Helsinki-headquartered Superhero Capital announced first close at 30 million euros for its second fund which invests in Finnish and Baltic startups that refine data into insight.
The fund, which will be open for new investors through 2020, aims to invest in 25 startups over the next 4 years.
“There has been a lot of talk about data being the new oil. But how much is data really worth before it is refined into actionable insight? We look for startups that focus on that next step from data to insight.”Jakob Storå, Partner at Superhero Capital
Superhero said the fund’s investment theme stems from its team members’ background and passion for data and insights as they have previously worked in roles across the whole data-to-insight chain – from collecting and analysing data to creating actionable insights.
“You might be a startup that processes your customers’ data to create value for them or you might have your own dataset that you leverage to create valuable insight. Some startups have it in their DNA and company culture to systematically track their own activities as a method for growth. These are the types of startups we are excited about.”Juha Ruohonen, Partner at Superhero Capital
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 Superhero Capital as Venture Partners.
“The number of startups in the Baltic countries increased by 44% from 2018 to 2019. I think a change like that in one year says something about the current Baltic opportunity.”Ivo Remmelg, acting President of the Estonian Business Angels Network
The new fund will make initial investments of up to 1 million euros, with a typical investment at around 400,000 euros. Its first investments include Lithuanian urban delivery platform Ziticity, which has already expanded to 11 cities across three countries. Superhero also led a round with a group of investors, including Japan’s top football player Keisuke Honda, in the seed investment of Attractive.ai, a user experience startup founded by Finnish serial entrepreneur Kristoffer Lawson.
“We have invested in 4 startups during COVID-19, are actively looking for more, and encourage founders to reach out to us. Don’t hesitate, it is never too early to have a chat.”Kasper Suomalainen, Investment Manager at Superhero Capital
The fund is backed by institutional investors such as Finnish Industry Investment (Suomen Teollisuussijoitus), Kasvurahastojen Rahasto III (Fund-of-funds KRR III), Elo Mutual Pension Insurance Company (Keskinäinen Työeläkevakuutusyhtiö Elo). The fund’s investors also include founders of companies such as Marketing Clinic, Fellow Finance, and Nitor.