Top Startups / July 13, 2021
Asaf Fybish

Asaf is an investor and startup growth advisor. He specializes in organic marketing and he's our Chief of Stash

Top Finnish Startups To Watch in 2021

Finland has a bustling startup ecosystem that is experiencing rapid growth despite the country's small population. Nowadays, there are a bunch of amazing Finnish startups and the growth of these top startups is also further spurring on the ecosystem. In fact, Greater Helsinki has been hailed as one of the best startup hubs in the world, with it being valued at $5.8 Billion in total.

In 2020, Finnish startups did incredibly well to raise almost 1 Billion Euros in funding across the year, although this figure ended up being just shy of this at 951 Million Euros instead. It should also be noted that it was found that during 2019, Finland was responsible for 10% of the world's startup exits, which is an incredible achievement for the country as a whole.

1. Varjo

Year Founded: 2016

HQ: Helsinki, Finland

Size: 101-250

Founder(s): Klaus Melakari, Niko Eiden, Roope Rainisto, Urho Konttori

Varjo is a Finnish startup that was founded in 2016 and is currently headquartered in Helsinki, Finland. The company creates and distributes both hardware and software specifically for augmented and virtual reality. These solutions are mainly used in the industrial sector and help businesses to put things into perspective with the human eye.

The company has managed to attract an impressive amount of startup funding since being founded five years ago. This is down to its ability to convince a total of 16 investors to get behind its plan. This has led to fantastic results that have allowed the company to receive a total of $99.9 Million in startup funding.

2. Aiven

Year Founded: 2016

HQ: Helsinki, Finland

Size: 101-250

Founder(s): Hannu Valtonen, Heikki Nousiainen, Mika Eloranta, Oskari Saarenmaa

Aiven is one of the most exciting and well-funded startups in Finland. The company was founded in 2016 and is currently based in Helsinki. The company works by managing their client's cloud data infrastructure, which takes the pressure off of developers and allows them to do the things that they're best at and likely enjoy much more than dealing with the cloud.

As shown in the previous paragraph, the company has made a lot of money through startup funding since being founded five years ago. In total, the company has managed to amass a total of $150 Million from investors, which is a massive amount for a business in any country and any industry. It's almost certain that they will continue to succeed throughout the year.

3. Smarp

Year Founded: 2011

HQ: Helsinki, Finland

Size: 51-100

Founder(s): Mikael Lauharanta, Roope Heinil, Tommi Huovinen

Smarp is a communications and employee engagement startup that was founded ten years ago and is currently based in Helsinki, Finland. The company's software offering allows businesses to send out personalized, internal communications to employees. This helps to improve the engagement of the overall message by tailoring content in a way that is most suitable to the employee themselves. They are just one example of a Finland startup doing well in the SaaS market.

The company has managed to pull in a decent amount of funding since being founded a decade ago. This has been driven by the company convincing a group of four investors to invest in the business over the years. This total funding has collected to an amount of 9.9 Million Euros to fund further growth and development.

4. Enfuce

Year Founded: 2016

HQ: Espoo, Finland

Size: 51-100

Founder(s): Denise Johansson, Monika Liikamaa

Enfuce is a Finnish startup that was founded five years ago and is currently based in Espoo, Finland. The company operates in the fintech market and offers a range of services to businesses in finance, which includes payments, open banking, sustainability, and more. They make a difference by providing quick and effective solutions to the problems faced by these companies. This makes Enfuce one of the most exciting startups in Finland for fintech.

Enfuce has had an impressive track record of gaining investment, especially for a company that is only five years old. In total, the company has been able to convince a group of five investors to invest in the business. This has ended with the company managing gain investment totaling 17 Million Euros, which goes a long way to help develop any business.

5. Flowhaven

Year Founded: 2016

HQ: Helsinki, Finland

Size: 11-50

Founder(s): Jess Trinca, Kalle Torma, Timo Olkkola

Flowhaven is another example of a startup that was founded five years ago in Finland, with its main base being in Helsinki. The company provides a platform that helps businesses to manage their brand licensing and also allows them to automate many aspects of the process to ensure that time and money are both saved by their customers. This means that their businesses will work better and more efficiently

Flowhaven has done very well for startup funding in its half-a-decade of trading. So far, the company has managed to convince a trio of investors to put some money into the business. This culminated in the company making a total of $21.2 Million in startup funding and there is no sign of the business stopping for rest now.

6. Leadoo

Year Founded: 2018

HQ: Helsinki, Finland

Size: 1-10

Founder(s): Mikael da Costa

Leadoo is a software startup that was founded three years ago and currently works in the capital city of Finland. The company works in the marketing sphere and makes money by turning website visitors who normally don't interact with the site, into visitors that actually want to buy your products and services. This is achieved in a friendly and non-intrusive manner to ensure maximum engagement for clients.

The company has seen some luck in terms of funding, with a successful round taking place earlier this year. The same investor has also pledged money to the company, previous to this. In total, this investment amounted to a total of 8 Million Euros.

