Tesi Growth Equity Investments

Tesi Growth Equity Investments

Invests in Finnish scaleups through Tesi with minority growth equity alongside private co investors.

Tesi (Suomen Teollisuussijoitus / Finnish Industry Investment Ltd) is Finland's state-owned investment company, mandated to drive economic growth and strengthen Finnish ownership of high-potential companies. Its growth equity track targets Finnish scaleup and growth companies with significant — and often strongly growing — revenue exceeding EUR 10 million. Tesi commits EUR 10–50 million per investment as a minority equity co-investor, with typical round sizes ranging from EUR 30 million to EUR 200 million or more. Tesi manages EUR 3.2 billion in assets and deployed EUR 425 million in 2025.

Eligible companies must be Finnish-registered, for-profit entities with a credible scalable growth plan and proven evidence of growing business. The mandatory co-investment model applies at this stage as well: Tesi participates alongside professional private investors on pari-passu terms and does not take a sole lead. Sector coverage is broad — Tesi does not restrict to specific themes, though deep tech, clean economy, defense, health and life sciences, and digital are emphasized. Nonprofits, universities, and non-Finnish entities are excluded.

Applications are accepted on a rolling basis with no published deadlines. The investment process follows six stages: screening (including ESG review), management discussions and market analysis with co-investors, due diligence and valuation, board approval, active ownership with a board observer seat, and exit. Tesi's H1 2025 corporate restructuring merged Business Finland Venture Capital and the Finnish Climate Fund into Tesi, consolidating Finland's public growth capital under one institution.