Why Finland has Europe’s Largest Angel Investment Network - Diving into the Fresh Data Insights of Finnish Angel Investors

Under Slush, it now sends a strong signal of which industries and company stages are now seen as the most prominent for early-stage investors and what kind of fertile ground Finland provides for future businesses and international investors. 

Key Takeaways

Finnish Business Angels Network Is International: FiBAN has 670 approved investor members from over 20+ countries and is one of Europe's largest and most active business angel networks. FiBAN actively takes part in European cross-border investment programs yearly. For example, during the Finnish batch of the EU-funded 4NGELS program, the network attracted over 150 startup applications. In 2022 alone, FiBAN investors fueled early-stage companies with 37 million euros, and in 2021, the network members reached a record number of 52 million euros invested. See our annual investment data 2010-2022.  

Angels Are Mostly Exited Entrepreneurs: The FiBAN Member survey showcases that over half have invested over €200,000 in startup ventures, with 38% having exited a company successfully before diving into angel investing. Compared to other countries, Finland has an exceptionally large amount of current or former successful entrepreneurs as existing investors.

IT and Impact Investing In High Demand: 86% of angel investors actively seek new opportunities. Software solutions, sustainable development, and medical technologies are emerging as the top sectors. However, a significant number also reported to be industry agnostic. 

Angel Age Demographics: Most Finnish angel investors are men - only 12% are women. While many were born between the 1950s and 1970s, the survey signals a rising presence of young business angels. However, the under-thirty angel remains a rarity in the Finnish landscape. FiBAN’s youngest member is 22 years old - accumulating large amounts of wealth at a young age is relatively rare in Finland. 

Boardroom Affinity: More than just financial backers, Finnish angel investors are often seen actively participating in the boards of their portfolio companies, indicating a solid commitment to supporting and shaping the success of these startups. A vast majority, 152 respondents, have served in at least three board positions.

Finnish Angels are highly trained: Over half of Finnish Angel investors rate themselves as experienced or highly experienced as investors. For a decade FiBAN has organized close to a hundred educational sessions on different aspects of angel investing from start to exit. Providing professional angel investing training is one of the key focuses of the organization, benefitting both angels and startups.

For Editorial Use: Visuals and Insights (graphs, portraits):

• FiBAN Member Survey Data Presentation (background material)

• FiBAN Annual Investment Data 2010-2022

• Images of CEO Tiina Laisi-Puheloinen.