How to finance growth without losing control of your business?

The funding market for growth companies is expanding, with debt financing playing an increasingly important role. At Nordea’s Startup & Growth unit in Finland, the average size of new debt financing arrangements has increased by around 40 per cent in 2026 compared with the previous year. The outlook for the rest of the year is also strong, with around 100 arrangements expected between September and November, worth a combined total of approximately EUR 100 million.

As growth gathers pace, entrepreneurs often focus on securing the next funding round. This is understandable: without capital, few growth companies can put their ambitious plans into practice. Yet it is easy to overlook how each financing decision affects the company’s ownership structure and the founders’ decision-making power. With every successive round of external capital, the founders' stake is further diluted.

Growth does not have to mean giving up ownership

In my view, one of the most important strategic questions for growth companies is how to finance growth in a way that supports both their business goals and entrepreneurs’ ability to retain influence over their company’s future. 

Often, the best solution combines different options, such as equity investment, bank financing and various forms of grant funding. The advantage of bank financing is that it supports growth without requiring entrepreneurs to give up ownership, helping them retain decision-making power in their company. The right financing mix depends on the company’s stage of growth, business model, cash flow and goals. What matters is making conscious decisions about ownership, so that dilution does not become an unintended consequence of growth.

Why ownership matters beyond the entrepreneur

Retaining ownership matters far beyond the individual company. It shapes where companies are led, where investment flows, where research and development take place, where taxes are paid and, ultimately, who benefits from the wealth that successful companies create.

International capital is important, and even essential, as it accelerates growth and opens up new opportunities. At best, the right investor can bring not only capital but also expertise, networks and access to new markets. From an ownership perspective, large funding rounds ahead of a public listing are particularly important for growth companies. These rounds often determine how ownership is distributed over the long term and who benefits from future growth in the company’s value.

The Nordics need more growth capital of their own

The Nordic countries produce internationally competitive companies, but the capital needed to finance their growth often comes from outside the region. Currently, more than 80 per cent of funding rounds exceeding USD 100 million are financed by US venture capital firms. That is why we need stronger Nordic capital markets and more ways of financing growth companies. 

When companies, investors and growth enablers gather at Slush in November, the conversation should go beyond how much capital is available. The ownership structure that emerges as companies grow is equally important. Entrepreneurs should not have to choose between growth and retaining ownership. Ultimately, this is about more than financing: it is about who shapes tomorrow’s success stories and who benefits most from the value they create.