For Baltic start-up superheroes, a new fund

Superhero Capital, a Helsinki-based venture capital firm, has announced the launch of its fourth fund, targeting 50 million euros to invest in early-stage software startups across Finland and the Baltics.

Hardly has the year begun, and already there’s action on the Baltic start-up scene. Superhero Capital, a Helsinki-based venture capital firm dedicated to investing in early-stage software start-ups across Finland and the Baltics, this week announced the launch of its fourth fund.

With a target of 50 million euros, the new fund signifies a leap in firm’s commitment to supporting founders in creating meaningful change.

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,” explains Enni Rautio, Interim Director of Tesi’s Fund Investments team, Tesi’s commitment.

“Superhero Capital has successfully internationalised 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.”

Adding value to the Baltic start-up ecosystem

Since its founding in 2015, Superhero Capital has backed multiple tech founders in Finland and the Baltics, championing early-stage innovations through investments of up to one million euros.

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 brings with it local market expertise and positions Superhero Capital to further strengthen its presence and impact in the Baltic region.

“Our goal with this fund is simple: empower visionary founders at the earliest stages who have what it takes to create meaningful change,” says Jakob Storå, co-founder of Superhero Capital.

“With Gytenis and Audrius joining our team, we are better equipped to add value to the Baltic start-up ecosystem and beyond.”

Superhero Capital says that it approaches investment with a unique focus on two core questions: “Why are you one of the best teams globally?” and “Why now is the best time for this start-up?” By evaluating each opportunity with these criteria, the fund aims to identify good ideas and the most resilient teams poised for success.

“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.”

Looking ahead, Superhero Capital sees an opportunity for technology to reduce repetitive manual work and empower people to focus on creative, high-value tasks. This outlook reflects a commitment to invest in startups that leverage technology to enhance human potential.

First investment already complete

The first investment of the new fund was CyberUpgrade, a rapidly growing Lithuanian cybersecurity startup focused on fortifying digital security for organizations across Europe and the US. 

CyberUpgrade’s 2.5 million euros seed funding round was led by Superhero Capital; this investment highlights Superhero Capital’s dedication to empowering visionary entrepreneurs and commitment to technological advancements that align with their vision for a secure future.

Additionally, Superhero Capital co-led Behavix’s recent 1.6 million euros funding round. Headquartered in Helsinki with a base in New York City, Behavix leverages AI-driven tools to transform online behavioural data into actionable insights. Their approach helps businesses better understand audiences and adapt to today’s digital-first landscape.

With the addition of partners in Lithuania, Superhero Capital’s footprint extends 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, creating an on-the-ground network that enhances connectivity with local founders and startup communities.

“Our growth in Lithuania marks a significant milestone for Superhero Capital,” says 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 start-up map.”

With over 40 active portfolio companies and more than 150 supported founders, Superhero Capital has been actively investing in Finnish and Baltic businesses for almost 10 years. Superhero Capital remains dedicated to supporting early-stage innovation across the region and continuing its legacy of empowering entrepreneurial superheroes.

Photo by Annie Spratt on Unsplash.

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