The Vigo program, which accelerates the growth and internationalization of startup companies in Finland, announces its portfolio companies have acquired funding exceeding EUR 100 million. At present nine accelerators and 60 growth companies are taking part in the program, which was launched by the Ministry of Employment and the Economy in 2009.
Total funding in the Vigo portfolio companies exceeded the EUR 100 million mark at the end of June, after a follow-up period closed. When also taking into account fund commitments and exits, a total of EUR 130 million in investment decisions have been made related to the program's companies. Around 60 per cent of the funding stems from private investors, of which half from foreign business angels and private equity investment firms.
The objective of the Vigo program is to build Finland as the leading home for growth companies, as well as to accelerate their development and help growth companies reach international markets. The accelerators participating in the program are independent companies led by experienced entrepreneurs whose task it is to speed up the growth and international expansion of the companies of their choice. The accelerators, selected for the program through a public contest, invest both human and material capital in their chosen companies.
"The central objective of the program is to increase the appeal of the growth companies to private equity by renewing the equity investment operations through the work of the owners of the accelerators and the serial entrepreneurs working full-time for them. The target is to achieve more than EUR 200 million in private equity investments for the accelerators' target companies and funds. The program is well on its way to achieving that target," says Seppo Ruotsalainen from Profict Partners Oy who manages the program.
Tekes and Finnvera are tasked with supporting the growth companies with public funding. A steering group set up by the Ministry of Employment and the Economy guides the actualisation of the program and Tekes is responsible for its implementation
For further information, please contact:
Seppo Ruotsalainen, Profict Partners, Vigo Coordinator, seppo.ruotsalainen(a)profict.fi, tel. +358 400 502 569
Petri Niemi, Vigo Steering Group Chairman, petri.niemi(a)g2invest.com, tel. +358 400 511 493
About the Vigo Program
The Finnish Ministry of Employment and Economy launched the Vigo Program in 2009 with an objective to create new growth companies in Finland and to accelerate their growth and internationalization. The purpose is to engage experienced business professionals to develop new innovative companies and to attract significant venture capital investments from Finland and abroad. The objectives also include increasing the efficiency of Finland's venture capital market. Public funding sources include Tekes and Finnvera. The Vigo steering group is appointed by The Ministry of Employment and Economy. The program is run by Tekes and coordinated by Profict Partners. For further information, please visit www.vigo.fi