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Investor profile

Tesi

Fund Of Funds, Private Equity, Venture Capital · Founded 1995 · Helsinki, Finland

Finnish state-owned venture capital and private equity company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies

80 portfolio companies Fund Of Funds, Private Equity, Venture Capital · $2.6B invested · 110 investments · Investor rank #1,200 · Last investment 7/2026
Portfolio companies 80 ↑ 60% 5y
Decacorns 2
Thoroughbreds 3
Estimated holdings

Tesi’s biggest current holdings.

An estimate of Tesi’s largest live positions — disclosed shareholding × Dealroom’s latest valuation — across 2 companies where Tesi is a named shareholder, worth about $391M in estimated equity value.

#CompanyEst. stakeValuationEst. value
  1. 1 ŌURAWellness Beauty · Decacorn 2.5% $10.9B $272M
  2. 2 ICEYESpace · Unicorn 4.5% $2.6B $119M

Estimated value = Tesi’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. See the underlying cap tables on Dealroom →

Portfolio analysis

Where Tesi’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 80 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. Finland80
  2. USA7
  3. Switzerland2
  4. Cuba1
  5. Denmark1
  6. France1
  7. Italy1
  8. Netherlands1
  9. Norway1
By sectorCount
  1. Health19
  2. Energy17
  3. Transportation15
  4. Enterprise Software12
  5. Food6
  6. Media6
  7. Semiconductors6
  8. Fintech5
  9. Robotics5
  10. Marketing4
  11. Telecom4
  12. Gaming3
By stage enteredCount
  1. Series A50
  2. Series B+26
  3. Seed15
By growth stageCount
  1. Breakout Stage45
  2. Early Growth38
  3. Late Growth9
  4. Mature3
Portfolio market map

Inside Tesi’s portfolio.

The 60 highest-funded portfolio companies, of 80 tracked.

ŌURA
Health · Decacorn
$11B
ICEYE
Space · Decacorn
$11B
IQM
Semiconductors · Unicorn
$1.9B
MariaDB
Enterprise Software
$63M
Swappie
Home Living
$496M
Varjo
Health
$160M
Virta
Energy
$286M
M-Files
Security
$295M
Verda
Hosting
$220M
NestAI
Robotics
$440M
MaaS Global
Fintech
Bob W
Travel
$176M
TILT Biotherapeutics
Health
$99M
Onego Bio
Food
$176M
Wirepas
Telecom
$91M
Norsepower
Energy
$154M
Valmet Automotive
Transportation
$88M
MetGen
Energy
$9.7M
Cactos
Energy
$55M
Verto Analytics
Enterprise Software
$44M
Haltian
Enterprise Software
$97M
BC Platforms
Health
$60M
Enifer
Food
$66M
Nosto
Marketing
$64M
Enevo
Food
$48M
Algorithmiq
Health
$79M
IXI
Health
$132M
Voltaero
Transportation
$128M
Basemark
Transportation
$77M
Aurealis Therapeutics
Health
$15M
Hedera
Health
$66M
Ekahau
Telecom
$64M
Carbo Culture
Energy
$72M
CurifyLabs
Health
$29M
UpCloud
Hosting
$79M
Nexstim
Health
$76M
Midaxo
Fintech
$64M
Visedo
Energy
$66M
Kelluu
Robotics
$66M
Picosun
Semiconductors
$53M
Service-Flow
Enterprise Software
$35M
Aurealis Pharma AG
Finland
$29M
Capalo AI
Energy
$48M
Naava
Real Estate
$31M
Zervant
Fintech
$26M
Mendor
Health
$6.8M
European Batteries
Energy
$60M
Vapaus
Transportation
$44M
Unikie
Telecom
$53M
Rester
Fashion
$33M
HVR Cardio International
Health
$47M
Vaadin
Enterprise Software
$22M
Eniram
Energy
$47M
Woodcast (Onbone)
Health
$44M
Scoopshot
Media
$15M
Confidex
Transportation
$15M
Vexlum
Semiconductors
$26M
MeEat Food Tech
Food
$35M
Matchmade
Gaming
Safegrid
Energy
$25M
Portfolio founders

Where Tesi’s portfolio founders come from.

154 founders across the 95 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. Finland132
  2. United States10
  3. Switzerland3
  4. France2
  5. Germany2
  6. Sweden2
  7. Russia1
  8. United Kingdom1
UniversityCount
  1. Aalto University37
  2. University of Helsinki16
  3. University of Oulu9
  4. University of Eastern Finland6
  5. Hanken School of Economics4
  6. Lappeenranta University of Technology3
  7. Teknikhögskolan3
  8. Harvard Business School2
  9. IMD Business School2
  10. Reserviupseerikoulu - Reservofficersskolan - Reserve Officer School2
Previous companyCount
  1. Nokia Corporation13
  2. Aalto University11
  3. Microsoft7
  4. University of Helsinki7
  5. VTT MEMSFAB6
  6. HELSEED4
  7. ProVince Tx4
  8. RoadCloud3
  9. Smilehouse3
  10. aiMotive2
Key people

Key people at Tesi.

Source: Dealroom next-gen API — investor team endpoint.
Figures on this page are sourced live from the Dealroom next-gen API, joined with Dealroom’s cap-table dataset (estimated holdings) and the Power Law Investor Ranking. News in “Featured in” is drawn from Dealroom’s own coverage — the stories that name this investor, not only those it is the subject of. Market sentiment is omitted until the API exposes it.