Superhero Capital, a Helsinki-based venture capital firm dedicated to investing in early-stage software startups across Finland and the Baltics, has launched its fourth fund. With a target of €50 million, this new fund signifies a leap in their 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 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.
With this, 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.
Investment from new fund
The first investment of the new fund was 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.
Also, it co-led Behavix’s recent €1.6 million funding round. Headquartered in Helsinki with a base in New York City, Behavix leverages AI-driven tools to transform online behavioral data into actionable insights. It helps businesses better understand audiences and adapt to today’s digital-first landscape.
Portfolio of investments
Here’s a list of notable investments made by Superhero Capital:
- Mjuk: A Finnish digital platform for buying and selling pre-owned furniture, offering a seamless, hassle-free service.
- Doublepoint: A company that develops tools for improving developer productivity by automating repetitive coding tasks.
- Videobot: An Estonian company offering an interactive video platform that combines chatbots with personalised video content for improved customer engagement.
- Phaver: A platform that helps users share and discover recommendations in their communities.
- Fractory: An online platform that connects businesses with metal fabrication services.
- Xceed: A Spanish event management platform that facilitates ticketing and promotion for nightlife events.
Unique approach to investments
Founded in 2015 by Jakob Storå, Juha Ruohonen, and Jussi Harvela, Superhero Capital 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 startup?” By evaluating each opportunity with these criteria, the fund aims to identify good ideas and the most resilient teams poised for success.
The VC has been actively investing in Finnish and Baltic businesses for almost 10 years. It is dedicated to supporting early-stage innovation across the region and continuing its legacy of empowering entrepreneurial superheroes. It focuses on founders with the courage to challenge the status quo and create impactful change. In addition to financial backing, the investor also provides a deep network and strategic support to help startups thrive.
“The internationalisation of Finland’s venture capital and private equity market and its players is important to Tesi. 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,” said Enni Rautio, Interim Director of Tesi’s Fund Investments team, Tesi’s commitment.
“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,” said Juha Ruohonen, co-founder of Superhero Capital. “Our mission is to empower these entrepreneurial superheroes who have the courage to improve ordinary life.”
“Our growth in Lithuania marks a significant milestone for Superhero Capital,” said Gytenis Galkis, partner at Superheroe Capital. “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.”
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