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.

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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.

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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.

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