# Tesi: portfolio, investments and team

> Tesi is a government based in Finland. 29 investments on record, 8 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

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

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

# Tesi

Last cheque observed Sep 2026; 29 cheques on record.

Email

Deploying now Government

Pre-seed Seed Series A Content Music Audio/voice

Follow Tesi and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ftesi)

Deploying now

**73%** of best year **8** **cheques in 12 months**, 29 on record

Since the last cheque **37** days **00** hrs **00** min **00** sec

Median round **$17M** Rounds led **2 of 29** Mostly in **Finland, 48%**

Pitch Tesi

## Tesi highlights

- 01 8 cheques in the last 12 months
- 02 Mostly Series A and Series B: 63% of its rounds
- 03 Led 2 rounds

## What they do

> Olemme pääomasijoitusyhtiö From their own website

- **Type:** Government (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** Content Music Audio/voice
- **Based in:** Helsinki, Finland
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **29 appearances**

- **2026** 6 rounds
- **Sept** **[Kasvu Therapeutics](https://millionrounds.com/company/kasvu-therapeutics)** Series A · FI · Finnish Drug Discovery Center **$34M** With 7 others
- **Sept** **[Verda](https://millionrounds.com/company/verda)** Series B · FI · ArcticStartup **$189M** With 9 others
- **Jun** **[ICEYE](https://millionrounds.com/company/iceye)** Series F · FI · Promus Ventures **$521M** With 9 others
- **May** **[Sicona Battery Technologies](https://millionrounds.com/company/sicona-battery-technologies)** AU **$31M** With 3 others
- **Apr** **[Kelluu](https://millionrounds.com/company/kelluu)** Series A · FI · NATO Innovation Fund (NIF) **$18M** With 4 others
- **Apr** **[Voltavate](https://millionrounds.com/company/voltavate)** Grant · AU **$2.5M** With 3 others
- **2025** 11 rounds
- **Dec** **[Ferronova](https://millionrounds.com/company/ferronova)** Series A · AU · Startup Daily **$6.0M** With 8 others
- **Nov** **[NestAI](https://millionrounds.com/company/nestai)** Growth · FI · PostScriptum **$115M** *Led*
- **Oct** **[SwarmFarm Robotics](https://millionrounds.com/company/swarmfarm-robotics)** Series B · AU · Startup Daily **$20M** With 4 others
- **Sept** **[DataCrunch](https://millionrounds.com/company/datacrunch)** Series A · FI · TechStartups **$64M** *Led*
- **Sept** **[Verda](https://millionrounds.com/company/verda)** Series A · FI **$65M** With 2 others
- **Aug** **[Diag-Nose.io](https://millionrounds.com/company/diag-nose-io)** Grant · AU · Startup Daily **$2.0M** With 2 others
- **Jun** **[Voltavate](https://millionrounds.com/company/voltavate)** Pre-seed · AU · Startup Daily **$553K** With 7 others
- **May** **[Hedera Dx](https://millionrounds.com/company/hedera-dx)** Series A · CH · Silicon Canals **$17M** With 5 others
- **May** **[Sicona Battery Technologies](https://millionrounds.com/company/sicona-battery-technologies)** AU · Startup Daily **$27M** With 4 others
- **Apr** **[IXI](https://millionrounds.com/company/ixi)** Series A · FI · TechCrunch **$37M** With 8 others
- **Mar** **[StrongRoom AI](https://millionrounds.com/company/strongroom-ai)** AU · Startup Daily **$17M** With 4 others
- **2024** 1 round
- **May** **[Nosto](https://millionrounds.com/company/nosto)** Secondary · FI **$7.6M** With 4 others
- **2019** 6 rounds
- **Dec** **[BC Platform](https://millionrounds.com/company/bc-platform)** CH · FinSMEs **$15M** With 2 others
- **Nov** **[Endev](https://millionrounds.com/company/endev)** FI · Nordic9 **$4.7M** With 5 others
- **Jul** **[FluroSat](https://millionrounds.com/company/flurosat)** US · Agfundernews **$3.2M** With 4 others
- **Jul** **[IQM](https://millionrounds.com/company/iqm)** FI · FinSMEs **$13M** With 6 others
- **May** **[Wirepas Mesh](https://millionrounds.com/company/wirepas-mesh)** FI · Wirepas **$16M** With 3 others
- **Feb** **[GOFAR](https://millionrounds.com/company/gofar)** Seed · AU · Startup Daily **$1.3M** With 2 others
- **2018** 3 rounds
- **Sept** **[Nosto](https://millionrounds.com/company/nosto)** FI · FinSMEs **$7.4M** With 2 others
- **Aug** **[Instaclustr](https://millionrounds.com/company/instaclustr)** Growth · US · FinSMEs **$15M** With 3 others
- **May** **[Iceye](https://millionrounds.com/company/iceye)** Series B · FI · FinSMEs **$34M** With 8 others
- **2015** 1 round
- **Apr** **[TokenOne](https://millionrounds.com/company/tokenone)** Series C · AU **$950K** With 5 others
- **2014** 1 round
- **Jun** **[Tradesparq](https://millionrounds.com/company/tradesparq)** Seed · CN **Undisclosed** With 2 others

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 **25** 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.

