Portfolio
We back more than 40 Finnish technology companies. Around two thirds operate in the health, biotech and environmental technology sectors, in which Finnish innovation has worldwide relevance. Together, they represent a collection of ambitious companies building globally competitive solutions.
Many are now at a pivotal stage, with years of development behind them, commercial traction building and international expansion to come.
Growth companies in the Springvest portfolio
The view on this page reflects Springvest Corporation’s most recent financial report.
The companies that have most recently been in a funding round can be found on the investment platform.
Desentum
Desentum is developing a new immunotherapy for the treatment of allergies – an allergy vaccine.
Funding rounds
10/2017, 9/2019, 1/2022, 1/2024
Valuation after latest round
€73 million
Springvest’s ownership stake
6.8% (31 December 2025)
Sector
Life sciences
Kuva Space
Kuva Space delivers comprehensive space-related intelligence to companies and governments, mapping the state of the world through a scalable, licence-based model.
Funding rounds
8/2023, 11/2024
Valuation after latest round
€50.6 million
Springvest’s ownership stake
4.2% (31 December 2025)
Sector
Dual-use and defence technology
ReOrbit
ReOrbit is designing and building a new generation of innovative software-first satellites.
Funding rounds
6/2025
Sector
Sector: Dual-use and defence technology
News
TILT Biotherapeutics
TILT Biotherapeutics is developing immunotherapies for metastatic solid tumours.
Funding rounds
9/2016, 3/2020, 6/2024
Valuation after latest round
€105 million
Springvest’s ownership stake
3.9% (31 December 2025)
Sector
Life sciences
Varjo Technologies
Varjo Technologies develops true-to-life virtual and mixed reality (VR and XR) solutions for the most demanding professional applications.
Funding rounds
9/2024
Valuation after latest round
€262.7 million
Springvest’s ownership stake
0.5% (31 December 2025)
Sector
Dual-use and defence technology
CurifyLabs
CurifyLabs automates the compounding of medicines in pharmacies and hospital pharmacies using its technology.
Funding rounds
2/2025
Valuation after latest round
€27.2 million
Springvest’s ownership stake
2.6 % (31 December 2025)
Sector
Life sciences
Volare
Volare uses circular technology to convert food-industry side streams into sustainable protein, oil and fertilizer ingredients.
Funding rounds
10/2024
Valuation after latest round
€31.7 million
Springvest’s ownership stake
2.0% (31 December 2025)
Sector
Environmental technology
Rocsole
Rocsole delivers industrial tomography technology, facilitating the more efficient and sustainable operation of the process industry.
Funding rounds
11/2021, 1/2025
Valuation after latest round
€11 million
Springvest’s ownership stake
6.9 % (31 December 2025)
Sector
Industrial automation
Solar Foods
Solar Foods is commercialising Solein, a novel nutritional protein produced mainly from carbon dioxide and electricity.
Funding rounds
10/2023, 4/2024
Valuation after the last round arranged by Springvest
€207.75 million
Sector
Environmental technology
Exit type
Listed, 5/2024
Exit information
Solar Foods, the developer of the world’s most environmentally friendly protein, Solein, listed its shares on the Nasdaq First North Growth Market Finland in autumn 2024. Since listing its shares, the company has, for example, been registered in the United States as a food facility.
Investment multiple based on listing
1.35x (in less than a year) based on closing price on listing date
Market value
Market value on first trading day
Approx. €300 million
Investment’s IRR
44% (11/2023 round), 123% (4/2024 round)
Springvest funding in total
€16 million
Springvest remains a minority shareholder in Solar Foods.
QuantrolOx
QuantrolOx develops software for quantum computing, helping accelerate the development of utility-scale quantum systems.
Funding rounds
8/2025
Valuation after latest round
€45.7 million
Springvest’s ownership stake
2.4 % (31 December 2025)
Sector
Software and platform technology
Dispelix
Dispelix delivers optical diffractive waveguide displays for augmented reality (AR) devices.
Funding rounds
11/2024
Valuation after latest round
€93.5 million
Springvest’s ownership stake
1.1%
Sector
Dual-use and defence technology
MedicubeX
MedicubeX has developed a self-measurement station for key vital parameters, supporting remote consultations and other healthcare needs.
