Ministry of Employment and the Economy
Press Release 075/2015
The Finnish government authorised the Ministry of Employment and the Economy on 2 April 2015 to subscribe for new shares and to raise Finnish Industry Investment Ltd’s share capital by MEUR 105.
The share issue relates to three of Finnish Industry Investment’s investment programmes: recapitalisation of the FoF Growth II fund, the Industrial Renewal investment programme, and a new investment programme aimed at attracting international venture capital and private equity investment.
“Renewal and internationalisation are key factors for future growth. The goal of financing companies seeking renewal and internationalisation is to build new avenues for them to succeed in this. It is of primary importance to ensure adequate R&D investment as well as an effective venture capital market,” says Minister of Economic Affairs Jan Vapaavuori.
The FoF Growth II fund’s MEUR 30 share of the growth financing programme launched by the Finnish government in spring 2013 supports rapidly growing SMEs that need sufficient venture capital for successful expansion. At the end of 2014, the MEUR 130 fund had made two fund investments.
MEUR 50 is allocated to the Industrial Renewal investment programme. Launched last year, the investment programme is aimed at Finnish industrial SMEs that are seeking growth, and also at the SMEs serving them. The programme focuses in particular on the bio-based economy, cleantech, industrial digitalisation and healthcare sectors. To date, investments have been made in over 10 portfolio companies.
MEUR 25 has been allocated for Finnish Industry Investment’s new investment programme aimed at attracting international venture capital and private equity investment. The programme has already been launched.
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments as well as through international networking. Finnish Industry Investment invests in Finnish business both directly and through venture capital and private equity funds.
Laura Manninen, Special Adviser to the Minister of Economic Affairs, tel. +358 50 361 7511
Matti Hietanen, Special Government Adviser, Ministry of Employment and the Economy, tel. +358 29 506 0100