What Tesi does

Tesi (Suomen Teollisuussijoitus Oy, English: Finnish Industry Investment Ltd) is a wholly state-owned venture capital and private equity company headquartered in Helsinki, Finland, established in 1995 with investment operations commencing in 1996. Its mandate, defined by an Act of Parliament and exercised under oversight of the Ministry of Economic Affairs and Employment and the Ministry of Finance, is to accelerate Finnish companies' success stories by investing as a market-equivalent minority co-investor alongside private investors. The company operates an integrated platform comprising three core investment lines: Direct Venture and Growth Investments (covering startups through scale-ups such as ICEYE, IQM, NestAI, Wirepas, Haltian, TactoTek, and ONEiO); Industrial Investments (industrial scale-ups, industrial policy projects, and portfolio companies including Arctial low-carbon aluminum, Rauma Marine Constructions, and Railo Technology); and Fund Investments (including five Kasvurahastojen rahastot / KRR fund-of-fund vehicles). The FEFSI/FEGF co-financing programme with the European Investment Bank channels EU capital into Finnish growth companies.

Tesi's business model is purely investment-return-based rather than fee- or subscription-based. The company earns returns through capital gains, dividends, interest, and exit proceeds from its minority equity and fund-of-fund investments, with no disclosed product or service price list. Over its ~30-year history, Tesi has doubled its initial state capitalisation and returned more than EUR 130 million to the Finnish state. Approximately two-thirds of direct investments target clean-transition outcomes, and Tesi positions itself as a counter-cyclical investor (notably during the 2008 financial crisis and COVID-19 via the Venture Bridge programme). With EUR 2.4 billion in assets under management and exposure to approximately 560 Finnish growth companies, Tesi is among Europe's largest and longest-operating state-owned VC/PE investors.

Tesi's go-to-market is exclusively direct and relationship-based, with dedicated engagement tracks for portfolio companies, fund managers, and industrial project partners; there are no resellers, marketplaces, or self-serve channels. It complements its capital deployment with ESG and sustainability resources (Tesi ESG Handbook, SG Matrix, Carbon Neutrality Materials and Calculator), market insight publishing, and a centralised Strategy and Research function. Geographic scope is primarily Finland, with selective international fund investments enabled since 2007. In 2025, the Finnish state consolidated its VC and PE operations under Tesi, expanding its mandate for larger scale-up and industrial-scale investments.

Name

Tesi

Legal name

Suomen Teollisuussijoitus Oy

Website

https://tesi.fi

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Tesi is Finland's state-owned venture capital and private equity investor, deploying EUR 2.4 billion across direct investments in Finnish growth companies, fund-of-funds vehicles for VC/PE managers, and industrial-scale projects in partnership with the European Investment Bank.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Liability-Driven Investment (LDI) & Pension Risk Transfer (PRT) Asset Management (FSAAAGAI)

Keywords

• Venture capital investments
• Private equity investments
• Fund of funds management
• Growth equity funding
• Industrial policy investments

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment returns on fund and direct portfolio: Tesi earns returns through capital gains, dividends, interest, and exit proceeds from its minority equity and fund-of-fund investments. Over its operating history, Tesi has doubled the initial capitalisation received from the Finnish state and returned more than EUR 130 million to the owner. Returns are generated on a multi-year horizon typical of venture capital and private equity. No recurring subscription or fee-based revenue model is operated.
2. Fund-of-funds (KRR) management and co-financing programmes: Tesi manages five Fund of Funds (KRR) that invest in Finnish PE and VC funds, and operates co-financing vehicles (FEFSI with EIB) that channel EU/public capital into Finnish companies. These structures generate returns through carried interest or capital appreciation on the fund-of-funds portfolio.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

Tesi is a state-owned venture capital and private equity company that invests in Finnish growth companies, scale-ups, and industrial projects as a minority co-investor alongside private investors on market-equivalent terms. It manages five Fund of Funds (KRR), operates co-financing programmes such as FEFSI with the European Investment Bank, and supports portfolio companies with sustainability resources including ESG and carbon-neutrality tools.

Product overview

Tesi (Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that operates an integrated investment platform combining Direct Venture and Growth Investments, Industrial Investments, and Fund-of-Funds (KRR) investments, complemented by ESG and sustainability resource offerings for portfolio companies including the Tesi ESG Handbook, the Tesi SG Matrix, and the Tesi Carbon Neutrality Materials and Calculator. The platform is anchored by the FEFSI co-financing programme with the European Investment Bank (EIB), which channels EU financing into Finnish growth companies, and historically by the Venture Bridge COVID-19 bridge financing programme.

