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Tesi

Europe, Southern Finland, Finland, Helsinki

Description

Tesi, officially known as Finnish Industry Investment Ltd, is a prominent state-owned investment company based in Helsinki, Finland. Its core mission is to accelerate the success of Finnish companies by providing capital and fostering the development of the domestic venture capital and private equity market. Tesi employs a dual investment strategy, participating both as an anchor investor in venture capital and private equity funds and making direct investments into promising growth companies. This approach underscores its commitment to strengthening the Finnish business ecosystem from multiple angles.

As a significant player in the Finnish investment landscape, Tesi actively supports the growth of the fund market. It serves as a crucial anchor investor for new and existing Finnish VC and PE funds, committing substantial capital to ensure the availability of funding for companies across various stages. This indirect investment strategy allows Tesi to broaden its reach and support a diverse portfolio of companies through its fund partners, contributing to the overall maturity and depth of the Finnish investment scene.

In parallel to its fund investments, Tesi also makes direct equity investments into Finnish growth companies. These direct investments typically range from €1 million to €20 million, targeting businesses at various stages, from early-stage startups to more mature growth and later-stage enterprises. Tesi's direct investment focus spans a wide array of sectors, including deep tech, industrial solutions, healthcare, and software, reflecting the diversity of the Finnish innovation landscape. The company aims to provide long-term capital and strategic support to help these companies scale and internationalize.

With assets under management totaling approximately €2.4 billion, Tesi plays a pivotal role in driving economic growth and innovation within Finland. Its comprehensive investment approach, combining significant commitments to funds with strategic direct investments, positions it as a cornerstone investor for Finnish businesses. By fostering a robust funding environment and directly backing high-potential companies, Tesi significantly contributes to the creation of success stories and the overall competitiveness of the Finnish economy on a global scale.

Investor Profile

Tesi has backed more than 130 startups, with 4 new investments in the last 12 months alone. The firm has led 21 rounds, about 16% of its total and boasts 17 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series Unknown, Series A, Series B rounds (top funding stages).
  • Majority of deals are located in Finland, United States, Switzerland.
  • Strong thematic focus on Software, Manufacturing, Health Care.
  • Typical check size: $1.1M – $21.6M.

Stage Focus

  • Series Unknown (32%)
  • Series A (18%)
  • Series B (16%)
  • Seed (14%)
  • Series C (8%)
  • Convertible Note (5%)
  • Private Equity (3%)
  • Series D (1%)
  • Post Ipo Equity (1%)
  • Debt Financing (1%)

Country Focus

  • Finland (85%)
  • United States (12%)
  • Switzerland (2%)
  • Argentina (1%)

Industry Focus

  • Software
  • Manufacturing
  • Health Care
  • Information Technology
  • Biotechnology
  • Hardware
  • E-commerce
  • Internet Of Things
  • Enterprise Software
  • Analytics
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does Tesi frequently co-invest with?

First Fellow Partners
Europe, Southern Finland, Finland, Helsinki
Co-Investments: 6
Lifeline Ventures
Europe, Southern Finland, Finland, Helsinki
Co-Investments: 16
Draper Associates
North America, California, United States, San Mateo
Co-Investments: 4
Molten Ventures
Europe, England, United Kingdom, London
Co-Investments: 5
Conor Venture Partners
Europe, Southern Finland, Finland, Espoo
Co-Investments: 8
Maki.vc
Europe, Southern Finland, Finland, Helsinki
Co-Investments: 10
OpenOcean
Europe, Southern Finland, Finland, Helsinki
Co-Investments: 12
VNT Management
Europe, Western Finland, Finland, Vaasa
Co-Investments: 5
Sitra
Europe, Southern Finland, Finland, Helsinki
Co-Investments: 4
Inventure
Europe, Southern Finland, Finland, Helsinki
Co-Investments: 13

Which angels does Tesi often collaborate with?

LN
Europe, Southern Finland, Finland, Helsinki
Shared Deals: 1
RS
Europe, Southern Finland, Finland, Helsinki
Shared Deals: 4
IP
Europe, Southern Finland, Finland, Helsinki
Shared Deals: 2
BF
North America, New York, United States, New York
Shared Deals: 3
SF
North America, United States
Shared Deals: 2
MI
Europe, Southern Finland, Finland, Helsinki
Shared Deals: 2
AL
Europe, Oslo, Norway
Shared Deals: 1
JZ
North America, United States
Shared Deals: 1
SM
North America, Georgia, United States, Duluth
Shared Deals: 2
TG
North America, New York, United States, New York
Shared Deals: 2

What are some of recent deals done by Tesi?

Hedera Dx

Epalinges, Vaud, Switzerland

A diagnostics platform that makes liquid biopsies a reality in cancer care

Health CareOncology
Series AMay 27, 2025
Amount Raised: $17,101,598
TILT Biotherapeutics

Helsinki, Southern Finland, Finland

TILT Biotherapeutics Ltd is the leading company globally working in the area of enabling tumor.

AppsBiotechnologyHealth Care
Series BMay 13, 2025
Amount Raised: $25,278,398
IXI

Espoo, Southern Finland, Finland

IXI is redefining vision correction with the world’s first adaptive eyewear, providing seamless clarity wherever you look.

Eyewear
Series AApr 28, 2025
Amount Raised: $36,500,000
TactoTek

Oulu, Oulu, Finland

TactoTek develops and licenses in-mold structural electronics (IMSE) technology, enabling the creation of interactive and smart products.

3D TechnologyAutomotiveElectronicsManufacturingProduct Design
Series UnknownNov 19, 2024
Amount Raised: $60,000,000
Seaber

Espoo, Southern Finland, Finland

Digital platform for bulk shipping

Software
Series UnknownJul 8, 2024
Valpas

Helsinki, Southern Finland, Finland

Bed bug safe travel. The new hospitality standard for permanent bed bug safety that safeguards people, hotels and the planet.

Real EstateTourismTravelTravel Agency
SeedJun 26, 2024
Amount Raised: $4,283,985
Basemark

Helsinki, Southern Finland, Finland

Making driving safer with Augmented Reality software

Augmented RealityAutomotiveComputer VisionGPUSoftware
Series BApr 9, 2024
Amount Raised: $23,889,569
Onego Bio

Helsinki, Southern Finland, Finland

Onego Bio is a food-based biotechnology company that produces animal-free egg white protein through precision fermentation.

BiotechnologyFood and BeverageManufacturing
Series AApr 2, 2024
Amount Raised: $30,000,000
Carbo Culture

Helsinki, Southern Finland, Finland

A biochar technology and project developer. The most scalable solution for industry & carbon removal

Environmental EngineeringSustainability
Series ANov 28, 2023
Amount Raised: $18,000,000
Measurlabs

Helsinki, Southern Finland, Finland

We combine the best services of over 900 laboratories to offer all measurements from one place.

Advanced MaterialsBiofuelBiotechnologyE-CommerceEnergy StorageLife ScienceManufacturingMarketplaceMedical DeviceSemiconductor
SeedSep 1, 2023
Amount Raised: $2,696,875