I didn’t find such a thread using the search function, so let’s create one then. I believe I’m not the only forum user who has invested in unlisted companies, especially considering that there are over 300,000 unlisted companies in Finland, whereas on the stock exchange there are probably a total of less than 200 Finnish companies, including the main list + pre-list and First North list.
I have a small stake in Ruohonjuuri and Enfo. I often visit Ruohonjuuri, and I bought the other one because of a friend 
Which ones do you think are good, and where can you buy them?
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Hey Emma! 
Ruohonjuuri is undoubtedly an excellent stock when it comes to values (organic products) and of course, the fact that the company pays dividends. I haven’t really looked into Enfo, but as I understand it, they have also paid dividends from their profits in the past.
In my own portfolio, my largest holding in unlisted companies is Mash Group Oy (formerly Euroloan). It’s a really strong growth stock that recently made it onto the prestigious Finntech50 list. If you need information on this, you can just send me a private message. In addition to this, my portfolio includes a small slice of shares in a distillery from Tyrnävä and, unfortunately, too small a position in Navidium—I should have bought more of this back in the day 
Well… if one intends to trade unlisted shares, meaning expecting more than just an exit, then there aren’t really any other options in this market than Privanet. I don’t really base my purchases on an exit expectation, but rather on the attitude of whether the business is healthy and what the future expectations/market position are. Especially startups offer far too much wishful thinking, and often their future prospects are anything but realistic, so I generally stay away from them and invest in companies whose views are more aligned with reality.
As for interesting unlisted companies, in my opinion, these are companies that focus on IoT, platform solutions, and digitalization. These are things that most companies need to prepare for, and the earlier a company moves in this direction, the larger market share it can capture, i.e., get a return on its investments.
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Here’s another fairly interesting unlisted company.
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I subscribed to Fafa’s offering for 700e. The thought “dividend 1% = 1 pita falafel. 2% = 2 pita falafels” popped into my head and I couldn’t get any peace of mind anymore 
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Has anyone managed to make a profit yet from investments made through crowdfunding, or even more concrete evidence that the investment’s value has increased? All those companies, for example, on Invesdor, are valued quite expensively.
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Hi Thanos,
It’s great that you opened this discussion forum for unlisted companies. A few weeks ago, a new digital marketplace opened where shares of unlisted companies can be actively traded on the secondary market. The service can be found at osakemarkkinat.fi
That €199 trading fee is a bit steep.
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Of course, it depends a lot on the value of the number of shares coming up for sale. What would you consider a “reasonable price” for a service like this?
If the trading fee was salty, so are these products for sale.
Mash Group:
Revenue in 2017 was €2.02 million, equity valuation €12.90 * 18.430985 million shares = €237.76 million
PRT-Forest:
Revenue in 2017 was €1.64 million, equity valuation €485 * 59860 shares = €29.03 million
An investor, of course, compares the costs of a trading venue to the costs of competing venues. Trading on the stock exchange is inexpensive, shares are liquid, and a lot of information is available about companies.
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I won’t delve into the companies in more detail, but a group company’s turnover figure rarely tells the whole group’s turnover. If I remember correctly, for example, PRT-Forest’s total turnover is over 100 million euros. At least in the service, you can directly contact the seller and ask for further clarifications.
I’ve invested small amounts in Pyynikin Panimo and IQ Needle through Invesdor. No returns yet, but I can promote Pyynikin beers as excellent, if only there were a wider selection in stores! Give them money so they can get more production capacity!
That needle thing is still seeking CE certification.. waiting to see if they ever get it. Revenio could even acquire it, perhaps?
Injeq IQ-Needle™ ← so that was it.
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For an investor, companies like Injecq are a real lottery. A friend of the masses works there. The boys are really trying, but for example, getting a CE mark for a smart needle, when it’s an invasive product (meaning it penetrates deep into the human body), is quite a complicated matter. Let’s hope the company has perseverance and a little luck.
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I also invested about 2% of my investment assets in Injeq.
The smart needle is a necessary and useful device that clearly solves a concrete problem 100%. That was the main reason I got involved, especially since a doctor I know agreed.
The market will gladly welcome the IQ-needle once approvals and a finished product are eventually released.
As the only functional product on the market, the market would be tremendous. A similar aid, operating on a completely different principle, exists/has been developed, but its reliability and accuracy are clearly weak compared to the IQ-needle.
If this ever comes to market without a viable competitor, a 10-100 fold increase in the value of the initial investment is entirely possible, once the product has been brought to market around the globe.
Well, hopefully within 5-10 years we’ll be wiser about how it ultimately turned out.
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The smart needle certainly has potential, but approvals have been delayed many times and it may take a long time before they can properly market their product. The longer it takes, the more likely other similar products will enter the market. Injeq is also a relatively small company, so investing in marketing might be a bit difficult. However, this is not a medically revolutionary device but rather gives the doctor certainty of where the needle tip is in the tissue. This would also require significant marketing investments.
In addition, the product’s usability is significantly limited by the fact that all kinds of permits are required for different uses. Does Injeq have the resources to utilize the potential of this needle? My faith dwindles the longer it takes with these current permit hassles.
At first, it seemed quite good, and I took a small slice then, but now I don’t have much confidence that this will succeed. I did realize the risk and only made a minimal investment, but it’s starting to look like a failure. Still, I won’t give up hope just yet. A 10-100 fold increase in value would require quite a miracle.
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The CEO from IqNeedle also died.
I guess I have to hope that if they get approval and momentum, they could be sold to a big company that has the muscle to distribute?
Pyynikin panimo, in which I also invested a bit outside the stock market, had now made an international deal with Lidl.
AD: It seems there’s another offering going on there to increase production! So there’s room to join.
The Lidl agreement was about a 10% addition as a single order compared to the previous year’s total sales.
Let’s hope Pyynikki gets funding so that demand can be met, as it clearly exists all the time now.
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Cityvarasto Oyj has been my best unlisted investment, and the future also looks good. An excerpt from the company’s website:
"Cityvarasto Oyj is a national self-storage company founded in 1999. Its turnover and operating margin have grown every year since its establishment. In 2017, turnover was €5.76 million and operating margin was €2.15 million (37%). Cityvarasto is the market leader in Finland in terms of profitability and number of branches.
The core of Cityvarasto’s business is buying properties and converting them into modern self-storage hotels. The company’s market share is approximately 27% and it has 38 self-storage branches in major cities across Finland. The self-storage market is still growing rapidly and Cityvarasto aims to increase its market share. In comparable countries, the self-storage market is relatively much larger and growth continues to be strong. The company has launched a franchising concept to expand to even smaller localities in Finland. The first franchise point has been opened in Hyvinkää.
The group’s operating margin forecast for 2018 is €2.99 million (34%) and the turnover forecast is €8.75 million. These forecasts include Pakuovelle.com. With fully operational branches, an operating margin of approximately 50% is achieved. The self-storage business is not cyclical and is more profitable than residential real estate investment."
Additionally: according to rumors, the company is planning to go public, but I don’t know when.
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I marked a small piece of Smartcart in Invesdor. I think it hits many growing trends. They are predicting quite high growth numbers, but if we can even reach a part of that, I consider it a likely acquisition target.