Top 56 Espoo Startups to Watch in 2026
Espoo, Finland is a hub for deep technology and hardware companies. The city's startup ecosystem features a mix of new ventures and established industrial firms.
Leading the pack are companies like IQM Quantum Computers, which has raised $569.1M. Close behind is satellite data company ICEYE with $529.6M in funding.
Below is our list of 56 Espoo startups worth keeping an eye on.
Failory's Top 10 Picks
IQM Quantum Computers builds full-stack quantum computing systems for research institutions and supercomputing centers. Their co-design approach allows scientific teams to work directly with the hardware, accelerating breakthroughs in quantum research.
| Year Founded | 2018 |
| Founders | Jan Goetz, Juha Vartiainen, Kuan Tan, Mikko Möttönen |
| Funding Amount | $569.1M |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Series B |
| Top Investors | 55 North, European Investment Bank, Ten Eleven Ventures, Tesi, Vsquared Ventures |
ICEYE operates a large constellation of radar satellites for persistent monitoring of any location on Earth. They provide reliable earth observation data and analytics through clouds and darkness to clients in government and commercial industries.
| Year Founded | 2014 |
| Founders | Pekka Laurila, Rafal Modrzewski |
| Funding Amount | $529.6M |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Venture Round |
| Top Investors | BlackRock, Draper Associates, Tesi, BAE Systems, Starlight Ventures |
Metsä Group creates a wide range of products from renewable wood sourced from sustainably managed northern forests. Their solutions include paperboards for packaging, premium tissues, and engineered wood products for construction.
| Year Founded | 1934 |
| Founders | — |
| Funding Amount | $207.4M |
| Startup Size | Enterprise Organization (5,001+) |
| Last Funding Status | Debt Financing |
| Top Investors | Y Combinator, European Commission |
Agate Sensors develops advanced sensors for equipment manufacturers, enabling machines to detect, identify, and classify people, vital signs, and objects. Their technology provides a new level of environmental awareness, allowing machinery to perceive and react to human presence and other specific factors.
| Year Founded | 2023 |
| Founders | — |
| Funding Amount | $5.6M |
| Startup Size | Founding Team (1-10) |
| Last Funding Status | Seed |
| Top Investors | Voima Ventures, Business Finland, LIFTT |
IXI has developed adaptive eyewear that automatically adjusts to provide clear vision at any distance. Their technology offers a modern alternative to traditional bifocals and progressive lenses, creating a seamless visual experience for the wearer.
| Year Founded | 2021 |
| Founders | Klaus Melakari, Niko Eiden, Rebecca Xu, Ville Miettinen |
| Funding Amount | $40.9M |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Series A |
| Top Investors | Tesi, Heartcore Capital, Plural Platform, byFounders, Firstminute Capital |
Gasum provides the Nordic energy sector with gas and related market services, focusing on cleaner solutions for industry and transport. The company specializes in supplying liquefied natural gas and biogas for the maritime and heavy-duty transport sectors.
| Year Founded | 1994 |
| Founders | — |
| Funding Amount | $175M |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Debt Financing |
| Top Investors | — |
Enfuce has built a cloud-based platform that enables businesses to issue their own physical and virtual payment cards. Their services manage the underlying payment processing and compliance, helping companies launch financial products more quickly.
| Year Founded | 2016 |
| Founders | Denise Johansson, Monika Liikamaa, Niklas Apellund, Tom Gråhn, William Ekström |
| Funding Amount | €70.5M |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Venture Round |
| Top Investors | Vitruvian Partners, Tencent, Nordea, Visa, Maki.vc |
Kuva Space operates a constellation of hyperspectral satellites to capture daily, global data for its AI-powered analytics service. Their platform delivers actionable insights that help organizations monitor environmental changes, improve food security, and support safety applications.
| Year Founded | 2016 |
| Founders | Janne Kuhno, Tuomas Tikka |
| Funding Amount | €23.3M |
| Startup Size | Lean Team (11-50) |
| Last Funding Status | Series A |
| Top Investors | Voima Ventures, VTT Technical Research Centre of Finland, European Space Agency, Nordic Foodtech VC, Business Finland |
Enifer produces a sustainable mycoprotein by upcycling byproducts from the agrifood industry through a unique fermentation process. This protein ingredient is then used to create more nutritious and environmentally friendly food and animal feed.
