Business Finland
Business Finland is the Finnish government's innovation funding agency that disburses grants, loans, and tax credits to Finnish companies, research organizations, and public actors for R&D and internationalization. Operating 27 offices worldwide under the Team Finland network, it funded €611 million of projects in 2024 across strategic sectors.
- Company typePrivate
- Founded2019
- HeadquartersHelsinki, Finland
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Business Finland does
Business Finland is the Finnish government's innovation funding agency, established in 2019 through the merger of Finpro and Tekes and operating under the Ministry of Economic Affairs and Employment. It is structured as two legal entities: Innovaatiorahoituskeskus Business Finland, which holds funding decision authority (consolidated from January 2024), and Business Finland Oy, which delivers operational services. The agency disbursed €611 million in 2024 across R&D, innovation, and internationalization grants and loans to Finnish companies, research organizations, and public actors, with H1 2026 applications alone exceeding €800 million. Headcount stands at approximately 450 experts distributed across 15 offices in Finland and 12 international offices as part of the Team Finland network.
Its core offerings are not software products but public funding instruments and advisory services: the My Business Finland portal for SME personalization, the Funding e-service for application management, and the Market Opportunities information service for international sales leads. The agency also operates four sub-brands — Visit Finland (tourism promotion), Work in Finland (talent attraction), Invest in Finland (FDI attraction), and Market Opportunities (international business intelligence) — and runs 14 thematic programs spanning 6G, quantum, hydrogen and batteries, data economy, defense and digital resilience, health, generative AI, and critical minerals. Notable large-ticket commitments in 2025–2026 include €78 million to Solar Foods, €48.7 million to Novana Oy for a vanadium plant, €47 million to UP Catalyst for battery graphite, €41.1 million to ICEYE for SAR satellite/defense R&D, and €40 million to Nokia for 6G and defense network projects.
Business Finland does not generate commercial revenue; it is funded by Finnish government budget allocations and distributes grants, loans, and tax credits based on eligibility criteria and application evaluation. Its GTM is sales-led and service-led rather than transaction-led, with dedicated directors and program heads engaging enterprises and SMEs through direct advisory, ecosystem programs, and EU funding advisory services. The customer base spans large Finnish industrials (Nokia, KONE, Wärtsilä), scale-ups (ICEYE, Solar Foods), startups (CurifyLabs, Agate Sensors, StemSight, AIATELLA, Marginum), and cross-border recipients (UP Catalyst from Estonia), with no single recipient dominating disbursements.
Business Finland firmographics
Firmographics- Name
- Business Finland
- Legal name
- Business Finland
- Website
- https://businessfinland.fi
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Business Finland is the Finnish government's innovation funding agency that disburses grants, loans, and tax credits to Finnish companies, research organizations, and public actors for R&D and internationalization. Operating 27 offices worldwide under the Team Finland network, it funded €611 million of projects in 2024 across strategic sectors.
- Ownership category
- akta.pro rank
Business Finland industry classification
Industry- Product category
- Government Innovation Funding Services
- NAICS
- Grantmaking Foundations (813211), Administration of Economic Programs (9261), Public Finance Activities (92113)
- SIC
- International Affairs (9721)
- akta.pro primary industry
- Green/Climate Development Banks & Funds (FSABAKAH)
- akta.pro secondary industries
- Digital Development & ICT4D / GovTech Technical Assistance (BPADAEAL), International Grantmaking & Development Foundations (BPAGAKAH)
Keywords
Where Business Finland is headquartered
LocationHeadquarters
- HQ city
- Helsinki
- HQ country
- Finland
- HQ region
- Europe
Offices1 record
Markets served
Business Finland business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Innovation Funding: Business Finland provides funding to Finnish companies, research organizations, and public actors. Funding comes from government budget allocations and is distributed as grants and loans for R&D, internationalization, and innovation projects. Business Finland does not generate commercial revenue from product/service sales.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
Business Finland product offering
Product offeringCore offering
Business Finland is Finland's government innovation funding agency that provides grants, loans, advisory services, and networking programs to Finnish companies, research organizations, and public actors seeking to develop R&D, innovation, and international growth. Its offerings include sector-specific ecosystem programs (such as 6G Bridge, Quantum, Hydrogen and Batteries, Data Economy, and Defense and Digital Resilience), digital service portals for funding applications and personalized recommendations, and units for tourism promotion, foreign investment attraction, and international talent recruitment.