Funding rounds
5/2024, 11/2025
Valuation after latest round
€18.8 million
Springvest’s ownership stake
1.7 % (31 December 2025)
Sector
Life sciences
Verge Motorcycles
Verge Motorcycles designs, develops, builds and sells innovative all-electric motorcycles.
Funding rounds
12/2023
Valuation after latest round
n/a
Springvest’s ownership stake
0.4%
Sector
Environmental technology
Donut Lab
Springvest’s ownership stake
0.4%
Donut Lab focuses on the development and commercialization of innovative electric motors and battery solutions. Springvest became a shareholder in the company in 2025 when Verge Motorcycles Oy split into three separate companies, one of which is Donut Holding Oy.
ESOX Group
ESOX Group Oy develops and commercialises innovative technologies for the defence industry. Springvest became a shareholder in the company in 2025 when Verge Motorcycles Oy split into three separate companies, one of which is ESOX Group Oy.
Springvest’s ownership stake
0.4%
Sector
Dual-use and defence technology
Bioretec
Bioretec engineers safe, robust and reliable absorbable implants for both paediatric and adult orthopaedic care.
Funding rounds
6/2021, 2/2020, 9/2018
Springvest’s ownership stake
0.1%
Sector
Life sciences
Exit type
Listed, 9/2021
Exit information
Bioretec, a developer of absorbable orthopaedic implants, listed its shares on the Nasdaq Helsinki First North Growth Market in autumn 2021. Following its listing, the company has strengthened its global presence, for example receiving FDA marketing approval in the United States for its trauma screw in 2023.
Investment multiple at exit
1.3x
In the 9/2018 round, the price per share was €1.50, in the 1/2020 round, the price per share was €1.80; and in the 6/2021 round, the price per share was €3.00. The closing price on listing day was €2.90.
Investment’s IRR
24% (9/2018), 32% (1/2020), -36% (6/2021)
Market value
Springvest funding in total
€13.2 million
Springvest remains a 0.1% shareholder in Bioretec.
Norsepower
Norsepower, a pioneer in rotor sail technology, helps maritime transport reduce fuel costs and carbon emissions.
Funding rounds
6/2025
Valuation after latest round
€106.6 million
Springvest’s ownership stake
0.6 % (31 December 2025)
Sector
Environmental technology
Sartar Therapeutics
Sartar Therapeutics develops targeted therapies for rare diseases such as sarcoma.
Funding rounds
10/2020, 10/2025
Valuation after latest round
€13.4 million
Springvest’s ownership stake
4.0%
Sector
Life sciences
Paptic
Paptic creates sustainable packaging from renewable wood fibres as an alternative to conventional plastic foils.
Funding rounds
4/2020
Valuation after latest round
€24.6 million
Springvest’s ownership stake
1.4%
Sector
Environmental technology
Vapaus
Vapaus is a benefit-bike service provider whose technology helps companies in managing bike benefit schemes.
Funding rounds
10/2022
Valuation after latest round
€26.5 million
Springvest’s ownership stake
0.8%
Sector
Environmental technology
Optitune
Optitune’s coating technology enhances surface durability and scratch resistance.
Funding rounds
11/2020, 8/2021, 11/2022
Valuation after latest round
€39.4 million
Springvest’s ownership stake
3.7%
Sector
Industrial automation
Mcare
Mcare Group offers circular-economy services for electronic devices in the Nordic countries.
Funding rounds
9/2021, 2/2023
Valuation after latest round
€38.8 million
Springvest’s ownership stake
1.6%
Sector
Environmental technology
Cerenion
Cerenion provides solutions for practical EEG monitoring in acute healthcare.
Funding rounds
8/2019, 4/2022
Valuation after latest round
€15.1 million
Springvest’s ownership stake
5.0%
Sector
Life sciences
Sulapac
Sulapac develops and sells sustainable materials for replacing conventional plastics in various products.
Funding rounds
6/2023
Valuation after latest round
n/a
Springvest’s ownership stake
1.3%
Sector
Environmental technology
Tenboron
Tenboron provides boron carriers for Boron Neutron Capture Therapy in cancer treatment.
Funding rounds
6/2021
Valuation in latest round
€19.1 million
Springvest’s ownership stake
1.9%
Sector
Life sciences
Tamturbo
Tamturbo develops and manufactures oil-free turbo compressors for industrial use.
