Angel
Investment
Report
2024
Key statistics on investments, exits and investor profiles
Published 8.4.2025
FiBAN
Overview
Since its founding in 2010, FiBAN has conducted an annual member survey to track angel investment activity in Finland. This voluntary survey is Europe’s most comprehensive yearly study of business angel activity, offering indicative yet valuable insights into current trends.
The results of our annual survey reinforce FiBAN’s vision driving smart capital and investments, knowledge sharing, lifelong learning and connections into the most promising early-stage companies. As the data shows, angel investing in Finland is increasingly strategic, collaborative, and impact-driven.
Nearly half a billion to 2000+ startups
Future vision
Investments in 2024
In 2024, the aggregate sum of investments reported by FiBAN angels saw an uptick of nearly 20% in comparison to the previous year, and median ticket size increased slightly. Half of investments were made to new startups.
In 2024, the survey had a 66% response rate with 397 respondents.
Aktiivinen vuosi pandemiasta huolimatta
31,5 M€ (+19%)
Euros invested by FiBAN members in 2024.
The total value of investments increased by nearly one fifth
661 (-4%)
Number of investment transactions in 2024.
Angel activity is leveling off
Close to half of all investments targeted new startups
48% (-2%)
Share of companies that received their first investment in 2024.
14% (-6%)
Convertible notes share of total invested capital in 2024.
The share of convertible notes is decreasing
Round and ticket sizes grew - valuations declined
275.000€ (+6%)
Median funding round size in 2024.
1,64 M€ (-11%)
Median pre-money valuation in 2024.
97% (+2%)
of investments were made to Finnish startups in 2024.
Regional distribution of Finnish angel investments in 2024
Investments are more spread out across Finland but Uusimaa still dominates
50% (-7%)
Share of investments made to Uusimaa region
Exits in 2024
FiBAN members again made a significant amount of exits in 2024. Share of bankruptcies continued to grow but still a third of exits were acquisitions or mergers.
Number of exits has been stabilizing in recent years
140 (-3%)
Number of exits in 2024.
Bankruptcies are the most common type of exit
40% (+4%)
Share of exits that were bankruptcies in 2024.
Investors in 2024
In 2024, super angels were more active than in previous year and once again took the central stage in angel investing. Meanwhile, due to levelling off in total sums of both investments and exits, FiBAN members have on average 6 startups companies in their portfolio, just like last year.
Number of investments per angel is again on the rise
47% (+3%)
Share of angels who didn’t invest in 2024.
1,7 (+0,3)
Average number of investments per FiBAN member in 2024.
Super angels were more active in 2024
6% of angels accounted for 50% of the total sum invested in 2024.
More experienced investors transfer their knowledge within the network. FiBAN trains 130 persons yearly.
Success Story: Exit
Exit of the year Silo.ai
FiBAN has awarded Silo.AI with the Exit of the Year award. When AMD acquired the company in 2024, the early-stage angel investment turned into a €7M+ exit. Angels Mikko Leino and Harry Brade invested in 2019, when revenue was still in the low millions. The case highlights how angel investors act as the first believers, enabling startup growth: FiBAN’s 600+ members have invested in over 2,000 startups over the past 10 years.
Summary
Realized for angels when Silo.AI was sold to AMD
7 million euro exit
3 angels
and other co-investors
Success Story: Funding
Dobbelgänger
Dobbelgänger specializes in developing lightweight, easily assembled decoys that mimic thermal and radar signatures to enhance military deception capabilities. In June 2024, the company won FiBAN’s Pitch Finland DefSec startup competition, ending up raising €920,000 from a syndicate of 16 angel investors from FiBAN, together with Innovestor's Angel CoFund, and Lifeline Ventures.
Winner of FIBAN Pitch Finland DefSec
funding raised
and Innovestor’s Cofund & Lifeline Ventures
920.000€
16 angels
Success Story: Funding
Vegemi
Vegemi raised €500k to expand its XR-powered food education app for kids. Three FiBAN angel investors joined the round, along with Tradeka Corporation and Heino Group. With nearly 3M user actions, the app is already used in Espoo preschools, and is expanding internationally to promote healthier eating habits among children.
Summary
500.000€
3 angels
funding raised
and other co-investors
Success Story: Funding
Norolan
Norolan raised €600,000 in its first funding round, led by four FiBAN angel investors. Known for its handcrafted, sustainable fishing gear, the company is scaling production and expanding globally. Norolan, also seen on Leijonan Luola (Nelonen), continues to gain traction in the fishing industry.
Summary
600.000€
4 angels
funding raised
and other co-investors
About
FiBAN’s data is based on voluntary questionnaires annually collected from our
members, it is more indicative than exact. Our figures consist only of the data provided to us: we do not cover all angel investing activity in Finland. However, by pooling data, FiBAN can look into trends and findings which benefit the whole angel investor and startup ecosystem.
For more statistics on the business angel market in Finland, see fiban.org/data
More Information
Finnish Business Angels Network (FiBAN ry)
The FiBAN Angel Investment Report constitutes Europe’s most comprehensive yearly survey of business angels, conducted annually since 2010. Through quality research and analysis we aim to offer valuable and unique knowledge for the whole startup ecosystem.