Finnish VC firm Superhero Capital has announced the first close of its second fund at €30 million. The fund, which remains open for new investors until the end of the year, will make seed investments in Finland and the Baltics and aims to invest in 25 startups over the next four years.
Selected startups must be "insight-driven," the Helsinki-based firm's term for companies that refine data into insight and make it a competitive advantage.
While their main focus remains on Finland, Superhero will increasingly look for startups in the Baltics. As part of this strategy, Estonia-based serial entrepreneur and angel investor Ivo Remmelg and Latvia-based serial entrepreneur Ernests Stals have joined the team as partners.
“The number of startups in the Baltic countries increased by 44 percent from 2018 to 2019. I think a change like that in one year says something about the current Baltic opportunity,” says Ivo Remmelg, who is also the acting President of EstBAN, the Estonian Business Angels Network.
The new fund will make initial investments up to €1 million, with typical cheques going for €400,000. Its first investments include Lithuanian urban delivery platform Ziticity, which has already expanded to 11 cities across three countries. The firm also led two seed rounds during the lockdown: Estonian language learning platform Speakly and Attractive.ai, a user experience startup based in Finland.
Investment manager Kasper Suomalainen encourages founders to reach out to the team as they're actively looking for their next portfolio company. “Don’t hesitate, it is never too early to have a chat,” he adds.
Photo: Superhero Capital team