Funding rounds
5/2019, 3/2022
Valuation after latest round
€38.3 million
Springvest’s ownership stake
0.8%
Sector
Environmental technology
NewIcon
NewIcon manufactures automated systems for storing, dispensing and dosing pharmaceuticals.
Funding rounds
3/2017, 2/2019, 3/2021, 4/2023
Valuation after latest round
€18.1 million
Springvest’s ownership stake
5.9%
Sector
Life sciences
Osgenic
Osgenic is transforming surgical training with modern tools.
Funding rounds
2/2021
Valuation after latest round
€11.4 million
Springvest’s ownership stake
4.6%
Sector
Life sciences
Pesmel
Pesmel provides intelligent solutions for warehouse automation and material flow management for industrial customers.
Funding rounds
5/2025
Valuation after latest round
€47.7 million
Springvest’s ownership stake
0.5 % (31 December 2025)
Sector
Industrial automation
ArcDia
ArcDia manufactures, sells and markets equipment and test panels for diagnosing acute infectious diseases.
Funding rounds
3/2015, 9/2017, 4/2020
Valuation after latest round
€23.7 million
Springvest’s ownership stake
1.7%
Sector
Life sciences
Medixine
Medixine’s remote-monitoring platform enables healthcare professionals to manage patient care remotely.
Funding rounds
1/2016, 8/2020, 12/2022
Valuation after latest round
€38.3 million
Springvest’s ownership stake
5.8%
Sector
Environmental technology
Tosi (Tosibox)
Tosi (formerly Tosibox) has developed a VPN solution for industrial, security and building automation systems.
Funding rounds
12/2013, 4/2016
Valuation after latest round
€16.9 million
Springvest’s ownership stake
2.4%
Sector
Industrial automation
Uplause
Uplause’s platform enables interactive experiences between audiences and events.
Funding rounds
2/2014, 9/2018
Valuation after latest round
€11.3 million
Springvest’s ownership stake
2.9%
Sector
Software and platform technology
Uniogen
Uniogen develops next-generation diagnostics solutions for cancer detection and infection diagnosis.
Funding rounds
3/2024
Valuation after latest round
€19.3 million
Springvest’s ownership stake
2.2%
Sector
Life sciences
Vivago
Vivago designs intelligent monitoring solutions for health and wellbeing, including home-based care.
Funding rounds
11/2018
Valuation after latest round
€16.8 million
Springvest’s ownership stake
1.6%
Sector
Life sciences
Piceasoft
Piceasoft offers a software platform for mobile phone and tablet retailers for the sale, recycling and servicing of used devices.
Funding rounds
6/2013, 1/2015, 2/2020
Valuation after latest round
€28.7 million
Springvest’s ownership stake
2.1%
Sector
Environmental technology
Northern Antibiotics
Northern Antibiotics develops derivatives for the treatment of infections caused by resistant gram-negative bacteria.
Funding rounds
8/2013
Valuation after latest round
€5.5 million
Springvest’s ownership stake
2.3%
Sector
Life sciences
Karsa
Karsa has developed a system for detecting explosives.
Funding rounds
4/2019
Valuation after latest round
€7.9 million
Springvest’s ownership stake
2.1%
Sector
Industrial automation
Lekane
Lekane supplies digital tools for improved customer service.
Funding rounds
9/2012
Valuation after latest round
€3.3 million
Springvest’s ownership stake
1.4%
Sector
Software and platform technology
Morelex
Springvest’s ownership stake
0.5%
Morelex offers pharmacies a multi-channel marketing solution.
Funding rounds
12/2012
Valuation after latest round
€2.3 million
Software and platform technology
Claned
Claned Group provides personalised learning materials and a digital learning environment.
Funding rounds
11/2013, 3/2015
Valuation after latest round
€5.4 million
Springvest’s ownership stake
1.9%
Sector
Software and platform technology
Sofica
Sofica develops and delivers industrial camera-testing systems based on automated solutions and robotics.
Funding rounds
4/2013
Valuation after latest round
€3.2 million
Springvest’s ownership stake
1.2%
Sector
Industrial automation
Musopia
Musopia develops music-focused mobile apps for both consumers and businesses.
