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Finnish companies raised $1,2 bn in 2020 — $508 m for startups in Espoo

Finnish companies raised about $1,2 billion in funding in 2020, according to The State of European Tech 2020, an annual report published by Atomico. Finland doubled the amount from 2019, which shows that Finland is a lucrative market for investors despite the global pandemic.

Espoo-based startups raised almost half of the Finnish total. Espoo's total of $508 million was eighth-most in Europe by capital invested. On the same list of top European investment hubs, Helsinki was ninth. However, when combining the figures of the two cities, the neighbours would take the sixth spot — with an investment haul of almost $1 billion. 

Espoo's status as a leading Finnish and European startup and sustainable business ecosystem is boosted by the fact that 49% of Nasdaq Helsinki's stock turnover comes from listed companies based in Espoo. In addition, the revenue by Espoo-based companies accounts for 45% of the total revenue by listed Finnish companies.

Hero image: Olli Urpela