How to raise funds in Finland if you are doing a gaming startup

1. Fundraising for Finnish
Gaming Startups
Jiri Kupiainen
CEO & Founder, Playfield
jiri@playfield.io
jiri

2. Previous startup acquired by Disney in 365 days for 8 figures
Raised seed round from world’s best gaming investor
Currently raising a funding round
16 years in the games business
Company founder at 17
Angel investor

3. Finland - the startup welfare state?
The most venture capital
investments in Europe in
proportion to the GDP were
made in Finland
Public funding in proportion
to the GDP is less than half
the EU average and less
than a quarter of the US

4. Thoughts on fundraising

5. If you’re giving away equity / control,
understand what the goals are
If you can do it without, you probably should

6. Things investors care about
1. Opportunity
2. Team
3. Traction

7. Nailing the pitch
1. Intrigue
2. Intros
3. Iteration

8. Investors are like lemmings, part 1
Hot right now
● Esports
● VR
● Combinations thereof
● PC?
● Live / community / etc.?
● Betting?
● Platforms?
Not hot right now
● Game studios
● Ad networks
● Mobile

9. Different types of investors

10. Angels
Good
● Connections (intros)
● Advice
Bad
● Money
Situation in Finland: Growing number of gaming-savvy, well-connected former
entrepreneurs & startup employees.
Look at Supercell...

11. Early stage
Good:
● Meaningful amounts of money
● Getting you ready for series A
Bad:
● Advice (it’s your job to figure out
your business)
Situation in Finland: Early stage funding has been very easily available, but
expectations on demonstrable traction are now growing fast

12. Growth (Investors are like lemmings, part 2)
Good
● European growth stage investors
have recently raised massive
funds
● Not happening until you have
real traction
Bad
● European series A == seed
round somewhere else
● No one is investing
Situation in Finland: US-based investors decided to take a break late last year,
and Europeans followed suit this year. They’re waiting & you probably should too.

13. Public funding in Finland
TEKES
● You don’t need to be 100%
Finnish
● Mix of loans and grants
● Friendly loan terms
● Funding from thousands to
millions of Euros
● Most private investors expect
you to also get TEKES support
● NIY program is great
ELY-keskus
● Small, bureaucratic
● Good if you’re unemployed
AVEK Digidemo
● Small, for creative project
EU funding
● Complicated

14. Regional differences
Europe
● Slow to commit
● Low valuations
● Many investors with gaming
knowledge & connections
● Investors in geographic core
separate from periphery
● Effect of Brexit remains to be
seen
USA
● Binary
● Quick to reach decisions
● Limited gaming knowledge
Asia
● Strategic
● Very interested in Finnish
gaming companies - including
studios

15. Set up in Finland, leverage TEKES, raise
early stage funding from Europe and
growth funding from strategic investors
in Asia

16. Thank you!
jiri@playfield.io
jiri