Angel-Backed Firms in Finland 2025 (FiBAN - Finnish Business Angels Network)

Summary

• Angel-backed firms in Finland have total revenue exceeding €4 billion and employ more than 14,000 people.p.3
• The FiBAN firm-level dataset covers €181.1M invested across 4067 angel investments in 1400 unique firms in 2013-2024.p.5
• Median ticket size is €20K, median pre-money valuation €1.1M and median funding round size €215K.p.5
• There are 1,141 active angel-backed firms operating in Finland.p.9
• Year 2025 seems exceptional, with close to €1 billion in funding received in only 23 rounds.p.17
• Since 2010 angel-backed firms have received over €1.1 billion of public funding.p.18
• The average annual salary income of employees in angel-backed firms is about 59,000 euros, with an average annual total income of €73,000.p.25

Key insights

1. Total revenue of angel-backed firms was only €263 million in 2005 and was already over €4 billion by 2023.p.11
2. Finnish startups employed around 47,000 employees in 2023, of which 30% work in firms that have received angel funding.p.13
3. In 2023, 73% of the firms in the dataset employed less than 10 people, compared with 72% in 2019.p.15
4. Almost a third of angel investments go to firms in the software sector, and the top five sectors are all technology-driven fields.p.16
5. The average funding round size has increased significantly, by 75% from 2020 to 2024.p.17
6. There were 1084 unique firms with public funding, which is 77% of all companies in the subset.p.18
7. When only firms observed every year before and after the angel round are used, the post-investment effects are much smaller and mostly not statistically different from zero.p.22
8. Mean earned income of employees in angel-backed firms rose from around 32,000 euros in 2005 to nearly 59,000 euros by 2022.p.28
9. The share of employees with tertiary education increased from approximately 40% in 2005 to over 64% in 2022.p.32