Finnish health and life sciences startups secured €26.6 million in VC funding in 2023

Finnish startups raised a total of €871 million in growth funding in 2023, according to new statistics released by Finnish Venture Capital Association (FVCA). Compared to the record-breaking €1.7 billion in 2022, this marked a decrease of about half. 

Last year, 185 Finnish startups raised VC or growth funding, with 19 of these companies operating in the health and life sciences sector. Venture capital investments accounted for €389 million of the total funding raised, with €167 million contributed by domestic investors and €222 million by foreign investors. The share of the health and life sciences sector in total annual VC investments increased from 5.7% to 6.8% between 2022 and 2023, and the sector attracted €26.6 million in VC funding.

Despite market challenges, 2023 was particularly successful for Finnish venture capital funds. These funds raised a total of €507 million in new capital, marking the second-largest amount in history. Additionally, several new players entered the market.

“Finland has laid a solid foundation for financing domestic startups through years of concerted effort, which has been crucial in light of the significant decrease in foreign capital”, comments Jussi Sainiemi, Chair of FVCA’s Venture Capital Committee.