Sweden threatens to pull ahead in the AI start-up race

In Finland, the growth of start-ups too often stalls at the funding stage. When a company’s value rises, the next owner is easily found in the United States. In Sweden, growth companies have better chances of continuing to grow independently. Not long ago, the Government sought to attract data centres with tax support, which it has since decided to abandon – now at the latest, attention must shift from bulk capacity to where the greatest added value of the AI economy is created.

We already have infrastructure and expertise such as the AI development centre Lumi AI Factory, but more capital and more growing companies are needed around them. Finland is also bidding to host an EU AI gigafactory.

How could more capital reach growth companies?

We propose two structural reforms as the solution. The opportunities for pension insurance companies to invest in venture funds should be strengthened. In addition, a fund of funds similar to Sweden’s Saminvest should be established. These would spread risk across several funds, sectors and companies, and channel more institutional capital to Finnish growth companies.

What is Sweden doing differently?

Sweden shows that international capital can be attracted without selling the company. The health technology company Neko Health and Lovable, Europe’s leading AI start-up offering a coding tool, already valued at over EUR 11 billion, have raised rounds worth hundreds of millions of dollars in 2026.

What stops the same in Finland?

Nothing prevents the same in Finland. It requires that AI growth companies be seen as part of national technology and business policy. What matters is not only the amount of capital, but also expertise and experience in investing. We do not want to end up as a data-centre platform country.