VTT spin-offs raised over 200 million euros in 2024 marking a historic milestone and securing a remarkable 15% share of all equity capital invested in Finnish startups.*
According to the latest statistics from the Finnish Venture Capital Association, Finnish startups raised 1.4 billion euros in equity investments in 2024. VTT spin-offs alone attracted a notable 207 million euros, based on data from Pitchbook – reinforcing VTT's role as a powerhouse in science-based entrepreneurship and innovation.
A total of 16 VTT spin-offs secured investments in 2024, and half of them raised over 10 million euros. The spin-offs that raised the most funding include TactoTek (€55.8M), Onego Bio (€41.6M), Paptic (€17.5M), Solar Foods (€16M), and Enifer (€15M).
"Nine of these startups were developed in the VTT LaunchPad spinoff incubator founded in 2019, raising altogether nearly 90 M€ equity funding. This indicates great growth potential in renewing existing and creating new industries to look forward to," says Lotta Partanen, Head of Incubation and Acceleration.
Between 2020 and 2024, VTT spin-offs have attracted 10.5% of all equity capital raised by Finnish startups.
At VTT, our mission is to create maximum global impact through the technologies and solutions we develop. One of our key pathways is the commercialization of research through high-quality spin-off companies. VTT’s own deep tech startup incubator VTT LaunchPad plays a vital role in transforming cutting-edge research into fundable spin-offs geared for an international growth path.
*The amount of funding raised by VTT spin-offs, 207 million euro, is based on data from Pitchbook. The number includes equity financing and excludes debt financing, grants and exchange listings.
Please note that if Pitchbook data had been used to calculate the total amount raised by all Finnish startups in 2024, the overall investment volume would be lower than reported by the Finnish Venture Capital Association. Consequently, the percentage share attributed to VTT spin-offs would appear higher.
We use the data of the Finnish Venture Capital Association due to its probable higher accuracy.
Press release by the Finnish Venture Capital Association, published 8 April 2025: Finnish startup investments grow by 56% – rest of Europe in decline
