Nest Capital is an independent investment partnership within the CapMan Group.

We produced favourable results in 2015, both operationally and financially. We made new investments totalling €93m and our portfolio companies, in which we invest directly, grew despite the difficulties faced by Finland’s economy. Thanks to good market conditions, active portfolio management, value increases in both funds and portfolio companies, and a favourable climate for exits, net gains from investments for the year amounted to €109m, profit for the financial year totalled €86m, and there was a positive net cash flow of €63m.

The European Investment Bank (EIB) has provided a EUR 8 million loan to NewIcon for its development and innovation activities in the field of medicine logistics. The company’s new automation solutions will facilitate the work of nursing staff at each stage of the medicine supply process in pharmacies and hospital wards.

New Solution Intelligently Unifies Information Silos and Business Systems with Patent-Pending Technology that will Disrupt ECM and EIM Landscape.

Touhula Varhaiskasvatus was founded in 2010 and today operates over 80 pre-schools and day-care centers across Finland. Coronaria Hoitoketju, the majority shareholder of Touhula, has agreed on a transaction that upon closing will make EQT Mid Market fund the majority shareholder of Touhula.

BMH Technology Oy, a company turning waste into recovered fuel, expands its ownership base to expedite its growth in the global market. The new minority shareholders will be Finnish Industry Investment Ltd and Etera Mutual Pension Insurance Company with direct issue. Due to the expanded ownership base, BMH Technology can take part in even larger waste management projects.

eEquity and Finnish Industry Investment invest $6M in Vaadin, the open source company whose userinterface tools are used in 40% of Fortune100 companies and by over 150 000 developers worldwide.

Rauma Marine Constructions Oy (RMC), a pioneer in arctic shipbuilding, will receive a major infusion of capital for further growth from three actors Finnish Industry Investment Ltd, Finda and a fund managed by Taaleritehdas. RMC’s strengthened position is yet another indication of the recovery of the Finnish shipbuilding industry.

Saltex Oy, a specialist in artificial turf surfaces, and Unisport Scandinavia AB, service provider for sports facilities are joining forces. They will form a new company becoming a Nordic leader in developing sports and exercise facilities. The founders, management and current owners of Saltex and Unisport will continue as minority shareholders alongside the majority shareholder, Finnish private equity firm Vaaka Partners, which is the initiator of the arrangement, and Finnish Industry Investment.

Early stage VC firm targets software entrepreneurs looking to scale globally. Experienced tech entrepreneur and investor, Richard Muirhead, joining as general partner to lead London office.

Team Finland will be taking part in Slush, which has joined the ranks of the world's leading technology and startup events. The event will take place in Helsinki on 11 and 12 November.

TUI Cruises GmbH and Meyer Turku Oy signed an agreement for two cruise ships. This order further strengthens the order book of the shipyard, which contains now a high work load until the year 2020.

Enevo provides a fully automated waste logistics operations management solution that creates and forecasts optimal waste collection schedules and routes that save up to 50% in costs and increases service quality by avoiding waste bin overflows and excess fleet utilization.

Mahindra Holidays-Holiday Club Resorts entity becomes largest in the world ex-USA.

Finnish Industry Investment made new investments in 2014 amounting to slightly less than €83m. New investment commitments, totalling €42m, were made to seven venture capital and private equity funds and new direct investments, totalling €40m, were paid out during the year. Income from private equity and venture capital investments was booked as €21.6m. However, the reductions in the valuations of investments, as well as the exit losses and sales losses resulting from exits entered in the accounts, pushed the result for the financial year into a loss of €43.2m. The largest individual loss, €14.8m, was Finnprotein Oy’s bankruptcy.

The Meyer family, operating the shipbuilding company Meyer Werft in Germany, and the Finnish State acquired Turku shipyard from STX Europe in September 2014. Meyer Werft took up 70 percent of the shares, and the State of Finland purchased 30 percent of the share capital through the Finnish Industry Investment Ltd (FII).

Onbone Ltd, the developer of novel casting technology material, Woodcast®, has raised a total of €10 million in a financing round led by MVM Life Science Partners, with participation from Finnish Industry Investment, Finnish private investors and the existing investor Inveni Capital. The funding round will be used to finance the international launch of the Woodcast suite of casting and splinting products.

Eagle Industries Oy has signed an agreement to acquire 100 % of the shares in Kotkamills Oy from OpenGate Capital. Eagle Industries is owned by MB Funds, Nordic Mezzanine, Elo Mutual Pension Insurance Company, Finnish Industry Investment and company management. After a few years, Kotkamills will again return to full Finnish ownership. The transaction will require an approval by the competition authorities, and it is expected to be closed by the end of April.

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual fuel ship will be about 212 metres in length with a passenger capacity of 2800. The fast ferry will cost around 230 million euros and will be built at Meyer Turku shipyard for delivery in the beginning of 2017. The project will provide approximately 2000 man-years employment for the shipyard.

LeadDesk, the Finnish SaaS company serving the European call center industry, has raised €5.5 million in its first round of funding led by Dawn Capital with participation from Finnish Industry Investment in order to drive new market growth. LeadDesk was founded in 2010, has offices in eight countries, and is the Nordic market leader for outbound call center software.

