With locations in Oulu and Kajaani, Valtavalo continues on its path of rapid growth. After intensive screening, the company was accepted to the Young Innovative Companies programme. Funded by the Finnish Funding Agency for Innovation (Tekes), the companies participating in the programme are aggressively seeking growth. Valtavalo was recently granted funding for the second phase of the programme.
Since the company was established, its net sales have increased at an annual rate of nearly 50%. In the first half of 2015, Valtavalo has continued to develop its operations by signing new distribution agreements in international markets and launching the Valtavalo Vaivaton service concept, which offers lighting to customers as a turnkey service.
Teknoventure Oy, a venture capital company based in northern Finland, has acquired a minority interest in Valtavalo through a directed share issue of more than EUR 1 million. Valtavalo’s management and key employees continue to hold the majority of the company’s shares. With support from Teknoventure, Valtavalo seeks to further accelerate its growth in Finland and abroad and significantly increase its production capacity.
Valtavalo is an ideal investment for Teknoventure. It meets all of our main criteria: highly competent management and key employees, a competitive range of services and a rapidly growing market,” says Kari Itälahti, Investment Director at Teknoventure.
The market for energy-efficient LED lighting is growing exponentially, and a timely investment can help Valtavalo even outpace market growth,” says Markku Laatikainen, CEO of Valtavalo.
Having Teknoventure as a shareholder supports the development and expansion of Valtavalo’s operations. We also believe that a venture capital company brings strong experience and competence to our management and the work of our Board of Directors while also increasing our market credibility, particularly in major export projects,” says Laatikainen.