Business Finland

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.

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

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

• Innovation funding services
• R&D grants agency
• Internationalization advisory
• Ecosystem programs
• Startup growth support

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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

Core 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.

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor and core.

• ESL ShippingminorStrategic or Co-development Partner · 25 May 2026ESL 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.
• QMillminorStrategic or Co-development Partner · 25 May 2026QMill 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 ClustercoreStrategic or Co-development Partner · 15 December 2025Finnish 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.
• NLHydrogencoreStrategic or Co-development Partner · 15 December 2025NLHydrogen 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.
• NokiacoreOthersNokia 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.
• KONEcoreOthersKONE is a significant Finnish company investing in India across manufacturing sectors. Business Finland supports Finnish companies like KONE with internationalization services.
• WärtsiläcoreOthersWärtsilä is a significant Finnish company investing in India across manufacturing sectors. Business Finland supports Finnish companies like Wärtsilä with internationalization services.
• Team FinlandcoreStrategic or Co-development PartnerTeam 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

Direct 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

• Facebookfacebook.com/BusinessFinland
• LinkedInlinkedin.com/company/business-finland
• Xx.com/businessfinland

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments250 records

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

Frequently asked questions about Business Finland