2024 was a record-breaking year for VTT spin-offs. In total, startups with a background in VTT Technical Research Centre raised 207 million euros of capital. According to VTT, it is 15% of all equity capital invested in Finnish startups last year.
The biggest amounts were raised by TactoTek (€55.8M), Onego Bio (€41.6M), Paptic (€17.5M), Solar Foods (€16M), and Enifer (€15M). A total of 16 VTT spin-offs received capital funding.
Based in Otaniemi, Espoo, VTT is a state-owned research institution that advances the utilisation and commercialisation of research and technology. Several of Finland’s most significant technology startups were born as VTT-spin-offs.
Nine of the spin-offs that raised capital last year were developed in VTT LaunchPad program. Established in 2019, VTT LaunchPad is a science-based deep-tech incubator. It was chosen as one of the leading startup hubs in Europe by Financial Times last year.
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Image: VTT