Slush organised surprise dinner for investors inside new metro tunnel. Photo: Jussi Hellsten

Helsinki startup ecosystem generates EUR 23 billion in value in 2.5 years

The startup ecosystem of the Helsinki Metropolitan Area was successful in international comparisons and attracted foreign investors. The startup ecosystem was ranked as the fourth best in Europe in terms of performance.

The Global Startup Ecosystem 2022 Report (GSER), published by Startup Genome at London Tech Week on 14 June, lists the best startup ecosystems in the world. Helsinki ranked among the top four urban regions in Europe in terms of the size and performance of the startup ecosystem based on the value of funding and corporate sales. The Helsinki region startup ecosystem was also ranked among the top ten in Europe on the basis of talent, experience, early-stage financing and investor activity.

According to the report, the Helsinki region ecosystem has created EUR 23 billion in value in the past 2.5 years. Early-stage funding in the Helsinki Metropolitan Area amounted to EUR 886 million, while the global average was EUR 641 million.

Helsinki’s strengths: quality of life, access to talent and ease of doing business

Startups in the Helsinki region performed as expected in the fields of artificial intelligence, digital health, big data, analytics and games.

“Helsinki Metropolitan Area delivers the kind of innovation the world needs. We believe in trust-based and radically multidisciplinary collaboration that drives purpose-based growth. Innovation is driven by the well-being of empowered people,” says Harri Paananen, Director of Economic Development, City of Espoo.

The Helsinki region attracts startups thanks to the quality of life, access to talent and ease of doing business.

The Startup Genome Global Startup Ecosystem Report (GSER) is the world’s most comprehensive, data-driven report on startups, analysing more than 280 entrepreneurial innovation ecosystems and 3 million startups. The report contains the ratings of 140 best ecosystems and founder-centred articles from leading experts.

Read the latest Global Startup Ecosystem 2022 report here.

NewCo Helsinki supports and coaches startups

NewCo Helsinki’s growth company team has been involved in the development of the startup ecosystem in the Helsinki region for about ten years. It cooperates closely with, among others, the Finnish Business Angel Network (FiBAN).

“Our long-term work between different actors is bearing fruit. The growth is also reflected in the financing of Finnish startups: 71% of venture capital investments came from foreign investors last year,” says Timo Helenius, NewCo Helsinki’s Head of Growth Services.

Helenius believes that startups and investors are interested in the people-oriented way of working favoured in Finland and the Helsinki Metropolitan Area.

“In England and France, for example, the operating models are much more hierarchical. We have a more informal business culture. From an international perspective, Slush and Arctic15 are major startup events that have further increased the attractiveness of the Helsinki Metropolitan Area.”

NewCo Accelerator offers long-term and personal coaching to startups. The purpose of the service is to help companies find financing and international partners for cooperation as well as to connect the actors of the startup ecosystem.

Discover NewCo Helsinki’s startup and ecosystem services here.