Innovestor and Kasvun Roihu join forces to create a unique service platform for Finnish growth companies

In April, the leading growth company and co-investment service Innovestor Oy and Kasvun Roihu Oy, a founder and organiser of Finland’s largest sparring program Kasvu Open, join forces as a result of a merger. At the same time, they create a unique service model for Finnish growth companies, sparring growth-oriented companies free-of-charge and providing a channel for financing the growth with the help of domestic and international investors.

“This merger will provide Finnish growth companies a completely unique service model. Cooperation between Innovestor and Kasvun Roihu will bring together domestic and international investors interested in supporting growth companies and growth companies who need, in addition to sparring at Kasvu Open and Grow to Market -programs, also financing. Together we will create a new, fast-paced growth ecosystem,” tells Innovestor Oy’s CEO Tommi Äijälä.

The common goal of Innovestor and Kasvun Roihu is to serve as the number one promoter of growth and a window to the world for Finnish companies. In practice, this means that when a company participates in a regional growth event, the company may already in a few months have domestic and international investors as well as partners in China and the United States, supported by Grow to Market -programs. This brings unique added value to, in addition to the growth companies, also to the entire Finnish growth ecosystem, from growth companies to individual private investors.

“We would not exist without the Finnish growth ecosystem. Thousands of growth experts invest their time in our events every year. Now we are able to offer the growth partners a seat at international negotiation tables alongside the Finnish growth companies. I am very pleased that we are able to create this opportunity in the future together with Innovestor,” says Kasvun Roihu Oy’s CEO Matti Härkönen.

Strong alliance for growth company support through merger

In four years, Kasvun Roihu has challenged over 2,000 experienced growth experts to spar Finnish small and medium-sized companies to grow their business in “Kasvu Open” and “Grow to Market” growth programs. In order to carry out its over 100 growth programs, Kasvun Roihu has summoned a network of 220 partners from Finland, USA, China and Sweden to participate. One example of an international partner network commitment to the growth of Finnish companies is the incubator agreement concluded with the world’s leading home appliance manufacturer HAIER in October 2017. Kasvu Open events organised by Kasvun Roihu are currently running, from Helsinki to Rovaniemi and from Vaasa to Lappeenranta. The upcoming Grow to Market programs will be directed to Shanghai, New York and Stockholm.

The investee companies administered by Innovestor have received over 1 billion euros for financing their growth. Currently, the portfolio includes over 110 ambitious growth companies whose turnover was 300 million euros last year and who employed 1,200 employees in total. One example of Innovestor’s investee companies is Aranda Pharma Oy, a Kuopio-based drug discovery and development company, currently developing a new medicine for prostate cancer. In April 2018, an overall funding of approximately 1.5 million euros will be provided for the company to complete their current development phase.

With the merger, Innovestor Oy becomes Kasvun Roihu Oy’s chief shareholder alongside the company’s founder Matti Härkönen as Roihu’s other founder Nina Rautiainen sells her share.

“As a founder of Kasvun Roihu, I am proud of this strategic partnership with Innovestor. Together, these two companies will provide Finnish companies a unique stepping stone for growth,” says Nina Rautiainen.

Innovestor brings a wide domestic and international investor network as well as financing expertise and tools to the growth ecosystem. The thousands of growth companies and partners in the Kasvun Roihu network will gain direct Finnish and international investor contacts. Both companies will continue their operations under their own brand, but services will be developed in collaboration for them to serve the growth companies in the best way possible.

Additional information

Tommi Äijälä, Innovestor Oy, CEO, tel. +358 50 364 1825,

Matti Härkönen, Kasvun Roihu Oy, CEO, tel. +358 40 578 2688,


Innovestor Oy

– Actual operation began in 2014
– Premier co-investment service in the Nordics, branch in Stockholm
– 22 investment rounds (approx. 20 million euros)
– Equity fund assets under management approx. 100 million euros (4/2018)
– Co-investment service
– Capital funds

Kasvun Roihu Oy

– Actual operation began in 2014
– A founding member and organiser of Kasvu Open, Finland’s largest sparring program. Already over 3,500 growth-oriented Finnish small and medium-sized companies (with average annual turnover of over 1 million euros and average annual growth rate of 30%) have applied to the program administered by Kasvu Open Oy.
– The company has created Finland’s leading private-public partnership model for internationalisation, the Grow to Market concept, in collaboration with the Boardman2020 network and NASDAQ Oyj. The current Grow to Market internationalisation programs are aimed at supporting market entry to China, USA and Sweden.