Cityvarasto’s 2015 crowd round: 5.25x at its 2025 IPO valuation

The round

Cityvarasto rents self-storage space, in more than 70 locations across Finland. Invesdor ↗ (opens in a new tab) says its first round on the platform, in 2015, brought in around €1m at a company valuation of €24.4m. While that round was running, Crowdfund Insider ↗ (opens in a new tab) reported more than €673,000 from more than 237 investors. We have no final count of investors.

What happened

Ten years later the company listed. Its own announcement ↗ (opens in a new tab) set the final price at €16.00 a share in the public and institutional offerings, corresponding to a market capitalisation of approximately €128m right after the offering. The company received about €15m in gross proceeds, and existing holders selling in the offering about €31m. Trading began on Nasdaq First North Growth Market Finland ↗ (opens in a new tab), Nasdaq Helsinki's market for growth companies, in October 2025.

Invesdor ↗ (opens in a new tab) states a return on investment of 425%, which is 5.25 times the money put in.

What the figure does and does not say

Two things sit behind that number ↗ (opens in a new tab). First, €128m divided by €24.4m is 5.25, so the platform's figure matches the ratio of two company valuations. A ratio of valuations is not the same as a return on a share if new shares were issued in between, and the company did issue new shares in its IPO, among others. We have not found the 2015 price per share, adjusted for anything since, that would settle it, so a per-share figure could be lower than this, as it was for Beta Bionics.

Second, a listing does not pay anyone. It gives a holder a market to sell into, at whatever the price is on the day. The offering ↗ (opens in a new tab) had sellers, but we have seen nothing on whether any Invesdor investors were among them. So we mark this as a gain on paper at the listing valuation, not a realised one. A holder who has sold since will have their own figure, at the price of that day, which this page does not track.

It is one of the few cases on this list where the crowd's company reached a public market ↗ (opens in a new tab), and an IPO price is a price many buyers agreed to. It also took ten years.