Superangel targets up to EUR 50m hard cap for second fund

Agne Mazeike
08 July 2022

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Estonian venture capital firm Superangel is aiming for a hard cap of up to EUR 50m for its second fund following its announcement last month, general partner Marko Oolo told Unquote.

Superangel Two is expected to have a first close before Christmas and a final close before the Estonian midsummer day next year (23 June), Oolo said. The vehicle has an operational launch planned at more than EUR 30m this month, he added.

The firm is targeting another one or a few more institutional investors who could invest 10-15% of the fund, as well as tech entrepreneurs and sector investors. Superangel's team is committing 10% of the vehicle, which will have a lifecycle of 12 years with a possibility for extensions twice by an additional year, he said.

Institutional investors in the new fund include Estonian state-owned VC management company SmartCap and LHV pension funds, Oolo said, adding that both invested in its EUR 16m, debut fund Superangel One, launched in April 2018. SmartCap will make an anchor investment of EUR 15m into the new fund, according to its press release in June.

Investment criteria
Superangel focuses on early-stage investments in the Baltic and Nordic companies, building world-changing technology in areas of AI and robotics, mobility and logistics, fintech and SaaS (Software-as-a-Service), Oolo said. It can also back regional founders building their companies in other markets. Around 30% of the vehicle is reserved for follow-on investments, he added.

The fund aims to have 40 portfolio companies and its tickets will range from EUR 50,000 to EUR 250,000 in pre-seed rounds, and from EUR 100,000 to EUR 500,000 in seed rounds. It is comfortable to lead investment rounds and can be the first institutional investor in a company.

Compared to its debut fund, the sponsor expects to make more investments into the deep-tech companies, Oolo said, and it is not afraid to invest in players building hardware with a software layer.

Superangel One, whose lifecycle is 10 years till 2028, reached full investment at the end of March 2022, deployed across 44 companies, including follow-ons. It has so far announced one exit: the sale of Latvian open banking platform Nordigen to GoCardless, a UK-based online payment platform, announced last week.

Some of the debut fund's portfolio companies include Estonian mobility company Bolt, verification services provider Veriff, fintech Montonio, Latvian audio technology group Sonarworks and Finnish accommodation platform Bob W, according to its website.