Vilnius-based Iron Wolf Capital (IWC), an early-stage VC fund focused on DeepTech and AI startups across the Baltics, announces the launch of its second fund – a €100 million Seed-stage vehicle, allegedly making it the largest of its kind in the region’s history.
Over 90% of previous investors have recommitted for the first close, including anchor investor ILTE. Commitments from private investors have tripled compared to Fund I, with the new fund now backed by over 40 family offices and investors, including Co-founder and Chairman of the Board of the Lithuanian Business Angel Network Tobias Mohr, Dr Vladas Laša, and Renaldas Zioma.
“We’re here to solve the capital gap that’s been holding back world-class DeepTech Founders in the Baltics,” said Kasparas Jurgelionis, Managing Partner. “We’re raising the ambition and leading from the front. Compared to Fund I, not only has our fund size grown several fold, but our team has also doubled in size—signaling our expanded capacity and growing commitment to back Baltic founders more effectively than ever.”
Founded in 2017, IWC leads or co-leads its investments, and maintains a high-bar, low-volume approach, backing only 6–8 startups annually. It is headquartered in Lithuania, with team members spread across London, Warsaw, and the Baltics.
The founding team brings a combination of technical, operational, and financial experience:
- Viktoras Jucikas, an engineer and entrepreneur, was the Founder/CTO of YPlan, a London-based mobile event ticketing platform backed by General Catalyst, Ashton Kutcher and Pharrell Williams.
- Zygimantas Susnys brings more than 20 years of experience in investment management and investment banking. In the early 2000s, he was one of the first VC investors in Lithuania; later, he worked on multibillion-euro M&A deals at Dresdner Kleinwort and Deutsche Bank.
- Kasparas Jurgelionis, the fund’s Managing Partner, began his career in London at mediaWays, a unicorn company backed by AOL and Bertelsmann. He subsequently worked at The Monitor Group, a strategic consulting firm founded by Harvard University professor Michael Porter. Before establishing Iron Wolf Capital, he spent seven years managing Achema Group’s €1 billion portfolio across the energy, media, logistics, and industrial sectors.
Together, they completed 22 investments in Fund I with notable companies including Turing College, Litillit, eAgronom, EyeVi Technologies, RedTrack, and Roq.ad.
With this fund, IWC doubles down on its commitment to support bold Baltic Founders building transformative technologies with global reach. Targeting 25 early-stage companies across Estonia, Latvia, Lithuania, and the Baltic diaspora, the fund will back DeepTech startups in sectors like AI, robotics, photonics, and space innovation.
IWC believes that the Baltics are rapidly emerging as one of Europe’s most compelling regions for DeepTech startup investment. According to them, the Governments are supportive, infrastructure is strong, and founder ambition is high.
The launch of their €100 million Seed fund in this context is not just a milestone for the company, but a moment of inflection, potentially signalling that Baltic DeepTech is ready to scale on the global stage and that serious capital is aligning with the region’s innovators.
Iron Wolf Capital also announced the promotion of Kadi-Ingrid Lilles to Partner, making her one of Estonia’s first female VC partners. Lilles brings experience from Silicon Valley’s Plug & Play Ventures, Estonia’s Startup Estonia, and Germany’s Fraunhofer HHI. Since joining in 2023, she has helped lead the firm’s Estonian pipeline, platform strategy and deepen its presence across the diaspora.
“Promoting Kadi is not just about celebrating talent—it’s about shifting norms. Estonia deserves more women in senior VC roles, and we hope to be part of that change,” added Jurgelionis.
Read the orginal article: https://www.eu-startups.com/2025/06/lithuanian-vc-fund-iron-wolf-capital-launches-e100-million-fund-to-target-25-early-stage-companies-across-the-baltics/
