Superhero Capital, a Helsinki-based venture capital firm dedicated to investing in early-stage software startups across Finland and the Baltics, has announced the launch of its fourth fund with a target of €50 million.
“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.
Limited Partners in the new fund include Elo Mutual Pension Insurance Company and the Finnish state-owned venture capital and private equity company Tesi.
“The internationalisation 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,” explains Enni Rautio, Interim Director of Tesi’s Fund Investments team, Tesi’s commitment.
Since its founding in 2015, Superhero Capital has backed multiple tech founders in Finland and the Baltics, focusing on early-stage innovations through investments of up to €1 million.
The new fund launch is accompanied by a strategic expansion into Lithuania, where two venture capitalists, Gytenis Galkis and Audrius Milukas, join as partners. This addition extends their footprint across Finland, Estonia, Latvia, and Lithuania. The firm continues to leverage the expertise of venture partners Ivo Remmelg in Estonia and Ernests Satls in Latvia.
“Our growth in Lithuania marks a significant milestone for Superhero Capital,” said Gytenis Galkis. “We’re excited to bring our local knowledge and experience to the table, collaborating with innovative entrepreneurs and strengthening the region’s position on the global startup map.”
According to Superhero Capital, their approach to investments focus on two core questions:
- Why are you one of the best teams globally?
- Why is now the best time for this startup?
“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, General Partner at Superhero. “Our mission is to empower these entrepreneurial superheroes who have the courage to improve ordinary life.”
The first investment of the new fund was directed to CyberUpgrade, a Lithuanian cybersecurity startup focused on fortifying digital security for organisations across Europe and the USA. CyberUpgrade’s €2.5 million seed funding round was led by Superhero Capital.
Additionally, Superhero Capital co-led Behavix’s recent €1.6 million funding round. Behavix leverages AI-driven tools to transform online behavioral data into actionable insights.
With over 40 active portfolio companies and more than 150 supported founders, this new fund continues Superhero Capital’s nearly 10 year mission to support early-stage innovation across the Baltic region.
Read the orginal article: https://www.eu-startups.com/2025/01/superhero-capital-launches-4th-fund-to-invest-in-technology-startups-in-finland-and-the-baltics/
