# Finnfund: portfolio, investments and team

> Finnfund is a government based in Finland. 8 investments on record, 2 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/finnfund (Millionrounds; every figure on the page links to its filing or article)

Finland · [Investor](https://millionrounds.com/investors)

# Finnfund

Last cheque observed Oct 2026; 8 cheques on record.

Email

Deploying now Government

Seed Series A Series B Film Video

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Deploying now

**67%** of best year **2** **cheques in 12 months**, 8 on record

Since the last cheque **11** days **00** hrs **00** min **00** sec

Median round **$52M** Rounds led **0 of 8** Sole investor **2 rounds** Mostly in **South Africa, 29%**

Pitch Finnfund

## Finnfund highlights

- 01 2 cheques in the last 12 months
- 02 Mostly Debt and Growth: 40% of its rounds
- 03 Sole investor in 2 rounds, median $4.8M

## What they do

- **Type:** Government (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B Growth
- **Sectors:** Film Video
- **Based in:** Helsinki, Finland
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **8 appearances**

- **2026** 2 rounds
- **Oct** **[Alice](https://millionrounds.com/company/alice)** Series D · BR · Contxto **$40M** With 7 others
- **Sept** **[ERCO Energia S.A.S.](https://millionrounds.com/company/erco-energia-s-a-s)** CO · ElectriFI **Undisclosed** With 2 others
- **2025** 1 round
- **Jun** **[Wave](https://millionrounds.com/company/wave)** Debt · SN · TechCabal **$137M** With 3 others
- **2024** 2 rounds
- **Dec** **[Cassava Technologies](https://millionrounds.com/company/cassava-technologies)** Growth · ZA · TechCrunch **$90M** With 2 others
- **Nov** **[Beacon Power Services](https://millionrounds.com/company/beacon-power-services)** Series A · NG · Disrupt Africa **Undisclosed** With 9 others
- **2019** 1 round
- **Sept** **[Maarifa Group](https://millionrounds.com/company/maarifa-group)** Goldencasinonews **$7.0M** Sole investor
- **2018** 1 round
- **Sept** **[Jumo](https://millionrounds.com/company/jumo)** ZA · TechCrunch **$52M** With 4 others
- **2008** 1 round
- **Nov** **[Incap](https://millionrounds.com/company/incap)** Venture · IN · incap.fi **$2.6M** Sole investor

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **23** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**1+** funds on file numbered funds in its name

Funds they back

## 1 fund commitment on record

- **Managers:** 1

Every fund on record that it has committed money to, and the managers who invest it. Source: fund news.

Managers it backs most

- [Inspired Evolution 1 fund](https://millionrounds.com/fund/inspired-evolution)

Most recent commitments

- [Inspired Evolution Evolution III Fund](https://millionrounds.com/fund/inspired-evolution)

## The cheque

Seed Series A Series B

Median round joined **$52M** the round, not its cheque Alone, median **$4.8M**

Led 0 of 8 rounds **0%**

- **Sole investor:** 2 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Debt *1*
- Growth said *1*
- Series A said *1*
- Series D *1*
- Venture *1*
- Seed said *-*
- Series B said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [PROPARCO](https://millionrounds.com/fund/proparco) 2

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## Who they invest alongside

The investors most often in the same rounds as Finnfund. A count of rooms they were both in, not a relationship either has claimed.

[**PROPARCO** Government **2** rounds together](https://millionrounds.com/fund/proparco)

## Recently backed

The latest companies Finnfund put money into.

[**Wave** $137M · Jun 2025](https://millionrounds.com/company/wave)[**Cassava Technologies** $90M · Dec 2024](https://millionrounds.com/company/cassava-technologies)[**Beacon Power Services** Nov 2024](https://millionrounds.com/company/beacon-power-services)

## Quick answers about Finnfund

### What does Finnfund invest in?

Finnfund invests most often at Debt and Growth (40% of the rounds on record), in sectors such as Film and Video.

### How active is Finnfund?

8 investments on record, 2 of them in the last 12 months. The most recent was in Oct 2026.

### What has Finnfund invested in recently?

Its most recent investments on record: Alice (Series D, Oct 2026), ERCO Energia S.A.S. (Sept 2026) and Wave (Debt, Jun 2025).

### How big are Finnfund's cheques?

The median round it joins is $52M.

### Does Finnfund lead rounds?

Rarely, if at all: none of its 8 investments on record names it as the lead.

### Where does Finnfund invest?

Most of the companies it backs are in South Africa (29%), Brazil (14%) and Colombia (14%).

### Is Finnfund investing now?

Yes: it is actively investing, with 2 investments in the last 12 months.

### Who does Finnfund invest alongside?

Most often PROPARCO (2 rounds together).

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