Business Finland

Business Finland operates as a government agency under the Ministry of Economic Affairs and Employment. It was created from the 2018 merger of Tekes and Finpro, consolidating innovation funding and trade promotion. It reports to a board appointed by the government but maintains operational independence in funding decisions.

Yes. Through its investment arm, Business Finland participates in venture rounds for Finnish startups alongside private VC funds. It has backed companies such as IQM Quantum Computers and Solar Foods. Its capital supports pre-seed to growth stages, making it an atypical government funder with an equity-focused model.

Business Finland maintains roughly 40 international offices, with a notable presence in London to cover the UK and Ireland. Its network supports Finnish companies entering foreign markets and attracts foreign investment into Finland. Offices in China, the US, Southeast Asia, and the Middle East extend its global deal flow.

Deep tech, cleantech, digital health, and industrial technology receive significant attention. The agency has prioritized quantum computing, synthetic biology, and circular economy innovations. Its cleantech fund, launched in January 2024, specifically targets renewable energy and carbon reduction technologies.

Business Finland blends grants, loans, and direct equity investments. It often co-invests alongside private venture firms, taking direct stakes rather than solely providing non-dilutive grants. This market-shaping posture positions it closer to a venture investor than a standard trade council.