Growth funding raised by Finnish startups has been constantly increasing in recent years. In terms of funding, it is estimated that 2021 will mark a record-breaking year in the Finnish startup ecosystem. Statistics show that in 2020, Finland had the highest share of venture capital as a percentage of GDP compared to any other European country.
A positive trend in growth funding is also visible in the healthcare sector: in 2020, private investments in health startups in the Helsinki Metropolitan area almost tripled, compared to 2019.* Healthcare was also the most attractive sector for Finnish angel investors in 2020.
This year, Finnish health companies raising significant international funding include Oura (83 MEUR), Aiforia (30 MEUR) and Finnish-origin Meru Health (38 MUSD), currently mainly operating in the US. Health companies that have gone public in 2021 include Nightingale Health, Modulight and Bioretec. Mobidiag was acquired by US-based Hologic, Inc with a 668 MEUR deal.
“The COVID-19 pandemic created an unforeseen demand in digital health, and together with giant leaps taken in biotech, there are now very interesting market opportunities for Finnish companies”, Juha Paakkola says.
*Statistics of FiBAN and Finnish Venture Capital Association