Vaadin - Business Finland Growth Engine tendering

Vaadin is a Finnish company founded in 2000. Their main product is the Vaadin Platform for web software development, which offers the fastest way to develop business-critical software. In 2020, Vaadin’s turnover was over 11 million euros, and it was categorised as a growth company. The company has high growth objectives, which it pursues by investing substantially in product development, sales, and marketing.

To successfully execute its growth objectives, Vaadin had to acquire new funding. Therefore, the company had started a new equity funding round. However, the global pandemic brought a level of uncertainty to the equity market, and thus, Vaadin began to consider potential funding alternatives together with Grannenfelt Finance.

Based on the analysis conducted by Grannenfelt Finance, Vaadin decided to participate in Business Finland’s “Growth Engines” funding program. The project preparations began in August 2020, and in December 2020, a positive funding decision was received from Business Finland. As a result of the project, Vaadin was granted a substantial subordinated loan with relatively favourable terms.