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Following a strong first full year of operations in 2024, Angel CoFund has continued to build momentum throughout 2025, increasing both investment activity and the breadth of its syndication network.
By the end of 2025, the fund will have completed 34 investments in total, with 17 new investments made during the year. These investments were syndicated with 110 angel investors, reflecting growing engagement across the Finnish angel ecosystem.
Total invested capital in 2025 amounted to €6.2 million. Of this, Angel CoFund invested €2.1 million, angel investors €2.5 million, and other investors €1.6 million.
Deal flow also strengthened during the year. In the second half of 2025, Angel CoFund received 50% more investment proposals than in any previous half-year in the fund’s history, despite July and August traditionally being quieter months.
“We continue to be very pleased with the quality of the deal flow and our close cooperation with FiBAN and angel investors,” says Hannu Jungman, Partner at Innovestor Venture Capital.
Broader reach across Finland and more diverse angel base
One of the key developments during 2025 has been the continued diversification of investments beyond the capital region:
- Helsinki-Uusimaa: 58%
- Northern and Eastern Finland: 24%
- Western Finland: 18%
This marks a clear shift from 2024, when approximately 75% of investments were concentrated in Helsinki-Uusimaa, indicating growing nationwide activity and deal flow.
The share of female angel investors also doubled year-on-year, rising from 5% in 2024 to 10% in 2025. While there is still room for improvement, this development supports the fund’s longer-term goal of broadening participation across the investor base.
FiBAN also sees the past two years as an important milestone and a natural moment to look ahead.
“It’s great to see Angel CoFund deliver on its objectives for the second year in a row and establish its role in the angel investor ecosystem. The increase in female angel investors is particularly encouraging – while the numbers are still modest, the direction is clearly right,” says Tiina Laisi-Puheloinen, CEO of FiBAN.
With two years of operations behind it, attention is also turning to what comes next.
“This is a good moment to start thinking about what Angel CoFund 2.0 could look like and how the fund can be further developed to serve the investor ecosystem even better,” she adds.
Highlight from 2025: Friends and Furniture Oy, KOTA
Among the year’s investments, Friends and Furniture Oy, with their product KOTA, stands out as a strong example of the type of ambitious, early-stage companies the fund aims to support through close collaboration with angel syndicates.
KOTA, the product of Friends and Furniture Oy, shows how design-led innovation combined with a strong online-first strategy can unlock product–market fit even in a traditional industry, and enable rapid growth already during the company’s first full year of operations.
“I am particularly pleased to see creative-industry companies in Finland that successfully apply design innovation in their products. Kota is a strong example of how design innovation and an online-first strategy can achieve product–market fit in a traditional sector and drive unusually fast growth already in the company’s first full year,” says Janne Juhola, Partner at Innovestor Venture Capital.
Focus for 2026: scaling proven strengths
Based on the progress in 2025, the focus for 2026 remains clear: scaling what already works. This includes continuing to broaden regional coverage, further increasing female participation among angel investors, and maintaining strong cooperation with FiBAN and the wider angel ecosystem.