Funds they back

## 4 fund commitments on record

- **Managers:** 3

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

Managers it backs most

- [Nordic FoodTech VC 1 fund](https://millionrounds.com/fund/nordic-foodtech)
- [Vendep Capital 1 fund](https://millionrounds.com/fund/vendep-capital)
- [Verdane 1 fund](https://millionrounds.com/fund/verdane)

Most recent commitments

- Innovestor Life Science Fund Ky Butterfly Venture Fund IV Ky Inventure Fund IV Ky Vendep Capital Fund III Ky Maki.vc Fund II Ky EduImpact Fund Ky Icebreaker Fund II Ky Open Ocean Fund 2020 Ky Superhero Venture Fund 2020 Ky IPR.VC Fund II Ky Lifeline Ventures Fund IV Ky Open Ocean Opportunity Fund I Ky Maki.vc Fund I Ky Vendep Capital Fund II Ky Inventure Fund III Ky Lifeline Ventures Fund III Ky Open Ocean Fund 2015 Ky Inventure Fund II Ky Lifeline Ventures Fund I Ky VisionPlus Fund I Ky Open Ocean Fund Three Ky Power Fund III Ky Conor Technology Fund II Ky Nexit Infocom II L.P.
- [Nordic Foodtech VC second fund](https://millionrounds.com/fund/nordic-foodtech)
- [Vendep Capital Fund IV](https://millionrounds.com/fund/vendep-capital)
- [Verdane Idun II](https://millionrounds.com/fund/verdane)

## What they claim to have backed

From their own portfolio page (on their website)

**3** of 60 we have independently watched raise

[Antler](https://millionrounds.com/company/antler)[Cactos](https://millionrounds.com/company/cactos)[Lifelineventures](https://millionrounds.com/company/lifeline-ventures) 3tscapital Atomico Balderton Blumeequity Capman Creandum Dncapital Eaglefiltersgroup Eif Eqtventures Evli Failup Growth Hadeanventures Heartcore Innovestorgroup Lspvc Mandatumam Mvm Northzone Profounderscapital Royalmajestics Superherocapital Taaleribioteollisuus Vendep Verdane Vntm Voimaventures alder.se aurorastudios.fi butterfly.vc cloudberry.vc conor.vc dalpartners.fi devco.fi etfpartners.capital evolver.ax folmer.fi gorillacapital.fi gos.fi greencode.vc healthcap.eu icebreaker.vc interapartners.fi inventure.vc ipr.vc juuripartners.fi karma.vc koronainvest.fi leo.capital maki.vc mbrahastot.fi midinvest.fi nft.vc nif.fund nordiamanagement.fi nordscience.fi and 13 more

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## The cheque

Pre-seed Seed Series A

Median round joined **$17M** the round, not its cheque

Led 2 of 29 rounds **7%**

- **Sole investor:** Never alone
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Series A said *7*
- Series B said *3*
- Grant *2*
- Growth said *2*
- Seed said *2*
- Pre-seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Artesian VC](https://millionrounds.com/fund/artesian) 13
- [ByFounders](https://millionrounds.com/fund/byfounders) 4
- [Investible](https://millionrounds.com/fund/investible) 4
- [Varma Mutual Pension Insurance Company](https://millionrounds.com/fund/varma) 3
- [Business Finland](https://millionrounds.com/fund/business-finland) 2
- [Eurazeo](https://millionrounds.com/fund/eurazeo) 2

**Pitching Tesi?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

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

[**Artesian VC** Asset manager **13** rounds together](https://millionrounds.com/fund/artesian)[**ByFounders** VC firm **4** rounds together](https://millionrounds.com/fund/byfounders)[**Investible** VC firm **4** rounds together](https://millionrounds.com/fund/investible)[**Varma Mutual Pension Insurance Company** Institutional LP **3** rounds together](https://millionrounds.com/fund/varma)[**Business Finland** Accelerator **2** rounds together](https://millionrounds.com/fund/business-finland)[**Eurazeo** Private equity **2** rounds together](https://millionrounds.com/fund/eurazeo)[**Inventure** VC firm **2** rounds together](https://millionrounds.com/fund/inventure)[**J12 Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/j12)[**Lifeline Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/lifeline-ventures)[**Nokia** Corporate VC **2** rounds together](https://millionrounds.com/fund/nokia)[**OpenOcean** VC firm **2** rounds together](https://millionrounds.com/fund/openocean)[**Startmate** Accelerator **2** rounds together](https://millionrounds.com/fund/startmate)

## Recently backed

The latest companies Tesi put money into.

[**Kasvu Therapeutics** $34M · Sept 2026](https://millionrounds.com/company/kasvu-therapeutics)[**ICEYE** $521M · Jun 2026](https://millionrounds.com/company/iceye)[**Sicona Battery Technologies** $31M · May 2026](https://millionrounds.com/company/sicona-battery-technologies)[**Kelluu** $18M · Apr 2026](https://millionrounds.com/company/kelluu)[**Ferronova** $6.0M · Dec 2025](https://millionrounds.com/company/ferronova)[**NestAI** $115M · Nov 2025](https://millionrounds.com/company/nestai)

## Quick answers about Tesi

### What does Tesi invest in?

Tesi invests most often at Series A and Series B (63% of the rounds on record), in sectors such as Content, Music and Audio/voice.

### How active is Tesi?

29 investments on record, 8 of them in the last 12 months, and it led 2. The most recent was in Sept 2026.

### What has Tesi invested in recently?

Its most recent investments on record: Kasvu Therapeutics (Series A, Sept 2026), Verda (Series B, Sept 2026) and ICEYE (Series F, Jun 2026).

### How big are Tesi's cheques?

The median round it joins is $17M.

### Does Tesi lead rounds?

Sometimes: it led 2 of its 29 investments on record (7%).

### Where does Tesi invest?

Most of the companies it backs are in Finland (48%), Australia (34%) and Switzerland (7%).

### Is Tesi investing now?

Yes: it is actively investing, with 8 investments in the last 12 months.

### Who does Tesi invest alongside?

Most often Artesian VC (13 rounds together), ByFounders (4 rounds together) and Investible (4 rounds together).

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Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=tesi) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=tesi)