Finnish health startups show great growth potential but funding is urgently needed

There are approximately 400 health startups in Finland, a quarter of them located in the Helsinki Metropolitan area. Health Capital Helsinki, in collaboration with Upgraded, conducted a survey on Finnish health startups of their current needs and challenges.

According to the survey, the most critical and urgent need lies in raising funding. Most of the startups say that they need funding immediately (42%) or within a year (42%). Other significant needs mentioned in the survey include support for sales and marketing and finding reference and pilot customers.

Health startups also have recruitment needs. Within a year, 75% of the startups plan to hire salespeople, 67% plan to hire R&D or technical specialists, and 47% plan to hire marketing specialists.

“Securing funding and finding a strategic funding partner in the early stage is vital for a health startup. Healthcare innovations take years to develop, testing and validation is complex and slow, but once you get there, the opportunities are huge,” says Juha Paakkola, Director of Health Capital Helsinki.

“Finland produces great research- and science-based innovative startups, but as a small country, the health-focused funding resources are limited. Therefore, connecting innovative startups with health-specialised international investors is a key priority for Health Capital Helsinki,” Paakkola adds.