// startup autopsy
Aino Health
Finnish workforce health and absence-management SaaS listed on Nasdaq First North in 2019—then delisted in 2023 as revenues stagnated and the product failed to expand beyond the Nordic public sector.
marketfitSlow Death
Years-long decline before final shutdown
// the model, blind
Evaluating only Aino Health’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: No market fit.
Key Events Timeline
FOUNDING
Aino Health founded in Helsinki to manage workforce health, absence rates, and occupational health compliance for Nordic employers
FUNDING
Aino Health raises approximately €12M in funding rounds to support product development and Nordic market expansion
PRODUCT LAUNCH
Aino Health lists on Nasdaq First North Growth Market at €45M valuation, signaling investor confidence but exposing the company to public market scrutiny and growth expectations
PIVOT
Aino Health attempts international expansion to Germany and UK, requiring extensive HRIS integrations and regulatory compliance work that strains engineering resources without generating proportional revenue growth
REGULATORY ACTION
Aino Health delisted from Nasdaq First North as revenue growth fails to meet public market expectations; narrow Nordic public sector addressable market (Finland + Sweden) and slow 12-24 month procurement cycles limit growth trajectory
SHUTDOWN
Aino Health ceases operations after failing to achieve sustainable growth in a limited Nordic market and struggling with international expansion costs