Product overview
Business Finland is a Finnish public organization that provides innovation funding, growth services, internationalization support, networking, and advisory services to Finnish companies and research organizations. It does not operate as a traditional software product company but rather as a government agency facilitating business development, tourism promotion (Visit Finland), investment attraction (Invest in Finland), and talent recruitment (Work in Finland). Its primary offerings are funding programs, advisory services, networking opportunities, and ecosystem development across various sectors including technology, sustainability, defense, and health.
Differentiator
Problem solved
Functional benefit
Products and services
- My Business Finland Personalized online service portal for SMEs and startups that recommends suitable growth and internationalization services from Business Finland based on the company's information.
- Funding e-service Electronic service for applying for Business Finland funding, reporting project progress, and notifying changes related to funded projects.
- Market Opportunities Information service providing international sales leads, business opportunities, development trends, and country-specific overviews for Finnish companies seeking foreign markets.
- Visit Finland Business Finland's unit promoting international tourism to Finland through marketing and destination development activities.
- Invest in Finland Business Finland's unit that attracts foreign direct investment to Finland, offering site selection, market intelligence, and investor support services.
- Work in Finland Business Finland's unit that attracts international professionals and talent to Finland, supporting employer branding and recruitment.
- 6G Bridge program Program helping companies network with research organizations, businesses, and stakeholders invested in 5G Advanced and 6G technologies.
- Quantum program Program helping companies understand and develop quantum technology solutions based on quantum phenomena.
- Hydrogen & Batteries – Dual Helix of Decarbonization program Program facilitating international growth in hydrogen and battery industries through networks, market intelligence, and collaboration.
- Data Economy program Program for companies seeking to transform their business and leverage data sharing for international growth.
- Defense and Digital Resilience program Program creating new digital solutions for defense industry, critical infrastructure, and general security needs.
- Health 360 Finland program Program developing internationally competitive digital health solutions for healthcare sector challenges.
- Generative AI program Program helping technology and ICT sector players find partners and learn best practices for leveraging generative AI.
- Zero Waste Mining and Critical Minerals program Program focused on sustainable mining and mineral value chain competitiveness.
Companies that use Business Finland
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles4 records
Business Finland technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Business Finland partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor and core.
- ESL ShippingminorESL Shipping partnered with QMill to explore quantum computing applications for optimizing tramp trade shipping logistics. The multi-year project is partially funded by Business Finland.
- QMillminorQMill partnered with ESL Shipping to develop quantum-classical hybrid algorithms for fleet-level planning. The collaboration integrates ESL Shipping's real operational data with QMill's algorithms. Project partially funded by Business Finland.
- Finnish Hydrogen ClustercoreFinnish Hydrogen Cluster signed cooperation agreement with NLHydrogen (Dutch cluster) during a Business Forum event in presence of Finnish and Dutch trade ministers. The agreement brings together clusters representing over 130 companies to build sustainable hydrogen value chain, strengthen energy security, and contribute to Europe's climate goals.
- NLHydrogencoreNLHydrogen signed cooperation agreement with Finnish Hydrogen Cluster during Business Forum event. The partnership aims to promote collaboration among hydrogen stakeholders and accelerate Europe's hydrogen economy.
- NokiacoreNokia is a significant Finnish investor in India across telecom and manufacturing sectors. Business Finland supports Nokia's R&D activities in Finland including 6G technology and defense network solutions development.
- KONEcoreKONE is a significant Finnish company investing in India across manufacturing sectors. Business Finland supports Finnish companies like KONE with internationalization services.
- WärtsiläcoreWärtsilä is a significant Finnish company investing in India across manufacturing sectors. Business Finland supports Finnish companies like Wärtsilä with internationalization services.
