Tesi’s fiscal year 2022: The economic framework changed

In 2022, the venture capital and private equity industry experienced a decline in the valuations of startups and growth companies, complications in funds’ fundraising, and a slowdown in the IPO market. Despite the challenging year, international investors stayed in Finland, and preliminary estimates show Finnish startups and growth companies likely succeeded in raising record volumes of growth financing compared to previous years. Startups are now looking more at improving profitability, however, rather than being strongly focused on growth. Tesi’s investment volume totalled almost EUR 300 million.

Tesi made new investments and commitments amounting to EUR 297 million in 2022, both in funds and directly in growth companies. Of these, fund investments accounted for EUR 90 million, direct investments through normal operations EUR 27 million, and the special investment programmes prompted by the coronavirus EUR 180 million.

The temporary special investment programmes created to mitigate the impacts of the coronavirus pandemic were closed to initial investments at the end of March 2022. At the end of 2022, Tesi had invested altogether EUR 269 million in 63 Finnish startups and growth companies from these programmes and earmarked follow-on investments. It has been agreed that Tesi will repay the EUR 350 million recapitalisation it received for the programmes to the Finnish state from the returns on investments made from the programmes. After the end of the fiscal year, Tesi will return EUR 90 million to the Finnish state in spring 2023 from the returns received during early 2023.

Russia’s war of aggression in Ukraine, the return of inflation, rising interest rates and a decline in asset valuations were reflected in the venture capital and private equity market. These factors also impacted Tesi’s financial performance, resulting in a net loss after many years of profitable operation. Tesi’s net loss after taxes of EUR 26 million for the fiscal year was the first loss after seven years of profitable operation. The company’s retained earnings for the full term of its operation amounted to EUR 910 million at the end of the year. The cumulative total of EUR 1,019 million of investments in Tesi by the Finnish state has grown into EUR 1,929 million of shareholders’ equity. The imputed return on investment (internal rate of interest) for the state, taken over the whole period of operation, has been positive in 6.6% after taxes.

Tesi is well prepared to adapt to the market situation and to a possible decline in valuations. The strong financial performance of recent years, combined with the expertise and networks the organisation has accumulated, provides Tesi with a sound framework for promoting the growth and internationalisation of Finnish companies.

The significance of Tesi as a player that complements and develops the market becomes ever more evident in constantly changing market conditions. Sustainability gives Finnish companies a competitive advantage, and we want to stimulate that through our operations,” says Tesi’s CEO Pia Santavirta.

Key Figures 2022 (figures for 2021 in brackets)

  • Tesi’s new investments and investment commitments EUR 297 (207) million, of which
    • fund commitments EUR 90 (136) million
    • direct investments in companies EUR 27 (45) million
    • special investment programmes to mitigate pandemic impact EUR 180 (26) million
  • Unpaid investment commitments outside of the balance sheet EUR 539 million
  • Number of new VC & PE funds investing in Finland 9 (14)
  • Tesi’s net loss for the year EUR 26 million (EUR 338 million profit in 2021)
  • Tesi’s investments under management as at 31 December 2022 amounted to EUR 2.5 (2.4) billion, comprising 111 (109) fund investments, 4 (4) investments in funds-of-funds, and 128 (119) direct investments in portfolio companies

Read more about the 2022 Annual Report

More information: Pia Santavirta 

Contact for communications: Susanna Aaltonen




Pia Santavirta, Tesi's CEO
Pia Santavirta, Tesi's CEO

About Tesi

Porkkalankatu 1
00180 Helsinki

Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter 


Tesi’s background:

  • A venture capital and private equity company founded in 1995
  • Officially Finnish Industry Investment Ltd
  • 100% owned by the Finnish state
  • Investments under management EUR 2.5 billion (30.6.2022)
  • EUR 11 billion in net sales and more than 70,000 jobs in Finland through those growth companies that have received financing directly from Tesi or indirectly through its portfolio funds

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Latest releases from Tesi

Finland joins NATO Innovation Fund – Tesi invests EUR 35 million in the fund17.5.2023 02:00:00 EEST | Press release

Finland’s accession to NATO opens up new opportunities for Finnish early-stage startups. Finland’s application to NATO's Innovation Fund has been approved, and Tesi will make a EUR 35 million investment in the fund. This also provides a new gateway to cooperation and financing opportunities for Finnish startups developing nascent technologies and for venture capital and private equity funds investing in them.

Hanne Stenman appointed the General Counsel of Tesi and a member of the Management Team20.4.2023 08:15:00 EEST | Press release

LL.M. Hanne Stenman has been appointed the General Counsel of Tesi (Finnish Industry Investment Ltd), a member of the Management Team and the Secretary of Tesi’s Board of Directors. She will report to the CEO Pia Santavirta. Hanne will head Tesi’s Legal & Compliance team, wherein she has worked for the past three years supporting the investment teams in legal matters. ”I’m excited to have been offered the position of General Counsel and I am eager to collaborate with the talented professionals at Tesi. Given my background in transactions and corporate law, I believe it serves as a valuable foundation for this role. I’m grateful for all the support and the confidence I have received,” comments Hanne Stenman. “I have received lots of superb feedback about Hanne’s contributions for Tesi. That is why I’m delighted that we can appoint a new member of Management Team from within the house when an opportunity to do so arose. I congratulate Hanne for her new role, and I’m excited to continue w

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