INTRO: THE CURRENT STATE OF GROWTH FINANCING AND FUNDING IN FINLAND (2026)  7

1 Corporate finance market  9

1.1 Finance Finland (Finanssiala ry)  9

1.2 Micro and Solo Entrepreneurs Association (MYRY)  11

1.3 Suomen yrittäjät (SY)  13

1.4 Confederation of Finnish Industries (EK)  14

2 Private equity market  15

2.1 Finnish Venture Capital Association  15

2.2 Finnish Business Angels  17

2.3 The Finnish Startup Community  19

3 Domestic public financing and funding in Finland  21

3.1 Business Finland  21

3.2 Finnish Industry Investment (Tesi)  22

3.3 Finnvera  24

3.4 Economic Development Centres  25

4 EU financing and funding  28

5 Guest pens  31

5.1 Jyri Engeström (Lifeline Ventures): Capital from the world, anchors in Finland – how we double economic growth  31

5.2 Lasse Vuola (Fundu): Diversified corporate financing supports growth  33

5.3 Minna Vanhala-Harmanen (Perheyritystenliitto): Family Offices – A growing force in growth financing  35

5.4 Anu Honkalinna (Aalto University): A recipe for scaling research-based companies – six theses from Aalto University  36

6 Growth financing and funding in Finland – a summary and conclusions by the Ministry of Economic Affairs and Employment  40

6.1 Summary of stakeholder situational assessments  40

6.2 Conclusions of the Ministry of Economic Affairs and Employment on the state of growth finance in Finland  43

7 Contributors to the report  47