Startups succeed despite headwinds – revenue of Aalto Startup Center’s high-growth companies increased by 355% in three years

A recent study by Aalto Startup Center examined the development of alumni companies that have emerged from the accelerator between 2003 and 2024. Particular attention was paid to high-growth companies – also known as gazelles – whose revenue has at least doubled over four consecutive financial years.

In 2024, there were 35 gazelle companies, representing 11 percent of all alumni companies. Their combined revenue grew by 355 percent between 2021 and 2024, reaching EUR 56.95 million in 2024.

“Despite the difficult economic climate, the revenue of all our alumni companies has grown steadily. Revenue increased by 11.7 percent from 2023 to 2024, while the overall revenue of Finnish SMEs simultaneously declined by 1.6 percent during the same period,” says Marika Paakkala, Head of Aalto Startup Center.

Alumni companies employ approximately 3,400 people in Finland. Most notably, gazelle companies have made strong investments in personnel – their workforce doubled during a three-year period.

“New solutions and growth emerge when companies combine strong technology, a talented team and the right support network. We help these companies turn ideas into international growth,” says Paakkala.

Growth across industries – three examples of companies leading the wave

Safegrid safeguards electricity network reliability

Safegrid Ltd improves the reliability of electricity networks with technology that rapidly detects and locates faults in distribution grids, thus helping to prevent power outages. The solution supports the operation of critical infrastructure in an increasingly electrified society.

Between 2021 and 2024, Safegrid’s revenue increased nearly tenfold.

“Our growth is based on close collaboration with customers and early international expansion. Today we have approximately 100 customers in more than 20 countries, and we have actively expanded both our team and our international partner network,” says Paula Laine, CEO of Safegrid.

Commu promotes community-based helping

The application developed by Commu makes it easier to offer and request help in everyday life. Connecting citizens, cities, companies and organisations, the platform strengthens community engagement and wellbeing while helping to reduce loneliness.

The company’s revenue increased 25-fold between 2021 and 2024. Growth has been driven by strong partnerships, and the application is already used more than 30 Finnish municipalities and cities.

“Our growth is built on a model that makes peer-to-peer helping easy and increases people’s participation in everyday life. Our next growth phase is expansion into other Nordic markets. As entrepreneurs, we are motivated by the opportunity to create tangible and positive societal impact through technology,” says Ronnie Nygren, CEO and co-founder of Commu.

AVAA Solutions digitalises property management

AVAA Solutions Ltd digitalises and streamlines property data management and housing company services. Its property management system provides comprehensive tools for property managers’ daily work as well as housing company administration and communication.

The company’s revenue grew more than fivefold between 2021 and 2024.

“Our growth is rooted in long-term development work and strong industry expertise. Our goal is to become one of Finland’s leading providers of property management systems,” says Jani Neulaniemi, CEO of AVAA Solutions.

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Further information:

Aalto Startup Center plays a significant role in building and developing Finland’s startup ecosystem. The accelerator provides a growth platform for startups up to three years old, particularly in technology fields. Participants include both Aalto University spin-offs and external companies, and new businesses are also created from research projects within the program.

In spring 2023, Aalto Startup Center was ranked among the world’s top three university-based business incubators