Finnish Startup Community (FSC) and Varma have entered into a partnership agreement aimed at strengthening Finland’s startup ecosystem and supporting the operating environment for growth companies in Finland.
Through the partnership, Varma will take a more active role in the development of the Finnish startup sector and in the wider discussion on the importance of growth companies to the Finnish economy. The partnership brings together Finland’s largest startup network and one of the country’s leading institutional investors.
Startup companies are an important driver of Finland’s economic growth. They develop new technologies, create jobs and attract international investment to Finland. There are already around 4,200 startups in Finland, with combined annual revenue of more than €12 billion.
Finnish Startup Community (FSC) brings together more than 300 startup and growth companies, as well as the venture capital funds investing in them. Cooperation with partners supports FSC’s work and the organisation of joint events, discussions and other activities that bring together the startup community.
“There are many promising startups and growth companies in Finland. Their growth also requires strong partners and patient capital. We are delighted to welcome Varma to help build an even stronger startup ecosystem and support growth companies,” says Riikka Pakarinen, chief executive of Finnish Startup Community (FSC).
Varma brings an investor and pension insurance perspective to the startup sector
From Varma’s perspective, the Finnish startup and growth company sector is at a particularly interesting stage of development.
“From our perspective, there has recently been a growing number of attractive unlisted investment opportunities, both through funds and direct investments, that stand up well in international comparison. We look forward to working closely with companies, founders, funds and other actors across the growth company ecosystem,” says Tommi Walther.
Unlisted investments are an important part of Varma’s investment activities. Around 20 per cent of Varma’s total investments are invested in Finland, and the share of unlisted growth investments is increasing.
The partnership is also intended to make everyday life easier for growth companies. Startup companies should be able to focus on growing their business, while ensuring that statutory pension insurance and other mandatory insurance matters are properly taken care of.
“We want to be a partner that understands the day-to-day realities of growth companies and makes pension insurance as straightforward as possible. Our aim is to be the first pension insurance provider that growth companies think of, which is why this partnership is particularly important to us,” says Katri Priimägi.