Veke: From Ranua to an e-commerce pioneer and challenger across Finland

Veke is a Finnish furniture and interior design retailer with roots in Ranua, Lapland. Today, the company serves customers across Finland through its e-commerce platform and growing store network. Veke’s selection includes both well-known furniture and interior design brands as well as its own products, and for years the business has been built around the idea that buying products for the home should be as easy as possible for customers, also online. 

The company’s story began in 1995, when Veijo “Veke” Ranua opened his first furniture store in Ranua. In the early 2000s, his sons Markus, Miikka and Matias joined the business. At the same time, an idea began to take shape: could a local furniture retailer grow into something nationwide through a new sales channel? 

Launching an online store in 2009 was still a bold move in the furniture industry. Customers were used to seeing, trying and buying furniture in physical stores, and not everyone was convinced by the idea of selling sofas, beds and other large products online. Veke, however, believed in e-commerce from the beginning and began systematically developing it into an integral part of the business. 

E-commerce as a strength across the business 

Over the years, e-commerce has become much more than just one sales channel for Veke. It can be seen in how the company builds its assortment, tests products and monitors customer behaviour. New products are actively sourced from suppliers and trade fairs as well as through social media and customers’ online search behaviour. An interesting product can first be tested with a small batch and quickly scaled up if it finds demand. 

One of the early successes was the Liisa bunk bed. Based on online searches, Veke identified demand for a compact children’s bunk bed that was difficult to find on the market. When a suitable product was added to the assortment, customers across Finland quickly found it. 

This agility has become an important competitive advantage in an industry where significant capital is tied up in inventory and customer preferences can change quickly. Veke closely monitors how products are moving and continuously adjusts its assortment according to customer demand. At the same time, its large inventory in Finland means that the most popular products can, at best, be delivered to customers within just a few days. 

Veke has also invested in the online customer experience for years. Product reviews, high-quality product images and the company’s own 3D photography studio help customers form as accurate an impression of a product as possible without having to see it in a physical store first. This has been developed step by step with the aim of removing barriers to online purchasing, even in a product category such as furniture. 

Entering a new phase with a private equity investor 

Sentica became Veke’s majority shareholder in early 2022. The investor was particularly attracted by the company’s strong position in e-commerce, its entrepreneurial culture and its ability to challenge traditional furniture retail by doing things differently. 

The timing, however, quickly proved challenging. The global geopolitical environment changed, inflation accelerated and consumer confidence weakened. The furniture market was hit particularly hard, and Veke also had to reassess its original growth plans. Instead of waiting for the operating environment to improve, the company set out to change its way of working in a determined manner. 

During 2023, operations were reorganised together with Sentica, the cost structure was adjusted and strategic priorities were clarified. The aim was not simply to reduce costs, but to build a stronger and more agile Veke that could continue investing in its assortment, marketing and growth even in a difficult environment. 

Sentica’s role has since expanded from strategic guidance to practical sparring as well. Veke CEO Kari Härkönen describes the collaboration as close while still giving Veke room to operate independently. 

“I have been positively surprised by how much freedom I have had to operate. Whenever I need help, it is always available, and I have also actively used Sentica as a sparring partner. The board provides perspective on the direction we want to take, but we have the freedom to find our own way of getting there,” Härkönen says. 

Sentica has supported Veke in areas such as analysing growth opportunities and recruiting key people. When Veke was looking for a new CFO, the investor’s networks were used in the recruitment process and the desired profile was discussed together. The dialogue between the company and its owner remains close, while day-to-day business operations stay firmly in the hands of the management team. 

“We want to be involved in defining the strategy and direction and to stay close to the company, but the CEO runs the business. One of the most important responsibilities of an owner is to ensure that the company has the right CEO and the right management team around them,” says Sentica’s Partner Johan Wentzel. 

From a difficult period back to growth 

The decisions made during 2022–2023 are now visible in Veke’s development. The company has been able to strengthen its position in a market where many other players have faced difficulties, with growth driven primarily by its own actions. 

In 2024, Veke returned to a strong growth trajectory, achieving more than 30% growth while also delivering a positive result. In 2025, revenue grew by 32% to €56.6 million and EBITDA multiplied. Revenue growth is expected to continue on the same trajectory in 2026, with revenue exceeding €80 million and profitability continuing its strong development. At the same time, the company has continued investing in its product assortment, brand, marketing and customer experience. Veke’s aided brand awareness has increased from 56% in 2024 to 70% this year as a result of systematic efforts. 

Alongside growth, the store network is also being developed in a new way. The aim is for physical stores to support e-commerce and make Veke accessible to customers who want to see a product in person before making a purchase decision. 

Despite its growth, Veke’s roots remain firmly in Ranua. The company manufactures its own wooden furniture there from Finnish pine and is also a significant employer in the municipality of around 3,000 residents. 

In the picture Kari Härkönen and Markus Ranua.

Room for a Finnish alternative 

Veke’s next phase of growth will continue to be built primarily in Finland. The company sees room in the Finnish furniture and interior design market for a strong domestic alternative alongside large international players. 

“It feels like there is huge demand for a Finnish alternative. Not every home wants to look the same, and simply being able to offer something genuinely different gives us a lot of opportunities to grow,” Härkönen says. 

Over the course of 30 years, a single furniture store in Ranua has grown into a nationwide e-commerce pioneer and challenger in Finnish furniture retail. The difficult operating environment of recent years has forced the company to renew itself quickly. The next phase built together with Sentica is now reflected in strong growth and improved profitability. Veke’s ambition is to continue on the same path and establish an even stronger position in Finnish homes. 

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This article is part of the Building Growth 2026 blog series by the Finnish Venture Capital Association and PwC, introducing the growth stories of this year’s finalists. You can find the competition page here! The final will take place at the Finnish Venture Capital Association’s main annual event, Finnish PE-VC Summit, on 8 October 2026.