Maria 01 has plans to make Helsinki a top European startup hub | Photo: Maria O1 Press
Since joining co-working space Maria 01 in late 2023 as its CEO, Sarita Runeberg has been relentless in her goal of propelling Finland to the top of Europe’s startup hub rankings.
On that note, the BBC reported on Monday that Maria 01 has begun laying the foundations for what Runeberg expects will become Europe’s largest startup campus. Yet, by the number of startups, her feat might be extremely challenging. According to an EU Startups report, France and Spain have the highest number, with 2,884 and 2,698, respectively.
Although it has not been an EU country since Brexit, the United Kingdom holds the crown with 7,046 startups. It’s also good to remember that startups spring up and die out practically daily, meaning those numbers are likely different presently.
Another Finnish plan to lead in Europe
But back to Maria 01. It’s a co-working and events space that is 20,000 sqm big. It currently houses companies developing unique health technologies, AI projects, cybersecurity, gaming, and defence technology.
“The whole place is really based on community,” Runeberg told BBC’s Maddy Savage. “We bring people together so they can network… and find different kinds of resources to grow their businesses.”
Co-working spaces for tech companies are well established across the Nordics, but Maria 01 is the largest of its kind in the region, the BBC said. Maria 01’s current and former members have collectively raised over €1bn in funding.
Many months ago, Finland rolled out a 10-year plan to become Europe’s largest “matchmaker” hub for venture capitalists seeking to invest in innovative startups with international development potential.
Runeberg also rolled out her plan for Maria 01 for tech companies in the Nordic countries. She aims to create a major startup hub that combines tech startups with recognised venture capital firms and international investors.
Aiming to 15x the startup turnover by 2030
In a May 2024 report, Maria O1 revealed the hub was home to more than 180 startups, 1,500 members. It also said it projects that by 2030, Maria o1 will have a combined startup turnover of €15bn, compared with €1bn in 2023.
“In 2024, Runeberg sees great potential for fresh ventures looking for funding,” the report adds. “Especially health tech, life sciences, and commercial AI solutions will most likely see increasing investor interest.”
Runeberg said the Maria 01 “holds the majority of Finnish startup investors, many of which managed to raise significant funds last year – Lifeline Ventures, Voima Ventures, and Greencode Ventures, to name a few. This means there’s still plenty of dry powder for startups to raise funding from the local VCs. We’ve also received numerous contacts from international investors, indicating that they are willing to invest in Finnish startups.”
“Our belief remains unwavering that startups will continue to be the driving force for positive change in societies and economies,” Runeberg added.
Finland, a place for unicorn upbringing
From generous government funding to a STEM-focused education system, Finland has long laid the foundations for its flourishing entrepreneurial landscape.
“In 2024, Finland’s startup and venture ecosystem wasn’t just about surviving all the various global challenges — it was also about how it could also thrive despite them,” Aziz Rahman, senior advisor for investor services at Business Finland, the official government agency responsible for trade and investment promotion, innovation funding, travel promotion and talent attraction, said.
Finland boasts three unicorns—startups that grow into billion-dollar firms—Oura, the smart ring maker; Aiven, the AI and data platform, and Relex Solutions, a supply chain planner.
Whether Finland becomes the startup hub of Europe remains a massive challenge, but because the country has a track record of producing companies in telecommunications, deeptech, gaming, cleantech, forestry, and education, chances for them to succeed are realistic.
