Lessons from Mikko Nurminen and Hostaway’s Amazing Growth Journey
At the end of 2024, Hostaway raised an incredible $365 million in growth funding—one of the biggest investment rounds in Finnish history. But this success didn’t happen overnight. It’s a story about brave decisions, a strong team, and making smart choices even when things looked tough.
Last year, we had the honour of interviewing Mikko Nurminen, one of the founders of Hostaway, on the Greenstep podcast, hosted by Tanja Piha. The conversation gave us a look into one of Finland’s most exciting startup stories and showed how believing in your vision can lead to global success.
25 Years of Building Companies
Mikko Nurminen is a serial entrepreneur with over 25 years of experience. His first successful company was Kotisivukone, which had 12,000 customers before it was sold to Fonecta. It was his first business exit.
Next came AddSearch, a search technology company that worked with big clients like the European Central Bank, Tesla, and Finland’s S Group. It was later sold to a German SaaS company.
But the big breakthrough came in 2015, when Mikko and his co-founders started Hostaway. The company built a platform that helps vacation rental owners manage calendars, pricing, and bookings across sites like Airbnb and Booking.com.
“In May 2023, PSG invested $175 million in us. It was a big round. Things have gone really well, and we’ve kept growing fast. We now have 250 people in 45 countries, and no offices at all—we’re fully remote. It’s been an amazing journey, with lots of ups and downs,” Mikko said in the podcast recorded at the end of 2024.
When the World Stopped, Hostaway Kept Going
“You’ve had a great journey with many companies. Was there ever a moment when you thought about giving up? What helped you keep going?” Tanja asked.
Mikko said the hardest moment was during COVID-19, when the travel industry collapsed. Hostaway lost half of its revenue almost overnight. Customers lost their businesses, and the company had to let people go.
“It was definitely the toughest time. We wondered if the company could survive,” Mikko said. “But we wanted to keep the core team that built the company. We believed we could get through it.”
The company acted fast. CEO Markus renegotiated all SaaS contracts and saved tens of thousands of euros. While other startups waited, Hostaway took action—quickly and confidently.
“It really was a fight to survive,” Mikko said.
Mikko’s Tips for Startup Founders
1. Team and Network Matter Most
“Without great co-founders, there would be no company. A strong team is everything. And your network—it’s key when you need funding.”
Stay active, connect with angel investors and startup communities, and go to events like Slush. That helps prepare for future funding rounds.
In Hostaway’s big round, an experienced advisor handled investor talks—so the founders could focus on running the business.
“Raising money is almost a full-time job. If you try to do that and run the company at the same time, one of them will suffer.”
2. Managing Runway: Be Brave but Realistic
Startups always balance risk and cash. Early on, Hostaway had only one month of runway left and had to make a big decision.
Instead of cutting costs, the founders chose to grow. They hired six salespeople, knowing investors were interested. It was a smart risk, and it worked.
Later, PSG invested $175 million, and in 2024, Hostaway raised another $365 million. One of the biggest growth investments ever in Finland.
3. Keep Your Documents and Ownership Clear
Being ready is key when raising money.
Mikko says it’s important to keep basic things in order. Fast growth can lead to messy paperwork.
“It’s not always so serious, but it’s better to be prepared. Handle trade register stuff early. Keep contracts organized. If things are messy during due diligence, it gives a bad impression and investors might walk away.”
Another important thing is the cap table. Mikko has seen cases where founders own too little, or inactive people still hold shares. That’s a red flag for investors. If founders don’t own enough, they lose motivation—and without them, the company won’t grow.
Investors want to see that the active team owns a good share and that ownership is fair. A clear cap table builds trust and makes funding talks easier.
Mikko and his team have had tough talks in several companies to fix ownership by selling, buying back, or renegotiating shares. He recommends making sure early on that active people get what they deserve.
4. Include Employees in the Story
Hostaway was built with the idea that success should be shared. Every employee is part of the stock option program, which builds commitment and team spirit.
“We wanted everyone to feel like owners. It brings people together and helps us work toward the same goals.”
When the big funding round happened, the options really changed lives.
“One team member from Sri Lanka said he could pay for his child’s school with this money. That was a special moment,” Mikko said.
Rapid Fire — Quick Questions, Quick Answers
Most important skill for a startup founder?
“Being active. You have to be out there—looking for investors, hiring people, finding new chances. You will be in the right place at the right time because you’re active.”
Advice to your five-years-younger self?
“Stay focused.”
Best decision of your career?
“Starting Hostaway, with the right people.”
Best book and podcast tips for startup founders?
Podcasts: Startup Ministeriö, Yrittäjäcast, Sijoituskästi
Book: Pelastaja by Lauri Ratia
(Recommendations are only available in Finnish.)
Hostaway’s journey is truly inspiring. Mikko’s insights offer valuable lessons for any entrepreneur navigating the highs and lows of startup life.
