From defence startups and quantum innovation to green energy technology, Espoo is building the kind of ecosystem that international investors travel across Europe to find.
For Troels Nielsen, CEO of Spring Nordic, one destination keeps standing out. Back for Demo Day after the Winter Satellite Conference in January, he is raising a new fund focused on "resilience tech".
"I'm here in Espoo because we want to be part of this vibrant community when it comes to defence tech," he says. "I was impressed by the quality of what I saw — and I'm still impressed."
Defence tech gains momentum
Home to both the Defence Tech Hub in Otaniemi and the NATO DIANA accelerator, Espoo has a direct line into Finland's defence procurement pipeline. Through its cooperation with DEFINE Finland, the Defence Tech Hub gives companies access to a startup testbed for validating technologies directly with the Finnish Defence Forces. This is a critical step on the path to procurement and investment.
"I think the ecosystem is bigger here — I see a lot more cases," Nielsen says of the wider Nordic region.
"I have a list back home with 10 to 15 Danish potential investments we could do," he says. By comparison: "I already now have about 75 on my list from up here."
For Nielsen, the dual-use nature of Espoo companies is a particular draw, with space tech straddling both military applications and environmental protection a prime example.
"When it's dual use, you can see the revenue stream and technology verification from commercial sources alongside defence," he says. "That's very attractive."
Local networks, global capital
For international investors, Espoo is a surprisingly easy place to do business.
"Getting the network we need has been a lot easier than I expected. People have been so open and willing to do business," Nielsen says.
The key, he says, is local connections. "That is really the easiest way to find the good investments — we like to syndicate with local partners because they are closer to the investment."
It reflects a broader trend. "We have right now around 50 representatives of different VC funds in Finland," says Caritta Seppä, senior investment manager at Spintop Ventures – local funds and international firms alike planting a flag in one of Europe's most promising deep tech clusters.
Built to scale
The ecosystem runs deeper than defence. Espoo-based startups raised a record €580 million in 2025, with quantum computing company IQM among those leading the way.
Seppä points to Aalto University and VTT as the engine behind it — providing the research base, R&D support and early capital that deep tech companies need to scale.
"You have the environment, you have the talent, you have the right type of potential first customers and later-stage customers, and you also have access to capital. That's what Espoo is really bringing together — the whole ecosystem."
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Image: NASA, Unsplash