International equity research firm initiates coverage of Springvest and publishes its first report
Finnish investment firm Springvest Oyj has signed an agreement on international equity research with the German equity research firm NuWays AG. NuWays today published its first research report on Springvest, which states: “We see Springvest as a capital-light, uncontested platform poised to become one of the biggest winners of Finland’s booming venture funding market.”
Equity Research Analyst Julius Neittamo covers Springvest at NuWays. According to the report, the Series A to Series B stage (rounds of €5–50 million) remains structurally underfunded in Europe and Finland, and Springvest targets precisely this gap. With no like-for-like peer in Finland and a c. 12% share of its addressable market, it holds a strong market position.
According to Springvest CEO Aki Soudunsaari, the timing is right for international coverage, as many of the growth-stage companies in Springvest’s portfolio have grown to the threshold of a commercial breakthrough.
He says international coverage raises the profile not only of Springvest but also of its portfolio companies and the Finnish growth company ecosystem more broadly.
“As technology companies grow across the board, funding rounds are getting larger too. We need everyone in Finland on board, from private individuals to family investment companies and institutions. On top of that, supporting growth requires international capital,” says Soudunsaari.
“Europe is now building its own growth financing ecosystem, and we want to act as a bridge to Finnish growth companies within it. Since last year, we have been seeking international strategic and sector-focused investors for our private placements. Springvest’s international analyst coverage will also help us reach them,” he continues.
According to CFO Juuso Viitanen, Springvest has held discussions with international investors, and one point that has stood out is that through Springvest’s share, an international investor can gain an indirect stake in a diversified portfolio of growth companies.
“Our portfolio includes over 40 Finnish growth companies, and the number keeps growing. One international investor put it aptly: ‘Springvest is a proxy for the Finnish startup ecosystem’,” says Viitanen.
According to the report, many of Springvest’s portfolio companies operate in fields in which Finland holds a comparative advantage, such as space technology, extended reality, quantum computing, and health and biotech.
Springvest’s value builds up in its portfolio
Springvest’s role is to bring different investors and promising Finnish growth companies together in funding rounds, which in turn grow the growth company portfolio on Springvest’s balance sheet.
NuWays’ first report sets out Springvest’s business through the eyes of an international equity research firm. It is particularly helpful for investors who are not yet familiar with the Finnish growth company market or Springvest’s business model.
The report emphasises that most of Springvest’s economic value bypasses the P&L (income statement) and is recognised on the balance sheet as holdings in portfolio companies.
“Every funding round we arrange grows our growth company portfolio. That’s why NuWays values the portfolio, the fee business, future option fees and net cash separately in its report,” says Viitanen.
“Of course, the value of the portfolio also needs to be realised over time, and that depends on the M&A and IPO markets, which have been quiet in recent years. The report also identifies this as a risk,” Viitanen notes.
NuWays describes Springvest’s funding track record as impeccable: all of the rounds it has arranged have reached their minimum target, closing in around 17 days on average.
Read the NuWays report commissioned by Springvest, “Supercharging the next Finnish unicorns” (3 November 2026).
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