Finland’s Superhero Capital expands international reach with its fourth fund

Superhero Capital, a venture capital firm based in Helsinki, has launched its fourth fund with a target of €50 million, focusing on early-stage investments in startups across Finland and the Baltics. The firm is expanding its reach into Lithuania, with Gytenis Galkis and Audrius Milukas joining the team as partners. The first investments from the fund include CyberUpgrade, a cybersecurity startup from Lithuania, and Behavix, an AI company that analyzes online behavior.

Superhero Capital plans to use the fund to support founders with innovative ideas, particularly in technology sectors, and help them scale their businesses internationally. The firm’s Limited Partners in the fund include Elo Mutual Pension Insurance Company and Tesi, a state-owned Finnish venture capital entity.

“The internationalization of Finland’s venture capital and private equity market and its players is important to Tesi. Superhero Capital has successfully internationalized and excelled in profitable business operations. We are pleased that Finnish software companies will continue to find growth opportunities in the capable hands of Superhero Capital,” explained Enni Rautio, Interim Director of Tesi’s Fund Investments team.

Superhero Capital is a seed-stage venture capital firm based in Helsinki, focusing on software-driven startups in Finland and the Baltics. The firm invests between €100K and €1M, primarily targeting early-stage companies that demonstrate innovative potential in the New Nordics region. Although their primary focus is local, Superhero Capital occasionally invests outside of this area.

“Our goal with this fund is simple: empower visionary founders at the earliest stages who have what it takes to create meaningful change,” said Jakob Storå, co-founder of Superhero Capital. “With Gytenis and Audrius joining our team, we are better equipped to add value to the Baltic startup ecosystem and beyond.”

The firm’s philosophy emphasizes strategic timing and execution over being the first to market. Rather than rushing to be the first mover, Superhero Capital backs startups that aim for long-term impact, helping founders who are looking to refine their ideas and scale effectively. While they offer financial support, the firm positions itself as a partner to entrepreneurs, providing advice and guidance while leaving the day-to-day business management to the founders themselves.

“At Superhero, we believe that truly transformative companies begin with founders who see the world differently and have the talent to turn vision into reality,” says Juha Ruohonen. “Our mission is to empower these entrepreneurial superheroes who have the courage to improve ordinary life.”

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