Growing Finnish companies in their early stages received a total of 383 million euros in funding in 2016. That is 42 percent more than the previous year.
The Finnish Venture Capital Association (FVCA) together with the Finnish Business Angels Network (FiBAN) collated last year's statistics on investments in growth businesses in the country.
Of the full 383 million euros, domestic capital investments made up 80 million and business angels (a total of 177 investors) put in 53 million. Venture capital investments averaged at some 20,000 euros.
"The continued rise in angel investors is a sign of a shift in investment culture," says FiBAN chair Torsti Tenhunen. "More people are comfortable with putting money even in risky businesses."
Foreign direct investments made up some 216 million euros while other forms of funding such as crowdsourcing came in at 34 million.
More than 400 up-and-coming companies received investment funding last year.