| Year Founded | 2020 |
| Founders | Anssi Rantasalo, Heikki Keskitalo, Joosu Kuivanen, Simo Ellilä, Ville Pihlajaniemi |
| Funding Amount | €48M |
| Startup Size | Lean Team (11-50) |
| Last Funding Status | Series B |
| Top Investors | Voima Ventures, Tesi, Nordic Foodtech VC, Aqua Spark, Valio |
Hoxhunt builds a cybersecurity platform designed to manage human risk and train employees to defend against attacks. Their system uses AI to deliver personalized micro-training, helping people recognize and report threats like phishing emails.
| Year Founded | 2016 |
| Founders | Mika Aalto, Pyry Åvist |
| Funding Amount | $43.3M |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Series B |
| Top Investors | Dawn Capital, Icebreaker.vc, Level Equity Management, First Fellow Partners |
46 Additional Espoo Startups Worth Following
Those top 10 companies are just the beginning of the story in Espoo. Many more founders are building companies in fields like biotech and manufacturing, and together they have raised hundreds of millions in funding.
Some are just getting started, while others are already growing quickly. Here’s a look at the other startups that are shaping Espoo's future.
| Startup | Industry | Year Founded | Amount Raised | Last Funding Round |
|---|---|---|---|---|
 SemiQon | Hardware | 2022 | €19.4M | Venture Round |
 Epassi Group | Fintech | 2007 | €41.5M | Private Equity |
 QMill | Infrastructure | 2024 | €5M | Seed |
 Paptic | Manufacturing | 2015 | $58.3M | Venture Round |
 NPHarvest | Biotech | 2023 | €2.2M | Grant |
 Infinited Fiber Company | Biotech | 2016 | €84.6M | Series B |
 ROI | Media | 2018 | €915k | Angel |
 Origin by Ocean | Biotech | 2019 | €9.5M | Debt Financing |
 Dispelix | Media | 2015 | €52.1M | Series B |
 Skarta Energy | Hardware | 2021 | €50M | Debt Financing |
 Zevoy | Fintech | 2020 | €18.8M | Series A |
 Quantrol Ox | AI | 2021 | $8M | Seed |
 MeetingPackage | Travel | 2014 | $8.6M | Series A |
 Sensible 4 | AI | 2017 | $17.1M | Series A |
 GoByBike | Enterprise | 2020 | €126M | Debt Financing |
 Rightware | Mobility | 2009 | $77.5M | Corporate Round |
 Surgify | Enterprise | 2017 | €11.8M | Series A |
 Arctic Instruments | Manufacturing | 2024 | €2.4M | Seed |
 Desentum | Biotech | 2011 | €27.8M | Venture Round |
 Foodello - Fiksuruoka.fi | Analytics | 2016 | €22.9M | Venture Round |
 Confidentialmind | AI | 2023 | €1.6M | Debt Financing |
 Infrakit | Enterprise | 2010 | $16M | Convertible Note |
 ElFys | Hardware | 2017 | $6.7M | Seed |
 Skenariolabs | Manufacturing | 2015 | $3.4M | Series A |
 Quuppa | Enterprise | 2012 | €20M | Seed |
 Enable Banking | Fintech | 2019 | €600k | Seed |
 Caidio | Analytics | 2018 | $2M | Seed |
 Koite Health | Healthcare | 2018 | €8.4M | Venture Round |
 Xiphera | Security | 2017 | €480k | Pre-Seed |
 Woodly Oy | Manufacturing | 2011 | €4.5M | Venture Round |
 CollectiveCrunch | Analytics | 2016 | €5.1M | Venture Round |
 Mobidiag | Biotech | 2000 | $74.1M | Debt Financing |
 Gubbe | Healthcare | 2018 | €6M | Seed |
 Golf GameBook | Media | 2010 | €2.5M | Undisclosed |
 Tespack | AI | 2015 | $1.1M | — |
 Elo | Other | 2014 | — | — |
 Medixine | Healthcare | 2000 | €11.1M | Venture Round |
 Picosun | Manufacturing | 2003 | €17.4M | Venture Round |
 ZirooPay | Fintech | 2014 | $12.1M | Series A |
 Zervant | Fintech | 2010 | €13.5M | Series B |
 CH-Bioforce Oy | Biotech | 2016 | €17.1M | Grant |
 Woamy | AgTech | 2022 | €1M | Seed |
 Fepod | Healthcare | 2022 | €3.8M | Debt Financing |
 Klu | Media | 2022 | $760.8k | Grant |
 Zapflow | Enterprise | 2015 | $1.8M | Seed |
 Teraloop | Energy | 2014 | €2.4M | Convertible Note |
