Springvest is Finland's leading investment platform for startups and growth companies, having raised c. € 400m for Finnish companies by pooling retail, professional and institutional investors into single funding rounds. Springvest earns c. half of its fees in stock options rather than cash, so every round it arranges adds to a growing equity portfolio, that now comprises stakes in 43 innovative Finnish companies.
The portfolio is maturing, with several holdings at the forefront of sectors where Finland holds a comparative advantage: space (Kuva Space, ReOrbit), dual-use extended reality (Varjo, which has signalled a potential listing), quantum computing (QuantrolOx) and biotech (Desentum), amongst others. Subdued M&A and IPO markets have limited exits in recent years, but a recovery can deliver generous returns: in 2021, exits led by Mobidiag generated € 12.2m in net proceeds, enabling a dividend of € 1.80 per share, reflecting a c. 22% yield.
Springvest rides structural tailwinds in VC funding. Finland's high R&D intensity and deep pool of engineering talent have produced a steady pipeline of innovative companies, yielding unicorns such as Oura, ICEYE and IQM Quantum Computers. Finnish startups raised € 1.9bn in 2025, nearly seven times the 2016 level, growing at twice the rate of the European VC market. Nevertheless, the Series A to Series B stage (rounds of € 5-50m) remains structurally underfunded in Europe and Finland. Springvest targets precisely this gap, and with no like-for-like peer in Finland and a c. 12% share of its addressable market, it holds a strong market position, in our view. Springvest's funding track record is impeccable; it has arranged a total of 108 rounds, all of which have reached their minimum target, closing rounds in ~17 days, showcasing its curation capability and strong investor network (c. 17k registered investors on the platform).
A new sharpened strategy and tailwinds to support growth. Under its updated strategy, Springvest now targets international institutional investors for its rounds and takes an active ownership role in selected portfolio companies. Further, the EU Listing Act lifted the prospectus-exempt threshold from € 8m to € 12m in April, enabling larger public rounds, while major Finnish pension and state investors such as Varma, Solidium and Tesi have begun allocating significantly more capital to unlisted companies.
The portfolio compounds without own capital. Book value has risen from € 10m in FY18 to € 28.2m at H1'26, while over the same period the portfolio has returned c. € 15m in net exit proceeds. We expect portfolio book value to continue its steady growth, reaching € 50m by 2030e. Springvest targets a payout of at least 80% of its net profit and exit proceeds, which has translated into an average dividend yield of c. 9% since 2021.
As most of the economic value bypasses the P&L, classic multiples miss the investment case. We see Springvest as a capital-light, uncontested platform poised to become one of the biggest winners of Finland's booming venture funding market. Our sum-of-the-parts (SOTP) values the portfolio, fee and commission income, option fees and net cash at a combined € ~84m, reflecting a 91% upside.
We initiate our coverage with a BUY rating and a € 15 PT based on SOTP valuation.
ISIN: FI4000369442
