Finnish startups experienced a significant downturn in 2023, with investment levels halving from the previous year's record highs. According to new statistics, Finnish startups raised €871 million in growth funding, a sharp decline from the €1.7 billion raised in 2022. This reduction was particularly noticeable in larger funding rounds. Despite the global slowdown in startup funding, reflecting broader trends in Europe and the US, Finnish venture capital (VC) funds managed to maintain their fundraising efforts close to record levels, securing €507 million of new capital. However, the global VC fundraising saw a 58% drop, contrasting with the resilience of Finnish VC funds. As of April 2024, the outlook for Finnish startups remains bleak, with no signs of recovery in foreign investment, as foreign investment collapsed.