2024 was a year of rebound for startup investment, both in Espoo and in Finland.
Based on our data, investments in Espoo-based startups increased by 56 percent last year. In total, startups headquartered in Espoo gathered funding worth 253 million euros.
Space technology startup ICEYE was responsible for over half of the amount. With two funding rounds, the company raised funding worth 163 million dollars (approximately €150 million).
Besides ICEYE, significant amounts were raised by e.g. Infinited Fiber (€40 million), Enifer (€27 million in total), and Desentum (€12 million).
Growth was fueled by foreign investment
A similar trend in startup funding can be seen on a national level. Based on recent statistics by the Finnish Venture Capital Association, FVCA, investments in Finnish startups increased by 56 percent in 2024, totaling 1.4 billion euros.
According to the FVCA, the increase was mainly due to international investors — the value of foreign investment rose to €957 million. It is a 70-percent increase from 2023.
Foreign investors provided funding also for many Espoo-based companies. For example, major international investors such as BlackRock and Seraphim Space participated in ICEYE’s funding rounds.