Differentiator

Problem solved

Functional benefit

Products and services

• Tesi Direct Venture and Growth Investments Direct minority equity investments in Finnish startups, growth companies, and scale-ups across sectors including quantum computing (IQM), space intelligence (ICEYE), IoT (Haltian, Wirepas), structural electronics (TactoTek), integration platform services (ONEiO), and AI defense (NestAI). Invests on market-equivalent terms alongside private co-investors.
• Tesi Industrial Investments Investments in industrial scale-ups and industrial policy projects, with close collaboration with Finnish ministries. Covers shipbuilding (Rauma Marine Constructions), icebreaker design (Railo Technology), low-carbon aluminum (Arctial), and other strategic industrial projects.
• Tesi Fund Investments (KRR) Investments in Finnish private equity and venture capital funds through Kasvurahastojen rahastot (KRR) fund-of-funds (five KRR funds managed), plus direct balance-sheet fund investments, with management of the overall fund portfolio. International fund investments enabled since 2007.
• FEFSI Co-Financing Programme Co-financing facility established with the European Investment Bank (EIB) that channels EU financing into Finnish growth companies such as ICEYE, Haltian, and Rauma Marine Constructions.
• Venture Bridge Programme COVID-19 era bridge investment programme targeted at earlier stage Finnish companies (primarily seed to Series A) facing fundraising challenges, designed to act as a bridge towards larger VC funding rounds.
• Tesi ESG Handbook Comprehensive PDF handbook providing practical guidance for companies on sustainability strategy and ESG topics, with summaries of 17 sustainability topic areas and guidance on linking strategy to ESG, designed for growth companies and venture capital investors.
• Tesi SG Matrix

Quantifiable outcome

• Investments under management of EUR 2.4 billion
• +4 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Partnerships

Six partnerships are on record, tiered flagship and core.

• Rio TintoflagshipStrategic or Co-development PartnerCo-investor and technology partner in the Arctial project company, established December 2024 to develop low-carbon primary aluminum production in Kokkola/Kronoby, Finland. Rio Tinto provides state-of-the-art primary aluminum production technology. Final investment decision expected 2026-2027.
• Mitsubishi CorporationflagshipStrategic or Co-development PartnerCo-investor in the Arctial low-carbon aluminum project company (announced December 2024), providing industrial expertise and technology support for the feasibility study phase.
• FortumcoreStrategic or Co-development PartnerStrategic energy partner in the Arctial low-carbon aluminum project. Joins Rio Tinto, Mitsubishi Corporation, Vargas, and Tesi. Supports the project with long-term electricity hedging strategies and supply from existing and new production assets. Joined Arctial February 2025.
• ABBcoreStrategic or Co-development PartnerJoined Arctial project company in February 2025 alongside Fortum and Siemens Financial Services, providing industrial technology and project support.
• Siemens Financial ServicescoreStrategic or Co-development PartnerJoined Arctial project company in February 2025, providing financial/investment capability to the low-carbon aluminum feasibility study.
• VargascoreStrategic or Co-development PartnerOriginal co-investor (since December 2024) in the Arctial low-carbon aluminum project company, alongside Rio Tinto, Mitsubishi Corporation, and Tesi.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• European Investment Fund (EIF): EU-owned pan-European VC/PE fund-of-funds and SME investment vehicle. Most direct analogue to Tesi's fund-of-funds (KRR) activity and co-financing with the EIB; both are state-backed, market-equivalent investors in private equity.
• BPI France: French state-owned investment bank combining direct VC/PE, fund-of-funds, and industrial policy mandates. Closely comparable to Tesi as a national champion investor with a dual growth-and-industrial-policy mission.
• KfW Capital: German state-owned VC/PE investor (subsidiary of KfW). Comparable in mandate: market-equivalent minority co-investor alongside private funds, with a focus on fund-of-funds and growth-stage German and European companies.
• Invest-NL: Dutch state-owned investment company financing Dutch growth companies and sustainable projects. Comparable to Tesi in role, scale, and the combination of direct venture and industrial/climate transition mandates.
• Investinor: Norwegian state-owned VC/PE investor making minority investments in Norwegian growth companies and funds. Closely analogous to Tesi's Finnish mandate, with overlapping Nordic geography and direct-co-investor model.
• Almi Invest: Swedish state-owned VC investor owned by Almi Företagspartner. Comparable as a Nordic state-owned direct VC investor focused on early-stage and growth-stage Swedish companies, with co-investment alongside private funds.
• PMV (Participatiemaatschappij Vlaanderen): Flemish regional investment company combining venture, growth and industrial project investments. Comparable to Tesi's mixed direct/industrial mandate and minority co-investor posture in a single regional market.
• Solidium: Finnish state-owned investment company managing strategic minority holdings in listed Finnish companies. Direct peer as a fellow Finnish state investment vehicle, most notably co-invested with Tesi in ICEYE Series F.

Broad incumbents

• British Business Bank: UK government-owned development bank with VC/PE fund-of-funds and direct programmes. Comparable to Tesi as a state-backed investor addressing market gaps and crowding in private capital in growth companies.
• FMO (Dutch Entrepreneurial Development Bank): Dutch state-backed development finance institution investing in private sector growth in developing markets and Europe. Comparable as a state-owned, mission-driven investor with co-financing vehicles and minority equity positions.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/tesifii
• YouTubeyoutube.com/channel/UCmxONS_Sf7LLG_EkwRxL8RA
• LinkedInlinkedin.com/company/finnish-industry-investment-ltd
• Instagraminstagram.com/tesifii

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments154 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tesi