Tesi’s year 2025: new strategy off to a successful start

In 2025, Tesi made investments and commitments totalling EUR 425 million (EUR 116 million in 2024) in both VC & PE funds and directly in startups and growth companies. Of this total, fund commitments amounted to EUR 124 million (MEUR 53), while direct investments totalled EUR 301 million (MEUR 63). At the end of 2025, Tesi was a minority owner, either directly or indirectly through funds, in 576 (546) Finnish companies.

In line with its new strategy, Tesi’s investments focused particularly on scalable growth companies in the scale-up phase and industrial projects. During the year, Tesi made initial investments in companies such as Ren-Gas, Norsk e-Fuel and NestAI, as well as follow-on investments in companies including IQM and ICEYE.

On the fund side, Tesi made a commitment, for example, to Cloudberry's venture capital fund, Europe’s first private fund focused on the semiconductor sector.

The overall transformation of the local VC & PE market was reflected in Lifeline Ventures announcing Finland’s first venture capital fund of European scale and, at the same time, the largest VC fund in the country’s history, with a total size of EUR 400 million. Meanwhile, Oura raised a funding round exceeding EUR 770 million, the largest ever raised by an unlisted Finnish company. In line with its new strategy, Tesi participated in Lifeline’s fund as an anchor investor. Tesi has also been an owner of Oura since its early stages.

During the year, Tesi exited 18 (20) portfolio companies. The funds received from exits and returns from VC & PE funds are reinvested back into the market.

Tesi’s IFRS result for the financial year 2025 was strong at EUR 178 million (MEUR 165). The result was significantly influenced by unrealised increases in the valuation levels of investments. Retained earnings accumulated over the company’s entire operation amounted to EUR 1,083 million (MEUR 1,024) at year-end.

“The launch of Tesi’s new strategy period has been highly successful. Amid the transformation of the domestic venture capital market, we have channelled a record amount of growth capital to leading Finnish companies together with private investors. At the same time, the value of top companies has risen rapidly to a significant scale, attracting an increasingly broad base of investors. This is good news for Finland,” comments Pia Santavirta, Tesi’s CEO.

Consolidation of the state’s venture capital activities into Tesi completed successfully

In line with the Government Programme, the efficiency of the state’s venture capital activities was improved by consolidating them into Tesi. The corporate arrangement was completed on 31 May 2025 in accordance with the objectives set. As a result, the assets and liabilities of three state-owned companies were transferred to Tesi, including investment commitments as well as 36 direct investments and 14 funds. The arrangement had no impact on Tesi’s financial result.

In addition to the corporate arrangement, Tesi’s financial position during the year was influenced by capitalisation measures and capital repayments. Tesi received the first EUR 100 million instalment of the total EUR 300 million capitalisation decided by the Government in the spring 2024 spending limits discussion to support the implementation of the new strategy. The capitalisation strengthens Tesi’s equity capital and enables the company to participate in more sizeable growth funding rounds in line with its strengthened industrial policy role. At the same time, Tesi returned EUR 167 million to the state as part of the corporate arrangement related to Valmet Automotive. The repayment also included Tesi’s previous ownership in Valmet Automotive.

Key figures 2025 (EUR) (2024 figures in parentheses)

• Tesi’s new investments and commitments: EUR 425 million (116), including
  • Fund commitments: EUR 124 million (53), 7 funds (8)
  • Direct investments: EUR 301 million (63), 34 companies (20), including 11 new investments (4) and 23 follow-on investments (16)
• Exits from direct investments: 18 companies (20), including 3 bankruptcies of direct portfolio companies (6)
• Outstanding investment commitments at year-end: EUR 618 million (435)
• Tesi’s net profit (IFRS): EUR 178 million (165)
• Tesi’s VC & PE investments under management as of 31 December 2025: EUR 3.2 billion (2.6), comprising 137 fund investments (118), 5 fund-of-funds (5), and 135 direct portfolio company investments (106)
• Employee Net Promoter Score (eNPS): 60 (55)
• Reputation rating from Tesi’s portfolio companies in the Luottamus & Maine  survey: 4.1 (4.2), and stakeholder support: 4.1 (4.1) on a scale of 1–5

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