Superhero Capital launches €50M fund

Helsinki-based Superhero Capital has launched its fourth fund. The firm focuses specifically on Finland and the Baltics and has histotically invested tickets up to €1M.

With a target of €50 million 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 new fund launch is accompanied by a strategic expansion into Lithuania, where two venture capitalists, Gytenis Galkis and Audrius Milukas, join as partners.

The first investment of the new fund was CyberUpgrade, a Lithuanian cybersecurity startup focused on fortifying digital security for organizations across Europe and the USA, alongside Behavix, which leverages AI-driven tools to transform online behavioral data into actionable insights.

CyberUpgrade’s €2.5 million 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. 

"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. 

“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.”

“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.”