7. Zervant

Year Founded: 2010

HQ: Espoo, Finland

Size: 11-50

Founder(s): Mattias Hansson, Tuukka Koskinen

Zervant is another example of one of Finland's leading fintech startups, being founded in 2010 and the company is currently based in Espoo, Finland. The company provides online invoicing software that makes the process of taking payments and recording them, more stress-free and less hassle. The country currently operates in many of the current markets in Europe and also has some presence on other continents as well.

The company has managed to attract a good amount of investment, which has likely seen the growth of the business skyrocket. In total, the company has managed to get funding from four investors over the eleven-year period it has been trading. In that time, the company has received a total of 13.5 Million Euros in startup funding.

8. Enevo

Year Founded: 2010

HQ: Espoo, Finland

Size: 51-100

Founder(s): Fredrik Kekalainen, Johan Engström

Enevo is a software startup that was founded 2010 and is currently based in Espoo, Finland. The company operates a platform that manages waste and recycling for businesses across a variety of sectors. This is an example of the booming climate industry in the country and with businesses wasting lots of materials, it is a good option to make sure businesses are running efficiently.

The company has received a lot of backing for its mission to eliminate business waste. This has resulted in the company signing deals with fifteen investors since being founded over a decade ago. In terms of the actual amount of funding that has been achieved, the company has managed to make a total of $55.4 Million.

9.Whim 

Year Founded: 2015

HQ: Helsinki, Finland

Size: 51-100

Founder(s): Kaj Pyyhtia, Sampo Hietanen

Whim is a startup that was founded six years ago and is currently based in Helsinki, Finland. The company is disrupting the transportation sector in the country by allowing users to aggregate travel information from all providers in a single place. This makes it easier for people to get around in their city and makes the process of travel more convenient.

The company itself has received a lot of backing from investors in the six years that it has been trading. The company has received funding from twelve investors and the total amount of funding that was achieved has reached $61 Million. The team at the company has also previously struck a deal to acquire another company to improve their offering.

10. ICEYE

Year Founded: 2014

HQ: Espoo, Finland

Size: 101-250

Founder(s): Pekka Laurila, Rafal Modrzewski

ICEYE is a Finnish startup that was founded seven years ago and is currently based in Espoo, Finland. The company generates and distributes highly accurate and up-to-date satellite images to help businesses to make better decisions based on a variety of different factors which cannot always easily be seen without the use of this type of imaging.

The company has received a massive amount of funding since being founded in 2014. The company has managed to attract a massive number of investors, with 20 putting their money into the fledgling startup. This has led to the company making a very healthy investment package of $152.1 Million, which is a huge amount for any business.

11. Freska

Year Founded: 2015

HQ: Helsinki, Finland

Size: 501-1000

Founder(s): Erik Dalland, Esa Vuolas, Sebastian Heinrichs

Freska is a massive Finnish startup that was founded in 2015 and is currently based in Helsinki, Finland. The company provides on-demand home cleaning services for people in the Nordic regions of the world. The whole booking of the person coming to clean your home can be managed online or through the company's native app. The company also has high minimum standards to ensure that the cleaners doing the work are good enough for the job.

The company has done very well for funding in the six years since it was founded and is currently based in Helsinki, Finland. The company has even managed to take over another business through acquisition to further its strategic goals. The company has had six investors so far and they have pledged $13.8 Million to the company.

12. Solar Foods

Year Founded: 2017

HQ: Helsinki, Finland

Size: 1-10

Founder(s): Juha-Pekka Pitkänen, Pasi Vainikka

Solar Foods is an example of another Finland startup trying to change the world. The company uses air and electricity as the main sources to create new proteins that are rich in nutrients. This, of course, a benefit as it brings a sustainable source of food to the earth. The pricing on these proteins is also comparable to vegan alternatives.

The company has received a massive amount of funding to kickstart the next revolution in food. This has resulted in the company receiving investment from a total of nine investors since being founded four years ago. The company itself has received a total figure of $42 Million in funding.

13. Silo.AI

Year Founded: 2017

HQ: Helsinki, Finland

Size: 51-100

Founder(s): Johan Kronberg, Peter Sarlin, Tero Ojanperä, Ville Hulkko

Silo is a startup that was founded four years ago and is currently based in Helsinki, Finland. The company claims to operate the largest private AI laboratory in the Nordic region of Europe. This allows the company to build and develop new AI solutions for businesses that have a requirement for that type of technology.

The company has managed to achieve some startup funding to further its growth and development. This came in the form of a single investor that pledged a total of 10 Million Euros since being founded in 2017.

14. Next Games

Year Founded: 2013

HQ: Helsinki, Finland

Size: 101-250

Founder(s): Jaakko Jumisko, Joakim Achren, Kalle Hiitola, Mikael Achren

Next Games is a gaming startup that was founded eight years ago and is currently based in Helsinki, Finland. The company is a developer of free-to-play games in the country and they plan to make a simple and easy experience for their customers. These games are typically based on existing IP, for things like books, movies and TV shows, amongst others.

