Tesi Venture Capital Investments

Tesi Venture Capital Investments

Invests in Finnish technology startups through minority equity co investment under Tesi at growth financing stages.

Tesi (Suomen Teollisuussijoitus / Finnish Industry Investment Ltd) is a Finnish state-owned investment company with an industrial policy mandate to drive economic growth and support Finland's most promising companies. Under its venture capital track, Tesi deploys EUR 2–10 million per investment as a minority equity co-investor in Finnish technology companies at Series A or B stage. Target round sizes run from approximately EUR 5 million to tens of millions. Tesi holds EUR 3.2 billion in assets under management and deployed EUR 425 million across investments and commitments in 2025 alone.

Eligibility is restricted to Finnish-registered, for-profit technology companies pursuing scalable business models and high-growth ambitions across sectors including deep tech, clean economy, health and life sciences, defense, and digital/SaaS — though Tesi is explicitly not limited to specific themes. The co-investment model is a hard requirement: Tesi participates alongside a competent private investor syndicate on strictly pari-passu (equal) terms and never takes a sole lead role. Individual investors, nonprofits, universities, and non-Finnish entities are not eligible.

Engagement is rolling with no published application deadlines. Tesi's six-stage process runs from initial screening and ESG review through management evaluation, due diligence, board approval (monthly for major decisions), active ownership via a board observer role, and eventual exit via trade sale, refinancing, or IPO. In H1 2025, Tesi absorbed Business Finland Venture Capital, Ilmastorahasto, and Oppiva Invest in a government-directed restructuring, centralizing Finnish public venture capital into a single platform.