Unicorn Companies in Finland in 2024

HMD Global

• Valuation: $1B
• Industry: Industrials
• Investors: Ginko Ventures
• Unicorn Milestone Date: 5/21/2018

About

HMD Global is a Finnish mobile phone manufacturer founded in 2016 and headquartered in Espoo, Finland. The company is known for reviving the Nokia brand in the smartphone market. HMD Global achieved unicorn status in 2018 with a valuation of over $1 billion, making it one of Finland's few unicorn startups. As one of the notable unicorn companies in Finland, HMD Global designs and markets Nokia-branded smartphones and feature phones, leveraging the iconic Nokia name while bringing modern Android devices to market.

Target Audience

HMD Global targets a diverse range of consumers, including:

• Nostalgic Nokia fans seeking reliable, well-built devices
• Budget-conscious consumers looking for affordable smartphones
• Enterprise customers requiring secure and manageable mobile devices
• Younger demographics, particularly Gen Z, with stylish and feature-rich offerings

Business Model

HMD Global operates on a licensing model, where it has exclusive rights to use the Nokia brand for mobile phones. The company designs and markets the devices, while manufacturing is outsourced to Foxconn subsidiary FIH Mobile. HMD Global's business model includes:

1. Hardware sales: Selling Nokia-branded smartphones and feature phones across various price points.
2. Software and services: Offering enterprise solutions like HMD Enable Pro (EMM solution) and HMD Connect Pro (global IoT connectivity).
3. Partnerships: Collaborating with Google for Android One program, ensuring pure Android experience and regular updates.
4. Brand licensing: Leveraging the Nokia brand's reputation for quality and reliability.
5. Sustainability focus: Emphasizing durable design and extended software support to appeal to environmentally conscious consumers.

Key Offerings

• Nokia-branded Android smartphones (e.g., G-series, X-series)
• Nokia-branded feature phones
• Enterprise mobility management solutions (HMD Enable Pro)
• IoT connectivity services (HMD Connect Pro)
• Device financing solutions for enterprises
• Self-repair services for sustainability-focused consumers

Key Management

• Jean-Francois Baril: Chairman and CEO
• Florian Seiche: Former CEO (as of 2022)

Investment Timeline

• 2020: Raised $230 million from investors including Google, Qualcomm, and Nokia

RELEX

• Valuation: $5.7B
• Industry: Consumer & Retail
• Investors: Blackstone, Technology Crossover Ventures, Summit Partners
• Unicorn Milestone Date: 2/17/2022

About

RELEX Solutions is a Finnish unicorn company founded in 2005 and headquartered in Helsinki. It provides unified supply chain and retail planning solutions using advanced AI and machine learning technology. RELEX helps retailers, wholesalers, and consumer goods companies optimise their supply chain, merchandising, and operations planning to increase efficiency, reduce waste, and improve profitability.

Target Audience

RELEX primarily serves retailers, wholesalers, and consumer goods manufacturers across various sectors, including grocery, fashion, hardlines, and pharmaceuticals. Their solutions are particularly valuable for businesses dealing with complex supply chains, perishable goods, and those seeking to improve their omnichannel operations.

Business Model

RELEX operates on a Software-as-a-Service (SaaS) model, offering its unified platform on a subscription basis. The company's revenue comes from:

• Subscription fees for access to their cloud-based software
• Implementation services and consulting
• Ongoing support and maintenance

Key Offerings

• Demand Planning
• Supply Chain Planning (including distribution, inventory, and production planning)
• Merchandising (assortment planning, retail floor planning, pricing optimisation)
• Operations Management (store execution, workforce optimisation)
  Integrated Business Planning

Key Management

• Mikko Kärkkäinen: Co-founder and Group CEO
• Johanna Småros: Co-founder
• Michael Falck: Co-founder

Investment Timeline

• Prior to 2022: Raised over €200M in funding
• February 2022: Raised €500M led by Blackstone Growth at a €5 billion valuation, achieving unicorn status

Aiven

• Valuation: $3.21B
• Industry: Enterprise Tech
• Investors: Institutional Venture Partners, Atomico, Earlybird Venture Capital
• Unicorn Milestone Date: 10/18/2021

About

Aiven is a Helsinki-based cloud data platform provider that achieved unicorn status in 2021. As one of the prominent unicorn companies in Finland, the company offers fully-managed open-source data technologies on all major cloud platforms. Aiven's mission is to make developers' lives better by managing cloud data infrastructure, allowing them to focus on building applications rather than managing complex backend systems.

