Tesi

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

#948 Investor rankamong investors on Dealroom

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

Website ↗LinkedIn ↗X / Twitter ↗

80 Portfolio companies+73% in 5 years

3 Unicorns

2 Decacorns

110 Investments

Aug 2026 Last investment

01 · Fund commitments

The funds Tesi backs.

Tesi is a limited partner in 66 funds. 6 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

3TS Capital Partners

Austria

Aboa Venture Management

Finland

Armada Credit Partners

Finland

BioFund Management

Finland

Butterfly Ventures

Finland

Capman

Finland

Innovestor Ventures

United Investments

02 · Knowledge graph

News CurifyLabs raises €11M to scale personalized drug production, expand in US Jul 6, 2026

News Cactos closes €12.5M to scale battery storage across Europe Jun 25, 2026

News ICEYE raises €450M at $10.5B valuation, becoming Finland's third decacorn Jun 9, 2026

03 · Biggest holdings

Tesi’s biggest current holdings.

The most valuable companies Tesi still holds, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Dealroom has no parsed shareholder register for Tesi, so the size of each stake isn’t shown.

#CompanyValuation

1 ICEYEDecacorn · Space · Finland $11.0B
2 ŌURADecacorn · Health · Finland $10.9B
3 SwappieHome Living · Finland $496M

Unicorns and thoroughbreds Tesi has backed and still holds, at Dealroom’s latest valuation. See the underlying shareholder registers on Dealroom →

04 · 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

Finland191
USA10
Switzerland3
Norway2
Sweden2
Åland Islands1
Cuba1
Denmark1
Germany1
Netherlands1
UK1

By sectorCount

Energy46
Health32
Enterprise Software25
Real Estate20
Education18
Transportation18
Food13
Robotics8
Semiconductors8
Fintech7
Gaming7
Marketing7

By stage enteredCount

Series A44
Series B+25
Seed14

By growth stageCount

Early Growth119
Breakout Stage68
Mature16
Late Growth13

05 · Portfolio market map

Inside Tesi’s portfolio.

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

Semiconductors · Unicorn

Varjo

Health

$160M

Solar Foods

Food

$83M

TactoTek

Consumer Electronics

$300M

Virta

Energy

$286M

M-

M-Files

Security

$295M

Verda

Hosting

$220M

NestAI

Robotics

$440M

P2X Solutions

Energy

$88M

MaaS Global

Fintech

Bob W

Travel

$176M

Hycamite

Energy

$182M

TILT Biotherapeutics

Health

$99M

Onego Bio

Food

$176M

Wirepas

Telecom

$91M

Norsepower

Energy

$154M

Valmet Automotive

Transportation

$88M

Dispelix

Consumer Electronics

$114M

MetGen

Energy

$9.7M

Cactos

Energy

$55M

Steady Energy

Energy

$141M

Verto Analytics

Enterprise Software

$44M

Haltian

Enterprise Software

$97M

BC Platforms

Health

$60M

Enifer

Food

$66M

Nosto

Marketing

$64M

AISTI

Real Estate

$114M

Enevo

Food

$48M

Algorithmiq

Health

$79M

Paptic

Energy

$127M

IXI

Health

$132M

Basemark

Transportation

$77M

Aurealis Therapeutics

Health

$15M

Hedera

Health

$66M

Tamturbo

Energy

$97M

Ekahau

Telecom

$64M

Carbo Culture

Energy

$72M

ultimate.ai

Marketing

$80M

CurifyLabs

Health

$29M

UpCloud

Hosting

$79M

Nexstim

Health

$78M

Midaxo

Fintech

$64M

Visedo

Energy

$66M

Picosun

Semiconductors

$53M

Service-Flow

Enterprise Software

$35M

ZenRobotics

Energy

$4.4M

Traplight Games

Gaming

$35M

Aurealis Pharma AG

Finland

$29M

Capalo AI

Energy

$48M

Rocsole

Energy

$19M

Naava

Real Estate

$31M

Zervant

Fintech

$26M

Mendor

Health

$6.8M

Magsort

Energy

06 · Portfolio founders

Where Tesi’s portfolio founders come from.

176 founders across the 100 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