Three years ago, while working as analysts at McKinsey and BCG, we experienced firsthand how challenging deal sourcing and market research can be. We soon realized this wasn’t just the case for large M&A consultancies, investment banks, and private equity firms, but also for smaller advisories and search funds.
Surely, we thought, there had to be a better way than manually Googling and working through outdated lists — only to find companies that others had already discovered.
But there wasn’t.
So, we decided to create our own solution.
In the early days, we worked out of a small co-working space, pouring every ounce of energy into making our vision a reality without paying ourselves any salary. Fast forward three years, and we’ve grown from three founders to a team of 48, with an office of our own and over 500 companies relying on Inven to source deals and conduct market research.
Along the way, we’ve spoken with over 6,000 M&A professionals and helped replace manual data gathering with automated solutions. Last year, we focused on refining the product to meet their needs — and grew 666% year over year. Next year is set to be even bigger as we continue to scale and push the boundaries of deal sourcing.
Last year, we focused on refining the product to meet their needs — and grew 666% year over year. Next year is set to be even bigger as we continue to scale and push the boundaries of deal sourcing.
We want to take a moment to reflect on this journey and share some of the lessons we’ve learned about deal sourcing along the way. A heartfelt thank you to everyone who’s been part of this exciting story so far!
THE EVOLUTION OF DEAL SOURCING
How Data and AI Have Transformed Deal Sourcing Over the Past 3 Years
When we started building Inven three years ago, both deal sourcing and any private market research felt like a mix of detective work and intuition. We spent long days searching for companies on Google, analyzing trends, and manually compiling lists. The entire process relied heavily on manual effort, personal networks, and an unspoken “gut feeling” about where to look next. It was exhausting.
We saw an opportunity to make this process simpler, smarter, and more efficient. What we didn’t expect was how quickly the landscape would evolve.
After three years of building Inven and speaking with thousands of industry professionals, we want to share some key insights.
Here are three major shifts we’ve seen in deal sourcing — and where we think things are headed next.
AI-POWERED DEAL SOURCING
Niilo, Co-founder and CEO: How AI Has Changed Human Effort in Data Collection
“Three years ago, finding deals and researching private markets meant months of scrolling through databases or trying to connect the dots manually. AI tools were just starting to gain traction.
During the last 3 years, we’ve seen how AI-powered deal sourcing can identify opportunities far beyond what humans alone can achieve. We’re able to uncover patterns and connections that we’d never think to look for ourselves, and this is one of the main reasons our users prefer us over other platforms.
AI will only continue to improve at predicting which companies are worth pursuing. Our own search model recently achieved 93% accuracy, which is remarkable considering it pulls information on over 25 million companies, contacts, and recent deals from a vast array of sources in seconds. It can analyze and present this information accurately, essentially sourcing deals on your behalf.
The challenge, and the opportunity, will be learning to trust the recommendations while still bringing human judgment into the mix.”
Read about Inven’s new search model that reached 93% accuracy through generation-augmented retrieval, proprietary AI scoring models, and advanced preprocessing techniques: Pushing the Boundaries of AI in Deal Sourcing.
EUROPE VS. U.S.
Tommi Kupiainen, Co-founder: How Europe Is Catching Up as Data Levels the Playing Field
“When we first entered this space, it was clear that Europe and the U.S. approached deal sourcing differently. One of our early insights was that the U.S. actually had less data available than Europe. However, despite having more limited data, U.S. investors used it actively from the very beginning of the outreach process. In contrast, in Europe, outreach typically happened at a much later stage of the deal process.
We found that while the U.S. market was more aggressive and data-driven, it lacked comprehensive datasets. Meanwhile, Europe had better data availability, but dealmakers still relied on slower, network-driven processes.
Over the last three years, this gap has started to close.
The availability of data in the U.S. has improved, helping firms automate more of the process. At the same time, European firms have been catching up — adopting more proactive and systematic sourcing strategies and relying less on personal relationships. It’s been fascinating to see how better data accessibility is leveling the playing field. I believe that in the next few years, we’ll see even more convergence in how deals are sourced across regions.”
FROM DATA TO DECISIONS
Ekku Jokinen, Co-founder and Tech Lead: From More Data to Smarter Decisions in Deal Sourcing
“When we started, there was data available, but using it effectively was another story. Finding the right companies still required a lot of guesswork.
Over the past three years, the amount of available data has exploded. But what’s even more important is how much better we’ve become at using it. Now, investors can set precise criteria — based on industry, growth metrics, or financial indicators — and let AI do the heavy lifting. Instead of guessing, they receive curated results that align with their strategy.
In our experience, AI-driven deal sourcing has cut down the time spent on target screening by up to 80%, allowing investors to focus on evaluating opportunities rather than searching for them. At the same time, real-time data access makes it easier to spot trends early and act fast.
I believe we’re only at the beginning. Soon, data won’t just help us find deals but predict which ones are worth pursuing.”
Looking Ahead
Three years ago, we set out to solve a problem we knew too well.
Since then, we’ve learned that building a great product is only a part of the equation. The real impact comes from the people who use it — the firms that challenge us to refine and improve, the early adopters who put their trust in us, and the team that continues to push Inven forward.
Looking ahead, the role of data in navigating private markets will only become more central. AI is making it possible to surface opportunities faster and with more precision, but success will always require a balance between technology and judgment.
We’re committed to making that balance easier. The next phase for Inven is not just about improving the platform, but about making deal sourcing and market research more efficient, more transparent, and ultimately, more effective.
Thank you to everyone who has been part of this journey so far. We’re just getting started.
Niilo, Tommi, & Ekku
