Due to growing global interest and increasing venture capital investments, Finnish Industry Investment Ltd (TESI) mapped the Finnish defence industry and its growth prospects. The sector is on a strong upswing, according to the study conducted by Finnish Industry Investment (Tesi). Based on the study, there are around 370 defence industry companies in Finland, of which 144 are rapidly growing startups and growth companies. The Finnish defence industry is a combination of traditional industrial companies and new startups – among the new companies, the fastest growers are in the augmented and virtual reality (AR/VR) sectors.

Defence industry companies are spread across the country, with the Helsinki metropolitan area and Tampere holding the top positions. Riihimäki is currently ranked 15th. New companies are being founded at a brisk pace, and already established ones are growing into the next size category. The strongest growth figures are posted by dual-use companies offering solutions suitable for both civilian and defence use, which also attract investors. The revenue growth figures of dual-use technology companies reach around 30–40 per cent. More established defence companies are profitable, but they generally do not have double-digit growth figures.

Read TESI’s report here.