The European Investment Fund (EIF) has made significant investments in Finnish venture capital and private equity funds together with Finnish Industry Investment Ltd. EIF’s EUR 300 million commitment to Finnish funds demonstrates its engagement for SME financing in the country.

For cleantech success in BioFuel / BioEnergy category MetGen Oy honored at Cleantech Investing Seminar in Lausanne, Switzerland

The number of positive exits is on the rise.

Ilpo Kokkila prefers long-term investments, as, in his experience, they are the most beneficial for companies.

Global economic uncertainties continue to hamper institutional investors’ appetites for venture capital and private equity in Europe. Despite the current situation, Dörte Höppner, Secretary General of the European private Equity and Venture capital Association, EVCA, is optimistic about the industry’s future.

“Venture capitalists play a key role in the growth and renewal of national economies,” says Marika af Enehjelm, the Managing Director of the Finnish Venture Capital Association.

VersoVentures focuses on creating new growth companies by spinning off businesses from larger companies, and is today launching a new EUR 50 million fund that invests in corporate spin-offs.

Growth through globalisation

Through international fund investments, Finnish Industry Investment aims at attracting international investors to Finnish technology companies

In terms of investment activity, 2013 was a relatively good year for Finnish Industry Investment (FII). FII made new investments and commitments amounting to €130 million, including a €60 million commitment to FoF Growth II. In a challenging economic situation the result of the financial year was € -7.6 million. At the end of the year, FII's investments and commitments amounted to €793 million.

With commitments from four Finnish pension funds, the fund-of-funds held its first closing at €130 million

Visedo Oy, a rapidly growing developer of electrical drive components has secured an investment of € 4 million from Finnish Industry Investment and the company’s existing owners Power Fund II and Sinituote.

On-demand photo service secures investment from Conor Venture Partners and Finnish Industry Investment to capitalize on growing demand for unique and relevant photography by targeting brands and publishers in US, UK and worldwide

Web of Trust (WOT), a crowdsourced website reputation service surpassed 100 million downloads, doubling its’ downloads within a year.

Vision+’s expanded portfolio includes investments in search, ecommerce, loyalty programs, health and fitness, music distribution and entertainment

Open source database gets funding to boost adoption and develop product range

List Recognizes the Top Private Companies in Clean Technology

Aim to accelerate investments into Finnish companies and highlight Finland as the most interesting location for start-up companies

Aidon focuses in the Nordics and sets plans for Europe

Kanzi® UI Solution Continues To Gain Traction in Emerging Embedded Markets Including Automotive and Consumer Electronics Industries

Metadata-Powered Enterprise Content Management Provider to Rapidly Accelerate US Market Growth for Quality-Intensive and Regulated Industries

In 2012, Finnish Industry Investment made new investments amounting to €57.1m. Fund investments focused on new venture capital and private equity funds that catalyse Finnish companies’ international growth. Direct investments focused on growing technology companies, buyouts and the mining cluster. Investments and commitments totalled €718m at the end of the year. The financial result for the year was €7.3m.

Enterprise Finland Venture Forum takes place today in Espoo, Finland.

Helsinki, Finland --- November 26, 2012 --- The community-powered safe surfing tool Web of Trust (WOT) announced today that it has raised € 1MM investment lead by Inventure, a cross-border venture capital group based in Finland and China. Other participating investors include private investor Risto Siilasmaa and Finnish Industry Investment, which has been a shareholder of WOT since 2007.

Investments from Finnish Industry Investment Ltd., Spintop Ventures, Open Ocean Capital and OnCorps enable SkySQL to ramp up development for the enterprise and cloud

Launches unique revenue investment model without dilution of equity.

Government-owned investment company Finnish Industry Investment Ltd made new investments in 2009 totalling MEUR 61.3. The company’s total investments rose to MEUR 619. At the end of 2009, Industry Investment was an investor, either directly or through funds, in altogether 439 companies.

Government-owned investment company Finnish Industry Investment Ltd made new investment commitments in 2008 totalling MEUR 150.3, of which MEUR 130.9 was in funds and MEUR 19.4 comprised direct investments in growth companies. The parent company exited from 3 companies, while the subsidiary Start Fund I Ky made follow-on investments in 34 growth companies amounting to MEUR 6.8. At the end of 2008 Industry Investment had investments totalling MEUR 573.3, and the company was an investor – either directly or through funds – in altogether 438 companies.

Finnish Industry Investment Ltd (FII), a government-owned investment company, posted a healthy profit for the third consecutive year: MEUR 48.1 for financial year 2007. Investment operations were brisk. The parent company made new investment commitments totalling MEUR 167.6 and exited fully from four companies and partially from four others. In addition, FII’s subsidiary Start Fund I Ky invested altogether MEUR 12.7 and exited from seven companies.

Arrangement builds on joint innovation

Fastest growing diode laser company will expand product offering with leading fiber products from LIEKKI

Wi-Fi RTLS and Software Tools Maker Attracts New Funding for Worldwide Expansion from a Syndicate of International Investors.

Industry Investment Ltd Finland's leading investor in early-stage companies