Funding rounds
10/2014
Valuation after latest round
€4.5 million
Springvest’s ownership stake
1.4%
Sector
Software and platform technology
Exits
Many of our portfolio companies have successfully grown to the next stage or found a new home through an acquisition or listing. For some, the journey has been cut short and operations have ended, which is a natural part of the demanding growth company landscape.
Acquired or publicly listed
Bioretec
Bioretec engineers safe, robust and reliable absorbable implants for both paediatric and adult orthopaedic care.
Funding rounds
6/2021, 2/2020, 9/2018
Springvest’s ownership stake
0.1%
Sector
Life sciences
Exit type
Listed, 9/2021
Exit information
Bioretec, a developer of absorbable orthopaedic implants, listed its shares on the Nasdaq Helsinki First North Growth Market in autumn 2021. Following its listing, the company has strengthened its global presence, for example receiving FDA marketing approval in the United States for its trauma screw in 2023.
Investment multiple at exit
1.3x
In the 9/2018 round, the price per share was €1.50, in the 1/2020 round, the price per share was €1.80; and in the 6/2021 round, the price per share was €3.00. The closing price on listing day was €2.90.
Investment’s IRR
24% (9/2018), 32% (1/2020), -36% (6/2021)
Market value
Springvest funding in total
€13.2 million
Springvest remains a 0.1% shareholder in Bioretec.
Solar Foods
Solar Foods is commercialising Solein, a novel nutritional protein produced mainly from carbon dioxide and electricity.
Funding rounds
10/2023, 4/2024
Valuation after the last round arranged by Springvest
€207.75 million
Sector
Environmental technology
Exit type
Listed, 5/2024
Exit information
Solar Foods, the developer of the world’s most environmentally friendly protein, Solein, listed its shares on the Nasdaq First North Growth Market Finland in autumn 2024. Since listing its shares, the company has, for example, been registered in the United States as a food facility.
Investment multiple based on listing
1.35x (in less than a year) based on closing price on listing date
Market value
Market value on first trading day
Approx. €300 million
Investment’s IRR
44% (11/2023 round), 123% (4/2024 round)
Springvest funding in total
€16 million
Springvest remains a minority shareholder in Solar Foods.
Mobidiag
In spring 2021, the molecular diagnostics company Mobidiag was acquired by Hologic, an American health technology company, at a historically high valuation – higher, for example, than that of the game company Rovio. The return on investment for those who invested through Springvest was almost ten-fold.
Exit type
Acquisition, 4/2021
Purchase price
€668 million
Investment multiples at exit
The investment multiple for the 11/2015 round was approx. 14.63x, for the 3/2017 round approx. 10.64x and for the 4/2018 approx. 5.85x
Investment’s IRR
IRR was 61% for the 11/2015 round, 78% for the 3/2017 round and 77% for the 4/2018 round
Returns for Springvest
€12.62 million (before taxes)
11/2015, 3/2017, 4/2018
Springvest’s funding rounds
Total funding arranged by Springvest
€9.5 million
Convion
Convion, a company developing SOFC systems associated with fuel cells, was sold in autumn 2024 to one of the world’s largest companies in the shipbuilding industry, HD Korea Shipbuilding & Offshore Engineering. The return on investment for those who invested through Springvest was almost five-fold.
Exit type
Acquisition, 8/2024
Purchase price
€72 million
Investment multiple at exit
4.6x
Investment’s IRR
25%
Returns for Springvest
€1.05 million (before taxes)
Valuation before the round was €10.8 million
Springvest’s funding rounds
5/2018
Total funding arranged by Springvest
€2.1 million
Finbiosoft
Finbiosoft, specialising in clinical diagnostics, was sold in spring 2024 to the French information-management company BYG4lab, with backing from the Growth Buyout fund Keensight Capital. BYG4lab highlighted that the acquisition strengthens its technological capabilities and opens up new opportunities, particularly in Europe and the United States.
Exit type
Acquisition, 3/2024
Purchase price
Not made public
Investment multiple at exit
0.8x
Investment’s IRR
-4.7%
Returns for Springvest
€0.35 million (before taxes)
Springvest’s funding rounds
8/2015, 1/2018
Valuation after second round
Approx. €9 million
Total funding arranged by Springvest
€3.09 million
9solutions
9Solutions, a provider of intelligent care solutions and safety systems, was sold at the end of 2024 to ASSA ABLOY, the world-leading supplier of access-management solutions. In the acquisition bulletin, CEO Jukka Kettunen highlighted that by joining ASSA ABLOY, the company would be able to grow and develop more quickly than it could on its own.
