FiBAN Angel Investment Data
- 2011-20258500
Investment transactions
526Million € invested
2100Startups invested in
Find our previous statistics and publications in here.
- 2025
- 2024660
Investment transactions
31Million € invested
84Startups invested in
Find our previous statistics and publications in here.
- 2023690
Investment transactions
26Million € invested
173Startups invested in
Find our previous statistics and publications in here.
Interactively explore 8500 investments into 2100 startups, collected systematically by FiBAN since 2010. Here are a few of our top findings.
- Angel investors play a crucial role in getting startups through their early stages.
- Not only do angel investors add value to the startup ecosystem but they also enable the creation of new jobs.
- According to FiBAN research conducted in 2025, angel-backed firms generate over 4 billion euros in revenue and employ 14,000 employees.
Interested to learn more about more FiBAN angel investors?
Finnish early-stage growth companies attract considerable amounts of funding each year from angels
In 2025, the total amount invested went up by 46% compared to previous year, as angels made a total of 46 million euros of angel investments. FiBAN members also invested 11 million euros into funds in 2025.
46% of the investments were directed towards new target companies.
Since 2010, FiBAN investors have invested 526 million euros into startups.
Finnish startup ecosystem has matured over time and the numbers are again on the rise
Business angels contributed a total of 46 million euros in 2025 – thus enabling the development of a a new generation of startups that will attract even more funding in their later stages.
Over the last 15 years, Finnish startups have attracted over 15 billion euros worth of investments. Angel investors account for roughly 3% of all investments during this timeframe.
Explore investments in Finland by region
In 2025, 85% of investments were targeted to Finnish startups. In addition to Greater Helsinki region, Tampere, stood out.
We have compiled comparable data from 10+ years. Please note that the percentages are shares of the total sums invested.
..and by municipality
Most of the investments are going to major tech hubs, with Helsinki, Espoo and Tampere in particular dominating in 2025.
Angel Investing by the Numbers
- Business angels typically invest in early-stage startups.
- Many of the investments are also done as co-investments together with other angel investors.
- The top three sectors in 2024 in terms of investment count were Software, Healthcare and Manufacturing.
Number of deals by industry
FiBAN members invest in all industries. While most angels focus on sectors that they themselves understand well, many are also sector agnostics, investing in lucrative opportunities across all industries.
In 2025, Health Care and Artificial Intelligence startups attracted the largest share of investments.
Syndication practices
FiBAN members are highly networked investors. 87 % of investments made in 2021 were co-investments. Investing together rather than alone has many benefits both for the investors and the founders: a larger network, access to diverse skills and experiences and access to larger sums of capital.
Name Your Price: Valuation
- The median pre-money valuation of a startup that received angel investment in 2025 was 1.52 million euros
- Median valuations have been in decline for past few years.
Median valuation per year
Finnish startups that have received angel funding from FiBAN members have, on average, become more valuable throughout the years. This might be an indication of a maturing startup ecosystem in Finland.
Harvesting the Returns: Exits
- Earlier, acquisitions were most common type of exit as large corporations typically chose to buy startups rather than build innovations internally.
- However, in the last few years we have seen bankruptcies become the most common type of exit in angel investing.
Number of exits has risen in recent years
Exits are the ultimate metric for angel investors, and often angel investing is referred to as the “exit business”. Years of failing and learning how to build a portfolio of startups have had an impact on angel investing for FiBAN members: the number of exits remains right but has stabilized in the last few years. This might be another indication that angel investing and the startup ecosystem in Finland are maturing.
Return on investments
Successful exits compensate for the losses in angel investments. In 2023, the share of very profitable exits remained similar to past years even though the share of bankruptcies became higher.
Type of exits
Angel investing is risk investing and few good companies and the resulting exits will compensate the losses from other angel investments. Bankruptcies have been the most common type of exit among angels. This also reflects the general economic trend in Finland as the number of bankruptcies has been exceptionally high for the last three years, as reported by Statistics Finland.
Time of return on investments
Negative exits usually happen within a few years of investing. Companies going bankrupt do not survive for long as successful companies go through several funding rounds before possibly resulting in a positive exit.
Past Research
- Angel-backed firms generate over 4 billion euros in revenue and employ 14,000 employees.
- Approximately one-third of the revenue in Finnish startup ecosystem comes from angel-backed firms.
- Angel investing has positive repercussions on employment.
Angel-backed Firms in Finland
In 2025, we conducted a thorough study on Angel-backed Firms in Finland in collaboration with Finnish Startup Community.
Our findings show that angel-backed firms play a significant role in the Finnish economy. The ecosystem has grown rapidly with total revenue among these firms exceeding €4 billion (third of total revenue in startup-sector) and employing more than 14,000 people (bit less than third of startup-sector).
Impact on Revenue
The revenue in angel-backed firms has increased rapidly. In 2005, the total revenue of these firms was only €263 million.
By 2023, the total revenue of firms was already over €4 billion. Total revenue of startup-based firms was €12.5 billion in 2023. Angel-backed firms make up almost one-third of all startups, although not all angel-backed firms are startups.
The revenue generated by angel-backed firms demonstrates that the sector has grown in less than 15 years from a small sector to a significant economic sector in Finland.
Impact on Employment
Employment in angel-backed firms increased from 800 to 14,000 between 2005 and 2023. The trend in employment growth follows the number of firms.
In 2023, we saw the first year, where the number of employees decreased in the sector. The reason for the decrease in employment in 2023 might be the consequence of the decrease in number of active firms in the sector.
Finnish Startup Community estimates that Finnish startups employed around 47,000 employees in 2023, meaning 30% (measured by employee-count) have received angel funding.
Appendix
1. About FiBAN's data
FiBAN, one of the largest and most active business angel networks in the world with over 600 private investor members, annually conducts an investment survey of its members. The survey has been sent out to all FiBAN members since 2010, the year FiBAN was founded. This constitutes Europe’s most comprehensive yearly survey of business angels. Through quality research and analysis we aim to offer valuable and unique knowledge for the whole startup ecosystem.
Since FiBAN’s data is based on voluntary questionnaires annually collected from our members, it is more indicative than exact. The response rate has increased throughout the decade reaching all-time high close to 70% towards the end of the decade. Our figures consist only of the data provided to us: we do not cover all angel investing activity in Finland. However, by pooling data, FiBAN can look into trends and findings which benefit the whole angel investor and startup community.
2. FiBAN Data Sharing Policy
FiBAN handles all data confidentially and with care. All data is processed anonymously. Read more about our Data Sharing Policy in the document below.
3. Contact us
We are happy to discuss any questions, comments, or suggestions you might have related to data page!
4. Glossary
The glossary presents terms and definitions as used in the FiBAN research processes, most notably as used in the Annual Survey. It is reviewed annually. Open the glossary in a new tab: fiban.org/glossary.
