Finland is a nation celebrated for cutting-edge technology, entrepreneurial spirit and its strong and stable economy. Thus, it’s no surprise that the country has firmly established itself on the global startup map.
Known for fostering innovation and sustainability, Finland provides a unique environment in which ambitious ideas thrive. Finland’s unicorns, although there are only a few, are a testament to the nation’s ability to blend creativity, collaboration and a forward-thinking business ethos, despite its relatively small size.
From transforming mobile gaming to redefining food delivery, these high-growth companies are not just shaping Finland’s economy but they’re also making waves internationally.
What is Finland’s Economy and Startup Environment Like?
Finland is pretty well known for its robust economy, driven by a highly skilled workforce, innovation and sustainability. With a strong focus on clean energy, education and technology, Finland has consistently ranked as one of the most competitive and stable economies around the world.
Now, the country’s business environment is also bolstered by exceptional government support, a strong infrastructure and a commitment to research and development efforts, making it a promising location for startups.
With a strong startup ecosystem, especially in the capital of Helsinki, Finland has become a hub for tech innovation, with great access to venture capital, high levels of entrepreneurship (and a conducive atmosphere) and collaborative business culture.
Thus, it’s no surprise that the country has started to see the emergence of unicorns, reflecting Finland’s innovative and progressive landscape.
The success of the handful of companies who have achieved this title is representative of the country’s ability to nurture high-growth businesses and attract global investment, showcasing Finland’s position as not only a powerhouse but also the ideal location for scalable and impactful startups.
Top Unicorns in Finland
As it stands, five Finnish businesses currently have unicorn status – that is, companies that are privately owned and valued at a minimum of $1 billion. They are Supercell, Relex Solutions, Oura, Aiven and HMD Global.
Supercell: $11 Billion
Supercell, founded in 2010, is headquartered in Helsinki, Finland’s capital and is a leading mobile game developer.
Particularly well known for its most popular games like “Brawl Stars”, “Clash of Clans, “Clash Royale” and more, Supercell has revolutionised the mobile gaming industry by focusing on small, independent teams.
Today, Supercell is Finland’s highest-valued unicorn, worth $11 billion after its most recent valuation.
Relex Solutions: $5.7 Billion
RELEX Solutions provides cutting-edge supply chain and retail planning software. Based in the nation’s capital and launched in 2005, RELEX uses AI-driven solutions to optimise inventory replenishment ad forecasting, allowing businesses to improve their efficiency and sustainability.
In recent years, RELEX has become trusted by global retailers, and as a result, the business has since experienced rapid growth and ultimately become a leader in supply chain innovation.
Oura: $5 Billion
Oura, the designer and manufacturer of world-famous Oura Rings, is a pioneer in wearable health tech, a growing industry. The ring tracks wearers’ activities, sleep and overall wellness by means of advanced sensors.
Founded in Finland in 2013, Oura is not only functional, but it’s also renowned for its sleek design. Thus, it’s become popular among health-conscious individuals and athletes alike.
Aiven: $3 Billion
Aiven is a cloud data platform that enables businesses to manage open-source databases and event streaming seamlessly.
The company was launched in Helsinki in 2016 and it’s particularly well known for its scalability and simplicity. Aiven helps large, global enterprises accelerate their development, with its rapid growth and innovative culture positioning it as a leader in cloud infrastructure solutions.
HMD Global: $1 Billion
HMD Global was founded in Espoo, Finland in 2016 and is the home of Nokia phones, among other things. Specialising in both the design and manufacturing of mobile devices, HMD combines and balances the best of both worlds when it comes to Finnish engineering and Android technology.
HMD GLobal is renowned for producing products that are durable and boast high quality, and it’s managed to revitalise the Nokia brand, leading to increased global sales and overall, a strong presence in the mobile market.