Exit type
Acquisition, 11/2024
Purchase price
Not made public
Investment multiple at exit
0.9x
Investment’s IRR
-4.9%
Valuation after second round
Approx. €22 million
Returns for Springvest
€0.45 million (before taxes)
Springvest’s funding rounds
5-6/2022
Total funding arranged by Springvest
€4 million
TribeStudios
Exit type
Acquisition, 2015
Eagle Filters Group (Cleantech Invest)
Cleantech Invest Oyj, a Nordic cleantech investment company, changed its strategy and name first to Loudspring in 2017 and then to Eagle Filters Group Oyj in 2022. The company transformed into an industrial operator, focusing on its subsidiary Eagle Filters, which manufactures respiratory protective equipment and gas-turbine filters.
Exit type
Listed, 6/2014
Rate of return
In the 10/2013 funding round, the price per share was €0.77. The closing price on listing day was €0.50 per share. At its highest, the company’s share price reached €3.70.
Investment multiple at exit
0.8x
Investment’s IRR
-19%
Springvest’s funding rounds
10/2013
Total funding arranged by Springvest
€3 million
Sector
Investment company
Sensapex
Exit type
Acquisition, 5/2021
Purchase price
€13.6 million
Investment multiple at exit
1.43x
Investment’s IRR
5.4%
Returns for Springvest
€0.5 million (before taxes)
Springvest’s funding rounds
1/2015
Total funding arranged by Springvest
€1.49 million
Edzcom (Ukkoverkot)
Ukkoverkot, a provider of private wireless networks for business customers, was sold to Cellnex, a Spanish telecommunications infrastructure company. The deal supports Cellnex’s strategy to become Europe’s leading provider of wireless infrastructure solutions. Following the acquisition, Ukkoverkot rebranded as Edzcom and is continuing operations under Cellnex’s ownership.
Exit type
Acquisition, 7/2020
Purchase price
Not made public
Investment multiple at exit:
0.31x
Returns for Springvest
€0.15 million (before taxes)
Investment’s IRR
-21%
Springvest’s funding rounds
6/2017
Total funding arranged by Springvest
€3.5 million
Leadoo Marketing Technologies
Leadoo Marketing Technologies, a company converting website traffic into active leads, was sold in autumn 2024 to SALESmanago, a SaaS provider of customer data and automated services. The acquisition strengthens SALESmanago’s ambition to become Europe’s leading marketing technology provider.
Exit type
Acquisition, 10/2024
Purchase price
Not made public
Investment multiple at exit
0.94x
Returns for Springvest
€0.3 million (before taxes)
Investment’s IRR
-9.7%
Valuation after Springvest round
Approx. €24 million
Springvest’s funding rounds
1/2021
Total funding arranged by Springvest
€5 million
Ginolis
Specialising in automated diagnostics and liquid-handling robotics, Ginolis was acquired by Cellink, a bioprinting technology developer, in early 2021. The acquisition enabled Cellink to deliver large-scale automation projects to customers in the healthtech and diagnostics sectors.
Exit type
Acquisition, 2/2021
Purchase price
€70 million
Investment multiple at exit
0.93x
Investment’s IRR
-2.5%
Returns for Springvest
€0.25 million (before taxes)
Springvest’s funding rounds
9/2016
Total funding arranged by Springvest
€2.15 million
1.5x
On average, investors have achieved approximately 1.5x returns at exit throughout Springvest’s history.
IRR 17%
Throughout Springvest’s history, investments have delivered an internal rate of return (IRR) of around 17%.
3.4 years
Throughout Springvest’s history, the average holding period of an investment has been approximately 3.4 years.
Other exits
Bankruptcies
- Lynsight (2025)
- Biomensio (2025)
- MultiTaction (2022)
- Biisafe (2022)
- Medisapiens (2022)
- Verto Analytics (2021)
- ItsPure (2020)
- Goodwiller (2020)
- SignOn (2018)
- Greenbiit (2015)
- Neonella (2015)
Other exits
- Fantastec
- Linko (Inbot)
- Minus Degree Mobile
- Digital Fabric (Zadaa)
- Ductor