The finalists for the 2025 Building Growth competition, organized in collaboration with the Finnish Venture Capital Association and PwC, have been selected! The Building Growth competition looks for the most interesting and inspiring story of the year among Finnish portfolio companies of private equity and venture capital investors. This year, the selection process was particularly challenging, as there were many impressive candidates. However, six companies stood out in particular for both their results and their stories.
Unlike previous years, this year’s competition has two categories: VC and buyout. The aim of the renewed format is to highlight the unique growth stories of both VC and buyout companies – separate categories allow for better reflection of the specific characteristics of each investment stage and more comparable evaluation.
The finalists for 2025 in the VC category are Norrin, Cactos, and M-Files, and in the buyout category, Framery, Elcoline, and Netox. The finalists represent a diverse range of Finnish growth entrepreneurship and demonstrates how impressive growth stories can be built from different starting points. All finalists share a determination to succeed and a desire to grow and develop their own industries.
Congratulations to all finalists!
Norrin
Norrin (formerly Cloud1) is a Microsoft technology partner that supports companies on their journey toward enterprice intelligence. The company is known for its strong data management expertise, but its core competencies also include software development, cloud platforms, and artificial intelligence. Norrin has established itself as a trusted innovation partner that helps its customers turn the potential of technology into real business benefits.
Norrin’s growth has been accelerated by, among others, venture capital investor Voland Partners.
Cactos
Cactos is a Kempele-based company that is accelerating the energy transition with its smart electricity storage systems. The company’s comprehensive service model covers system development, manufacturing, installation, and operation, helping customers utilize renewable energy and balance fluctuations in production and consumption.
Cactos’ growth has been accelerated by, among others, venture capital investor Superhero Capital.
M-Files
M-Files is a leading platform for knowledge automation, offering intelligent document and information management. Its metadata-based architecture, built-in workflow system, and advanced artificial intelligence, help organizations eliminate information chaos, improve process efficiency, and automate information security and compliance.
M-Files’ growth has been accelerated by, among others, private equity investor Tesi.
Framery
Framery is the world’s leading manufacturer of smart soundproof workspaces. The company’s solutions help eliminate noise and privacy issues in offices and support employee focus and efficiency. Framery’s products are already used by dozens of the world’s most renowned companies, including Microsoft, Puma, and Tesla.
Framery’s growth has been accelerated by, among others, private equity investor Vaaka Partners.
Elcoline
Elcoline is a growth company specializing in industrial technical services. It carries out demanding installation projects and maintenance services for various industries in Finland and Sweden. Elcoline helps international industrial companies ensure production reliability and competitiveness through high-quality and safe services.
Elcoline’s growth has been accelerated by, among others, private equity investor Evli.
Netox
Netox is a growth company combining cyber security and IT services. The company offers high-quality and versatile technology services in a cost-effective and agile manner, with a strong focus on information security technologies and solutions utilizing artificial intelligence. Netox is expanding its operations not only in Finland but also in international markets.
Netox’s growth has been accelerated by, among others, private equity investor CapMan.
***
Over the coming weeks, we will publish a growth story about each finalist, providing more detailed information about the company’s background, its development, and its cooperation with the investor. The winners of the Building Growth competition will be selected by a jury of external experts at the Finnish PE-VC Summit organized by the Finnish Venture Capital Association on October 9, 2025. The members of the jury will be announced at a later date.
