Tesi's year 2024: The largest exit in its history, strong performance, and preparation for a new role

In 2024, Tesi made investments and commitments totaling EUR 116 million (EUR 235 million in 2023) in both VC & PE funds and directly into startups and growth companies. Of these, fund commitments amounted to EUR 53 million (EUR 161 million), and direct investments were EUR 63 million (EUR 74 million). Notably, 80% of Tesi's direct investments by number were follow-on investments, reflecting the market situation.​

The special investment programs initiated during the COVID-19 period were closed for initial investments already in 2022, but work continues. By the end of 2024, Tesi had invested EUR 337 million in 63 companies, with returns of EUR 108 million. In 2024, follow-on investments totaling EUR 28 million were made in three companies.​

In 2024, Tesi made initial investments in companies such as biotechnology firm Onego Bio and workplace cycling developer Vapaus, and gave a commitment to Nordic Science Investments’, which accelerates university innovations, first venture capital fund.

Tesi exited 20 (12) portfolio companies in 2024, including the largest exit in its history in terms of euros, as M-Files gained new majority owners. Additionally, Tesi received returns from VC & PE funds. The funds received from these returns are reinvested back into the market. At the end of 2024, Tesi was a minority owner, directly or indirectly through funds, in 546 (556) Finnish companies.​

Tesi's IFRS result for 2024 was strong, at EUR 165 million (-EUR 51 million). This result was significantly influenced by unrealized valuation increases in investments. The company's retained earnings accumulated over its entire operation amounted to EUR 1,024 million (EUR 859 million) at the end of the year.​

Tesi also channels growth capital to Finnish companies in collaboration with the European Investment Bank (EIB). By the end of 2024, EUR 107 million had been invested in 11 Finnish companies from a total of EUR 200 million in EU funding programs.​

"Tesi performed excellently in terms of results in a challenging market. In 2024, we also strongly prepared for Tesi's new role in line with the Finnish government's policy outlines," comments Tesi's CEO, Pia Santavirta.​

New investment strategy: greater growth with three focus areas

In February 2025, the government's Economic Policy Committee approved the Ministry of Economic Affairs and Employment's proposal for Tesi's new investment strategy and financial framework for 2025–2029. The goal is to enhance economic growth and industrial policy impact alongside other government measures promoting growth.​

In addition to previous fund and direct investments, Tesi will accelerate growth through three new means: making larger individual investments in VC & PE funds to enable Finnish funds to scale up to the next size category;​ making larger individual investments in top-tier international scale-up companies as well as initiating an entirely new industrial investment line.​

"Tesi is a growth engine that will continue to operate in market segments where private funding is insufficient. Our toolkit is expanding, and access to financing is improving from the companies' perspective. Our goal is to attract significant private capital for growth companies, opening new investment opportunities for private investors as well. Together, we can achieve more," says Santavirta.​

2024 key figures (EUR) (2023 figures in parentheses):

• Tesi's new investments and commitments: EUR 116 million (235), including:​
  • Fund commitments: EUR 53 million (161), 8 funds (9)​
  • Direct investments: EUR 63 million (74), 20 companies (33), including 4 new (6) and 16 follow-on investments (27)​
  • Exits from direct investments: 20 companies (12), including 6 bankruptcies of direct portfolio companies (4)​
• Outstanding investment commitments at year-end: EUR 435 million (492)​
• Tesi's net profit (IFRS): EUR 165 million (-51)​
• Tesi's assets under management as of December 31: EUR 2.6 billion (2.5), comprising 118 fund investments (114), 5 fund-of-funds (5), and 106 direct portfolio company investments (122)
  
  

Read more in our Annual Report sections:

• Business Overview: Strategy, value creation, investment operations and sustainability
• Financial Review: Board of Directors' report and Financial Statements
• Corporate Governance Statement: Corporate governance, internal control, and risk management systems
• Remuneration Report: Remuneration principles; remuneration of the Board of Directors, Management team and the CEO
  
  

Read more about Tesi’s:

• New strategy
• New investment strategy for 2025–2029
• Investment principles