Superhero Capital to hold €40m final close by end of 2020

The fund is targeting €40m, double the amount of its debut fund, which held a final close on €20m in October 2016 and is fully invested. The new fund will remain open for new investors until the end of 2020.

The VC did not use a placement agent or advisers for the fundraise.

Investors
Partner Jakob Storå told Unquote that the vehicle is backed by Finnish LPs entirely, including institutional investors such as TESI, fund-of-funds KRR III, and Elo Mutual Pension Insurance Company.

Pension investors in total comprise 36% of the LP base; followed by TESI, which comprises 25%; family offices and foundations, both of which constitute 12%; insurance companies (3%); and other investors (2%), including founders of companies such as Marketing Clinic, Fellow Finance and Nitor. 

Superhero Capital has committed €2.85m to the fund.

Investments
The Helsinki-based VC fund will target companies in Finland and the Baltic countries, making seed investments in 25 startups over the next four years. The fund targets businesses that create competitive advantages by refining data into insight.

While the VC's main focus continues to be Finland, it will increasingly look for startups in the Baltic region. As part of this strategy, the VC firm has appointed Estonia and Latvia-based entrepreneurs Ivo Remmelg and Ernests Stals respectively as venture partners.

The new fund will make initial investments sized up to €1m, with typical investments being around €400,000. The VC has already made four investments from the fund, including in Lithuanian urban delivery platform Ziticity, and Finnish user experience startup Attractive.ai.

People
Superhero Capital – Kasper Suomalainen (investment manager); Jussi Pyörre, Juha Ruohonen, Jakob Storå (partners).

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