Target Audience

• Startups and small to medium enterprises (SMEs)
• Large enterprises
• Developers and IT professionals
• Data-driven organisations across various industries

Business Model

Aiven operates on a Platform-as-a-Service (PaaS) model, providing managed open source data technologies on cloud platforms. They charge customers based on usage, with different pricing tiers available for various service levels and capabilities. Aiven's value proposition lies in simplifying data infrastructure management, reducing operational overhead, and enabling businesses to scale their data operations efficiently.

The company generates revenue through subscription-based pricing for its managed services. By offering a range of open source technologies and supporting multiple cloud providers, Aiven creates a flexible ecosystem that caters to diverse customer needs. This approach allows them to capture a wide market share while providing value through expertise in open source technologies and cloud infrastructure management.

Key Offerings

• Aiven for Apache Kafka
• Aiven for PostgreSQL
• Aiven for MySQL
• Aiven for Redis
• Aiven for OpenSearch
• Aiven for Apache Cassandra
• Aiven for InfluxDB
• Aiven for Grafana

Key Management

• Oskari Saarenmaa - CEO and Co-founder
• Hannu Valtonen - CTO and Co-founder

Investment Timeline

• 2016: Founded in Helsinki, Finland
• 2019: $8 million Series A funding
• 2020: $40 million Series B funding
• 2021: $100 million Series C funding, achieving unicorn status with a $1.9 billion valuation
• 2021: $60 million Series C extension, increasing valuation to $2 billion
• 2022: $210 million Series D funding, reaching a $3 billion valuation

Oura

• Valuation: $2.55B
• Industry: Healthcare & Life Sciences
• Investors: Forerunner Ventures, Lifeline Ventures, MSD Capital
• Unicorn Milestone Date: 04/05/2022

About

Oura Health is a Finnish health technology company headquartered in Oulu, Finland. Founded in 2013 by Petteri Lahtela, Kari Kivelä, and Markku Koskela, the company is renowned for its Oura Ring, a smart ring designed to track sleep, physical activity, and other health metrics. The Oura Ring has gained significant popularity, being worn by celebrities and athletes, and has been recognised for its innovative contributions to health and wellness technology.

Target Audience

Oura primarily targets health-conscious individuals who are interested in optimising their sleep, fitness, and overall wellness. This includes:

• Fitness enthusiasts
• Athletes
• Individuals seeking to improve their sleep quality
• Health and wellness advocates
• Tech-savvy consumers interested in wearable technology

Business Model

Oura operates on a hybrid business model that combines hardware sales with a subscription-based service. The key components of Oura's business model include:

• Hardware Sales: The Oura Ring is sold at a premium price, ranging from $299 to $449 depending on the model and finish.
• Subscription Service: In 2022, Oura introduced a subscription model at approximately $6 per month. This subscription unlocks advanced data insights and features in the Oura app, enhancing the user experience and providing deeper health analytics.
• Data Insights: The subscription service provides users with detailed health metrics, including sleep stages, heart rate, body temperature, and readiness scores, which help users make informed decisions about their health and wellness.
• Partnerships and Integrations: Oura has integrated with other health and fitness apps, such as Natural Cycles for period and fertility tracking and Strava for activity tracking, expanding its utility beyond sleep tracking.

Key Offerings

• Oura Ring: A smart ring that tracks sleep, physical activity, heart rate, body temperature, and more.
• Oura App: A companion app that provides detailed health insights and personalised recommendations.
• Subscription Service: Unlocks advanced features and data insights for a monthly fee.
• Health Integrations: Partnerships with other health and fitness apps for enhanced functionality.

Key Management

• Petteri Lahtela: Co-founder
• Kari Kivelä: Co-founder
• Markku Koskela: Co-founder

Investment Timeline

• 2015: Raised $2.3 million in seed funding led by Lifeline Ventures.
• 2021: Announced Series C funding of $100 million from investors including The Chernin Group, Elysian Park, Temasek, JAZZ Venture Partners, and Eisai.