Tesi
Finnish state investment company; participated in Kelluu's €15M Series A.
Tesi (Finnish Industry Investment Ltd, Finnish: Suomen Teollisuussijoitus Oy) is a Finnish state-owned investment company founded in 1995 with an industrial-policy mandate to develop Finland's venture capital and private equity market and drive national economic growth and renewal. It invests on market terms — both directly in startups, scale-ups, and industrial-scale projects, and indirectly as a limited partner in Finnish and international VC/PE funds — always as a minority co-investor alongside private capital rather than as a lead or controlling investor. As of 2025 it manages roughly EUR 3.2 billion in assets and by end-2023 held stakes in close to 560 Finnish companies directly or through fund investments.
Overview
- Firm
- Tesi (Finnish Industry Investment Ltd)
- Headquarters
- Helsinki, Finland
- Founded
- 1995
- AUM
- ~€3.2 billion (2025, self-reported)
- Stages
- Thesis
- As a state-owned "sovereign VC," Tesi's thesis is explicitly strategic/economic-development rather than a typical fund's — it exists to strengthen and de-risk Finland's private capital markets, act countercyclically when private capital pulls back, and back sectors of national industrial importance, while still requiring market-rate, profit-seeking terms on every deal. In dual-use/defense specifically, Tesi has framed recent investments (e.g., Kelluu) as part of an effort to build out a Finnish defense-tech expertise cluster and to draw international investors like the NATO Innovation Fund into the Finnish market for the first time.
Portfolio companies2
Partners0
No linked records yet.
Frequently asked
- What is Tesi?
- As a state-owned "sovereign VC," Tesi's thesis is explicitly strategic/economic-development rather than a typical fund's — it exists to strengthen and de-risk Finland's private capital markets, act countercyclically when private capital pulls back, and back sectors of national industrial importance, while still requiring market-rate, profit-seeking terms on every deal. In dual-use/defense specifically, Tesi has framed recent investments (e.g., Kelluu) as part of an effort to build out a Finnish defense-tech expertise cluster and to draw international investors like the NATO Innovation Fund into the Finnish market for the first time.
- How much does Tesi manage?
- Tesi manages ~€3.2 billion (2025, self-reported) in assets, and was founded in 1995.
Sources & citations4
Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.
- 1
Tesi is a Finnish state-owned investment company founded in 1995 that manages roughly EUR 3.2 billion in assets as of 2025.
Tesi: About TesiVerified2026-08-08 - 2
Tesi participated in Kelluu's €15M Series A, framed as building out a Finnish defense-tech cluster and drawing the NATO Innovation Fund into Finland for the first time.
Tesi: Kelluu Series A announcementVerified2026-08-08 - 3
Tesi was founded in 1995 and by end-2023 held stakes in close to 560 Finnish companies directly or through fund investments.
Wikipedia (Finnish): Suomen TeollisuussijoitusReported2026-08-08 - 4
Kelluu's €15M Series A was led by the NATO Innovation Fund, with Tesi, Keen Venture Partners, and Gungnir Capital also participating.
EU-Startups: Finland's Kelluu raises €15 million Series A led by NATO Innovation FundVerified2026-04-01