The founders of 3 Step IT invest in Elcoline: “Hunger for growth unifies”


The Elcoline Group launched an issue of shares addressed to potential new investors in April 2019. Jarkko Veijalainen and Marko Sjöman, the founders of 3 Step IT, were among the new investors. Their company is a Finnish trailblazer in the circular economy. This issue of shares supports Elcoline’s strategy for growth and provides the company with new business competence.

– Elcoline is a company with a solid service expertise and the will to develop their customer relations and personnel competence in a high-quality manner, which reminded us of our own successes and challenges during the various phases of growth on our entrepreneurial path. It was the conversation we had with the founding entrepreneurs and the new CEO that confirmed our intention to participate and assist in Elcoline’s grow, says Jarkko Veijalainen, one of the founders of 3 Step IT and the company’s board chairman.

Investors support the five-year strategy

The new investors are a concrete step towards the implementation of Elcoline’s five-year strategy that was published in the autumn of 2018. The company’s objectives include providing jobs for 1,000 employees and achieving a turnover of 100 million euros within the next five years.

– Mr. Veijalainen and Mr. Sjöman are truly experienced business experts who will provide the company with new expertise, in addition to their capital investment. Their competence will help Elcoline reach its objectives for growth, and develop the company’s business and the board’s activities, says Leif Backman, Elcoline’s newly appointed CEO.

According to Elcoline’s observations, the clients’ acquisition behaviour is changing within the industry, and companies increasingly want to centralise their service acquisitions.

– We want to be an active player that develops state-of-the-art operating models and entirely new digital solutions for the needs of industrial clients. Investors provide us with new resources that enable us to offer an increasingly comprehensive service palette with a single point of access.

Hunger for growth unifies

3 Step IT and Elcoline have similar elements in their development stories. Both started as small-sized enterprises, have met with difficulties, and have set demanding objectives for their growth and development. Mr. Veijalainen says that one of his rules of thumb is to always have the courage to take a risk that could consume the entire annual result if everything failed.

He is also one of the founders in Growth Collective Finland. Growth Collective Finland is a movement that consists of globally successful Finnish companies, such as Supercell and Kemppi, and its operations are based on peer sparring teams. Elcoline is a member of this collective.

– We have received support from the collective for this demanding growth objective of ours – to increase our turnover fivefold within the next five years. We have faith in ourselves, and it appears that so do the others as well, since a number of leading edge investors have joined Elcoline, Mr. Backman is pleased to say.