Bravedo secures investment from Elo and Ilmarinen as ownership base expands
What's the deal? BravedoDealroom has a profile for this one. Try Dealroom →, a Finnish provider of business process outsourcing, technology, and people services, has completed a minority sale and equity raise with two major institutional investors. Ilmarinen, one of Finland's largest pension insurance companies, acquired a minority stake as a new investor, while existing shareholder Elo increased its ownership.
The combined ownership of Elo and Ilmarinen now exceeds 20%. PwCDealroom has a profile for this one. Try Dealroom →'s Corporate Finance acted as lead financial adviser on the deal, which was announced on January 21, 2026.
Why now? Bravedo serves both B2B customers and the public sector — segments where demand for outsourced services and tech solutions continues to grow. The company has internationalisation plans that require a stronger capital base and institutional backing.
Bringing in two of Finland's largest pension funds signals that Bravedo has reached a stage where it needs heavyweight, long-term capital partners to fund its next phase of expansion.
What could go wrong? Internationalisation is notoriously difficult for services companies, where local market knowledge, regulatory compliance, and client relationships matter enormously. Scaling a BPO and staffing business across borders brings execution risk that capital alone cannot solve.
Pension funds also tend to be patient but demanding investors. If growth stalls, the pressure to deliver returns could create tension with management's longer-term strategy.
The signal: Bravedo is classified as an "early growth" stage company on Dealroom, making the decision by two major Finnish pension funds to take a combined 20%+ stake a notable vote of confidence at a relatively nascent point in its trajectory. With Elo acting as a corporate investor and Ilmarinen as an investment fund, the pairing suggests institutional appetite for operational services businesses — not just software — as viable growth bets in the Nordics.
Read more: pwc.fi · bravedo.fi
