Exploring Finland’s Future: Will 2024 Funding Fuel its Rise as a Food Innovation Hub?

Finland is carving its niche in the agrifoodtech landscape, joining the ranks of Nordic innovation powerhouses like Denmark and the Netherlands. The Finnish government plays a crucial role in this growth. They back startups with grants and funding, as seen with Solar Foods, which recently secured a $10.6 million government grant.

In 2024, Finland attracted $390 million in agrifoodtech venture capital through 19 deals, ranking it 8th globally, ahead of countries like Japan and Brazil. This surge in funding highlights Finland’s innovative spirit, especially given its small population of under 6 million and a significant portion of its land covered in water and forests.

Historically, agrifoodtech funding in Finland has thrived, especially in recent years. A notable boost came from mega-deals like the $259.8 million investment in Finnforel, an aquaculture startup. In 2021, funding peaked at $661 million, before dipping in 2022 due to economic challenges. However, 2023 showed signs of recovery, and 2024 further surpassed pre-pandemic levels.

Interestingly, while the first quarter of 2025 saw no agrifoodtech deals, there was already a renewed interest with $45 million raised in the second quarter.

Finland’s share of the European agrifoodtech market has climbed steadily. From 2017 to 2020, it reached 6.63%. Although there was a brief decline post-COVID, it rebounded to over 10% in 2024. On the global front, Finland currently holds 2.42% of the agrifoodtech funding share.

Breaking down the numbers shows that the majority of funding in 2024 went to novel farming systems, largely due to the Finnforel deal. Other key categories included innovative food solutions and bioenergy, with startups focusing on food production, delivery, and recycling.

Over the past ten years, investments have shifted towards more advanced stages. Seed stage funding has seen a decline, while Series A and B rounds have grown. Despite challenges, Finland is focusing on sustainability in food and feed production, emphasizing innovative proteins and novel farming techniques.

Top funded startups like Finnforel, Onego Bio, and Volare are leading the way. Each aims for sustainability through unique approaches, like turning food waste into protein or producing animal-free egg whites.

Finland’s agrifoodtech scene demonstrates resilience and creativity. As the sector evolves, it continues to attract attention, showing the potential for growth and innovation in addressing global food challenges.

For further insights, check out the articles from AgFunder and Solar Foods.

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