Backed by CapMan Growth since 2022, Fennoa has evolved into one of Finland’s fastest-growing software companies. By building on a strong product foundation and strengthening key commercial functions, the company has continued to grow over 30% annually.
The shift to cloud-based financial management has accelerated, redefining how accounting firms and SMEs operate. Expectations are rising, and AI, real-time data and seamless integrations are becoming the standard. This evolution is opening the market not only to incremental improvements but also to challengers rethinking the model from the ground up.
Fennoa is one of them. Backed by CapMan Growth since 2022, the company has scaled into Finland’s fastest-growing financial management software provider, combining strong product foundations with a more systematic approach to commercial execution.
CapMan Growth has supported Fennoa in accelerating this trajectory, helping the company continue on its strong growth track through a focused effort on sales, pricing and management.
Product strength in a changing market
“We’re seeing a clear change in expectations. Accounting firms are no longer looking for standalone tools. They want a modern, easy-to-use platform that reduces manual work and gives real-time visibility” says Heikki Juntti, Partner at CapMan Growth.
Fennoa develops cloud-based financial management software for accounting firms and their clients. By the time of CapMan’s investment, the company was already gaining significant traction based almost entirely on its product.
“Fennoa offered a credible alternative to established incumbents. The product was strong, and growth was largely driven by that alone,” continues Heikki. “The question was how to build on this and take it further.”
Founded in 2014 by Mikko Kalliovaara and Lasse Elfving, Fennoa emerged from a simple but critical observation: financial management software had become unnecessarily complex and slow to evolve. Improving quality and usability did not have to be that difficult.
By building a modern, cloud-native platform, Fennoa was able to benefit from the broader digitalisation of the sector. The company scaled quickly and reached profitability within a few years.
Creating a stronger commercial model
This momentum exposed another challenge, which involved ensuring the organisation kept pace with the product. CapMan Growth brought a more systematic, data-driven approach to this phase, supporting Fennoa in strengthening key functions and translating product success into more consistent, repeatable performance.
“In many companies, strong product–market fit is only part of the equation. The next step is building the commercial side around it in a structured way, including how you price, how you sell, and how you scale those processes consistently,” says Heikki.
CapMan Growth took a closer look at how to accelerate growth across the business. “That meant bolstering leadership, professionalising sales, refining pricing and shaping a clearer strategy,” he notes.
This was not about changing direction, but about sharpening focus and execution discipline. Building an organisation to the same level as the product also helped align responsibilities throughout Fennoa, allowing teams to prioritise more effectively.
The results have been clear. The company is presently growing at over 30% annually and has surpassed €25 million in revenue. Over the same period, headcount has leapt from around 30 to nearly 100 employees.
A partnership built on transparency and trust
CapMan Growth works closely with founders and management teams, combining operational support with experience from developing companies across markets and growth stages.
“Founders build these companies from scratch. Our role is to complement that with perspective on what it takes to scale and how to get there,” Heikki says. At the same time, maintaining what made the company successful in the first place remains critical.
Scaling the organisation in a sustainable way became a key focus, even as the product continued to gain traction. Bringing in an external perspective helped clarify what drives long-term performance.
“Product development is fully in our hands,” emphasises Mikko Kalliovaara, Co-founder and Chief Product Officer at Fennoa. “It was important for us and our customers that we could continue to grow in line with our values and as an independent Finnish company.”
For CapMan Growth, supporting companies as they expand while remaining in local ownership is central to long-term value creation, and these partnerships are defined by transparency and trust. “We’ve built a relationship where discussions are open and straightforward,” Mikko adds.
Expanding the platform
Fennoa’s current priorities include broadening its offering beyond core financial management. In March 2026, the company acquired Avaa Solutions Oy, known for its Avaa.io property management software. The acquisition enables closer integration with financial management and more advanced service models for the property management sector.
The move reflects an ambition to build a more comprehensive financial management ecosystem and solidify its position in the Finnish market.
“With the foundations now in place, the next phase is about expanding further, both organically and through targeted moves into adjacent areas,” says Heikki.
