The President of the Republic of Finland has ratified a legislative package that contains legislative amendments concerning Tekes. At the same time the President ratified legislation on a company investing in early-stage private equity funds as well as three other legal amendments connected with this.
In this legislative amendment, there are two key points with respect to Tekes: a name change for Tekes as well as expansion of the operations of Tekes into early-stage investments in start-up companies.
As of 1 January 2014, the official name of Tekes – the Finnish Funding Agency for Innovation.
This legislative amendment will enable Tekes to establish an enterprise for the purpose of private equity fund activity. The company to be established will initiate investments in 2014 in funds that invest in early-stage start-up companies. The goal of these operations is to reinforce and diversify the funding to early-stage start-up companies in Finland.