Valokuitunen Oy
Established: 2020
Country: Finland
Region: Nordic
Investors: CapMan Nordic Infrastructure I fund, Telia Company AB
Valokuitunen is Finland’s leading fibre-to-the-home (FTTH) company, building and owning the open-access fibre networks that bring fast, reliable broadband to homes and businesses across the country. CapMan Infra founded Valokuitunen together with Telia in April 2020, at a time when Finland was still largely consuming and using mobile-data solutions, and fibre roll-out significantly lagged its Nordic neighbours.
Starting with a network of around 20,000 households, the company expanded its network to reach more than 450,000 households in over 100 municipalities, from Helsinki to Inari in Lapland during CapMan Infra’s investment period. Its open-access model let residents choose freely from more than ten service providers. As an active owner, CapMan Infra helped to build an industry-leading organisation with strong construction and sales partnerships, a market-leading brand and a nationwide network, making Valokuitunen a key enabler of Finland’s digital infrastructure.
In 2026, CapMan Infra sold its stake to Brookfield Infrastructure Structured Solutions and Telia, positioning it well for its next phase of growth.
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Heikki Kaunisto
CEO - Valokuitunen
"CapMan Infra, together with Telia, built a strong foundation for Valokuitunen, enabling the company to grow and rise to become the market leader in Finland’s FTTH sector. This transaction demonstrates that CapMan’s clear vision of the opportunities in the Finnish fiber market, along with the strategic partnership built with Telia, was key to success".
22x
to 450,000+ households from 20,000 households at launch in 2020
11x
revenue growth (from c. €3m at entry to €33.9m in 2025, including 49% growth in 2025, when operating profit more than quadrupled)
100+
new jobs created, 18-fold growth from 6 in 2020 to 108 end-2025.
Key achievements
Became Finland’s market leader and largest independent FTTH network company.
Expanded coverage from 20,000 to more than 450,000 households across 100+ municipalities, from Helsinki to Inari in Lapland.
Built an open-access network where customers can choose from 10+ internet service providers, keeping services competitive and future-proof.
Grew brand awareness almost six-fold leading to a market leading position.
Increased revenue c. 11x from entry, with operating profit more than quadrupling in 2025.
Successful exit in 2026 to Brookfield Infrastructure Structured Solutions and Telia, validating the platform built under CapMan Infra’s ownership.
Funding history
April 2020: Founded by CapMan Nordic Infrastructure I (60%) and Telia (40%) as a joint venture to accelerate FTTH roll-out in Finland, starting from 20,000 households.
April 2020: Signed a significant three-year construction framework agreement with Eltel to build fibre networks nationwide.
2020–2022: Long-term capital from owners allowing management to focus on growth rather than fundraising, funding a large-scale network build-out.
May 2021: Secured funding from Nordic lenders to support roll-out.
July 2023: Company successfully closes a EUR 400 million refinancing with support from international lenders.
September 2024: Acquired Telia Finland’s detached-house-area fibre networks – Finland’s largest fibre network transaction to date.
March 2026: CapMan Infra agreed to sell its 60% stake: Brookfield Infrastructure Structured Solutions acquired 51% and Telia increased its holding from 40% to 49%.
June 2026: Secured a debt financing package of over €700m – the largest in the Finnish fibre sector – to fund further network investment.
July 2026: Closing of the transaction to divest the business.
Employment impact
Grew from a 2020 start-up into an organisation of more than 100 professionals; headcount rose 18-fold from 6 at entry to 108 at end-2025 with almost an additional 300 employees from construction and sales partners supporting us.
Highly engaged workforce: employee NPS of 52, with 86% of employees rating Valokuitunen an excellent workplace 2025.
A company culture built on the values of joy, courage and trust.
The nationwide roll-out creates work for construction, installation and sales partners across Finland.
Fast, reliable fibre in 100+ municipalities supports remote work, digital services and local businesses, strengthening regional vitality beyond the largest cities.
Investors
