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Superhero Capital Partners (from left to right): Jakob Storå, Audrius Milukas, Juha Ruohonen, and Gytenis Galkis
Superhero Capital, a Helsinki-based venture capital firm dedicated to investing in early-stage software startups across Finland and the Baltics, proudly announces the launch of its fourth fund. With a target of €50 million, this new fund signifies a leap in their commitment to supporting founders 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 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,” explains Enni Rautio, Interim Director of Tesi’s Fund Investments team, Tesi’s commitment.
Since its founding in 2015, Superhero Capital has backed multiple tech founders in Finland and the Baltics, championing early-stage innovations through investments of up to €1 million. The new fund launch is accompanied by a strategic expansion into Lithuania, where two venture capitalists, Gytenis Galkis and Audrius Milukas, join as partners.
Gytenis Galkis brings over nine years of experience in venture capital and angel investing, including his tenure as a partner at 70 Ventures. He also initiated and founded the Lithuanian Business Angel Network (LitBAN) and has invested in over 60 tech investments, solidifying his status as a leader in nurturing early-stage innovation.
“Lithuania’s startup ecosystem is thriving, and this fund enables us to bring more tailored support and resources,” said Gytenis Galkis. “Our on-the-ground expertise ensures we can identify and back the most promising Lithuanian founders from the earliest stages.”
Audrius Milukas has more than 15 years of experience in banking, corporate finance, and investment strategy. As the co-founder of SME Finance and SME Bank, he has helped secure over €300 million in debt capital and has a track record of fostering financial growth for SMEs. Audrius’ seven years as a Partner at Open Circle Capital have equipped him with extensive insight into venture capital operations.
“Lithuania is poised for major growth in the tech sector, and with Superhero Capital’s backing, we are well-positioned to contribute to that trajectory,” said Audrius Milukas.
Lithuania’s strategic role
Superhero Capital plans to allocate over 25% of the 4th fund to Lithuanian ventures, recognizing the country as an essential pillar in its Baltic strategy. “We have strong ties to Lithuania, not just through our investment focus but also through our southern base in Vilnius and our network of private limited partners who see potential in local startups,” said Galkis.
According to the 2024 Global Startup Ecosystem Index by Startupblink, Lithuania ranks 16th globally, alongside Estonia (12th) and Finland (14th). These countries comprise over 6,000 startups and a vibrant workforce of 80,000 within the startup sector. “The key challenge is nurturing startups that are globally competitive from day one,” added Milukas. “Our role is to empower founders who understand their unique edge and why now is the best time to innovate.”
Unified Investment strategy across regions
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 firm aims to identify good ideas and the most resilient teams poised for success.
“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 Gytenis Galkis. “Our mission is to empower these entrepreneurial superheroes who have the courage to improve ordinary life.”
Looking ahead, 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.
First investment already complete
The new fund's first investment was CyberUpgrade, a rapidly growing Lithuanian cybersecurity startup focused on fortifying digital security for organizations across Europe and the USA. 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.
With the addition of partners in Lithuania, Superhero Capital’s footprint now extends across Finland, Estonia, Latvia, and Lithuania. The firm continues to leverage the expertise of venture partners Ivo Remmelg in Estonia and Ernests Stals in Latvia, creating an on-the-ground network that enhances connectivity with local founders and startup communities.
“The expansion into Lithuania marks a significant milestone for Superhero Capital,” said Gytenis Galkis. “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.”
Additionally, Superhero Capital 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. Their approach helps businesses better understand audiences and adapt to today’s digital-first landscape.
With over 40 portfolio companies and 150 supported founders, Superhero Capital has previously led a €685K pre-seed funding round for Vilnius-based personal financial assistant DeepFin. They also contributed to ZitiCity, a Lithuanian delivery start-up, raising €2,2M in 2020 and backed AISPECO in a 1.45M funding round in 2024.