The company itself has received a large amount of investment since being founded eight years ago. Next Games has received funding from a total of twenty investors in the previous few years and this has resulted in the company receiving an investment of $20.8 Million. Next Games has also managed to buy out another company to help it develop into something even greater.

15. Yousician

Year Founded: 2010

HQ: Helsinki, Finland

Size: 101-250

Founder(s): Chris Thür, Mikko Kaipainen

Yousician is a startup that was founded in 2010 and is currently based in Helsinki, Finland. The company provides an online learning platform for those that want to learn how to play music. This software gives users feedback about their musical performance in real-time, meaning that errors can be tweaked as you play.

The company itself has received a substantial amount of startup funding since being founded in 2010. In total, eleven investors have decided to put their money into the company in as many years of trading. This has resulted in the company bringing in a figure of $32.8 Million in startup funding, to improve their business operations and their platform.

16. Swappie

Year Founded: 2016

HQ: Helsinki, Finland

Size: 101-250

Founder(s): Jiri Heinonen, Sami Marttinen

Swappie is a Finnish consumer marketplace startup that was founded five years ago and is currently based in Helsinki, Finland. The company will source used smartphones from individuals and businesses and will then refurbish them into a presentable state. Swappie then sells these phones back to the market, in an effort to cut down on electronic waste and to save people money on new gadgets and technology.

So far, the company has done very well with attracting outside investment to improve the business as a whole. In total, the company has received funding from five investors. This has led to total fundraising of $46.8 Million since being founded in 2016.

17. IQM

Year Founded: 2018

HQ: Espoo, Finland

Size: 51-100

Founder(s): Jan Goetz, Juha Vartiainen, Kuan Yen Tan, Mikko Möttönen

IQM is a Finnish quantum computing startup that was founded in 2018 and is currently based in Espoo, Finland. The company itself builds the hardware for a number of different universal quantum computers. This is primarily focused on the manufacturers and developers of superconducting technology. This has led to several breakthroughs in heat management and has benefitted numerous customers worldwide.

The company has received a lot of funding in the three short years that it has been trading, which shows the strength of the company's offering. In total, 11 investors decided to put their money behind the project. Ultimately, this has led to the company receiving a total investment of 70.8 Million Euros in three years.

18. Netherthink

Year Founded: 2016

HQ: Helsinki, Finland

Size: 11-50

Founder(s): Aviv Junno, Claus Nuoskanen, Oskari Kettunen

Netherthink is an internet and video streaming startup that was founded in 2016 and is currently based in Helsinki, Finland. The company operates a video streaming platform that is dedicated to memes and shows users a variety of different content based on their interests and viewing habits among other things.

The company has managed to receive a respectable amount of startup funding since being founded five years ago. This is evidenced by the fact that the company has received funding from a total of six investors. This has culminated in the company raising a total of 6.6 Million Euros.

19. RePack

Year Founded: 2011

HQ: Helsinki, Finland

Size: 1-10

Founder(s): Jonne Hellgren

RePack is a Finnish startup that was founded in 2011 and is currently based in Helsinki, Finland. The company offers renewable packaging for the logistics industry to help combat the problem of waste in a lot of different sectors also. The company also operates a rewards program whereby customers can get vouchers in return for bringing their reusable parcels back to the company.

Despite the fact that the company is small and was founded over a decade ago, the company has managed to achieve a respectable amount of startup funding. This funding came from a duo of investors and this total funding came to a result of $2.4 Million.

20. Infinited Fiber Company

Year Founded: 2016

HQ: Espoo, Finland

Size: 11-50

Founder(s): Petri Alava

Infinited Fiber Company is a Finnish startup that was founded five years ago and is currently based in Espoo, Finland. The company currently works on its mission to take textiles waste and other materials and to use biotechnology to recycle the materials into high-quality fibers that can be made into new clothes.

The company has received a staggering amount of funding to fuel product development since it was founded in 2016. In total, the company has received backing from a total of eight investors. In total, the company made 44.6 Million Euros in startup funding.

21. iFarm

Year Founded: 2017

HQ: Helsinki, Finland

Size: 11-50

Founder(s): Alex Lyskovsky, Konstantin Ulianov, Max Chizhov

iFarm is an agricultural technology startup that was founded in 2017 and is currently based in Helsinki, Finland. The company itself operates a solution that allows its customers, predominantly farmers, to use data to help them with growing plants using automated vertical farming.

In total, the company has managed to achieve a good level of startup funding in the four years they have been operating. The company itself has been invested in by a group of five investors and the total of startup funding reached a figure of $4 Million.

Top Finnish Startups To Watch...
Asaf Fybish

Asaf is an investor and startup growth advisor. He specializes in organic marketing and he's our Chief of Stash

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