- Team FinlandcoreTeam Finland is a network of public actors offering internationalization services to companies. Business Finland is part of this network that helps Finnish companies grow internationally.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Business Finland competitors and assessment
Company assessmentDirect peers
- Bpifrance: French public investment bank funding innovation, export, and SME growth. Comparable in combining grants, loans, and equity; relevant given its scale and integrated approach to economic development.
- Vinnova (Swedish Innovation Agency): Swedish government agency funding R&D and innovation with grant programs for companies and research organizations. Closest Nordic peer with similar mandate, funding instruments, and internationalization focus.
- Swedish Energy Agency (Energimyndigheten): Swedish government agency funding cleantech, hydrogen, and battery R&D. Highly comparable to Business Finland's Hydrogen & Batteries program and green-tech investment activity.
- Innovation Norway: Norwegian government agency providing innovation funding, advisory, and internationalization services to Norwegian companies. Directly comparable in scope, structure, and Nordic SME/startup focus.
- Innovate UK: UK government innovation agency funding business-led R&D with grant and loan programs. Comparable in funding scale, sectoral programs, and international growth focus, though in a larger economy.
- Enterprise Ireland: Irish government agency providing funding and advisory to Irish companies for international growth. Similar mandate in helping domestic companies internationalize and access innovation funding.
Emerging players
- Nordic Innovation: Nordic Council-funded organization supporting cross-border Nordic innovation projects. Partial overlap as a regional innovation funding platform, smaller in scale, but thematically adjacent.
Broad incumbents
- EIT (European Institute of Innovation and Technology): EU body funding innovation across knowledge communities (climate, digital, health, etc.). Comparable in its mission to fund deep-tech innovation and ecosystems, though operating at pan-European scale.
- European Investment Bank (EIB): EU-level development and infrastructure bank co-financing innovation and SME growth in member states. Comparable as public-sector financier of innovation and large projects, though at supranational scale.
- Fraunhofer Society: German applied research organization funding and conducting industrial R&D. Broader incumbent with applied-research and grant-administration overlap, but operates at much larger scale and with in-house labs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Business Finland social profiles
Digital presenceBusiness Finland financial estimates
Financial estimateRevenue estimate
Valuation estimate
Business Finland leadership team
Management profileNumber of profiles
Profiles23 records
Business Finland subsidiaries and ownership
Company hierarchySubsidiaries4 records
Business Finland funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Business Finland M&A and investment
M&A and investmentM&A
Investments250 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Business Finland
What does Business Finland do?
Business Finland is Finland's government innovation funding agency that provides grants, loans, advisory services, and networking programs to Finnish companies, research organizations, and public actors seeking to develop R&D, innovation, and international growth. Its offerings include sector-specific ecosystem programs (such as 6G Bridge, Quantum, Hydrogen and Batteries, Data Economy, and Defense and Digital Resilience), digital service portals for funding applications and personalized recommendations, and units for tourism promotion, foreign investment attraction, and international talent recruitment.
Is Business Finland a public or private company?
Business Finland is a private company. It is classified as state government owned and is currently operating.
When was Business Finland founded?
Business Finland was founded in 2019. It employs 501 to 1,000 people.
Where is Business Finland based?
Business Finland is headquartered in Helsinki, Finland, in the Europe region.
How does Business Finland make money?
One revenue line is on record: innovation Funding.
Who are Business Finland's main competitors?
Direct peers on record are Bpifrance, Vinnova (Swedish Innovation Agency), Swedish Energy Agency (Energimyndigheten), Innovation Norway, Innovate UK and Enterprise Ireland. Nordic Innovation is listed as an emerging player. Broad incumbents are EIT (European Institute of Innovation and Technology), European Investment Bank (EIB) and Fraunhofer Society.
Does Business Finland have an API?
No public API is recorded for Business Finland.
What industry is Business Finland in?
Business Finland's product category is Government Innovation Funding Services. Its primary akta.pro industry code is FSABAKAH, Green/Climate Development Banks & Funds, with a secondary code of BPADAEAL, Digital Development & ICT4D / GovTech Technical Assistance. Its NAICS code is 813211 and its SIC code is 9721.