Superangel announces a new 50mEUR fund

Ellex Partner Antti Perli and Senior Associate Anneli Krunks advised Superangel on the launch of their second, €50m fund, which will primarily invest in deeptech startups from across the Baltics and Nordics.

Superangel launched its first fund, worth €16m, in 2018. Collectively, the team behind the firm has now invested in more than 100 startups worldwide. That also includes four companies that have reached a billion-dollar valuation, three from Estonia: mobility super app Bolt, identity verification startup Veriff, sales-first CRM and intelligent revenue platform Pipedrive (as well as Colombian on-demand delivery startup Rappi).

“We’re going to continue building on the success of this region, of Estonia, and also facilitating further this collaborative model,” Veljo Otsason, a general partner at Superangel says.

Over the last four years, the Estonian early-stage fund has backed some of the region’s most promising startups, including Bolt, Veriff, Starship Technologies and Nordigen. The team makes investments between €100k-€1m, largely for seed and Series A rounds. Otsason says this new fund will continue to focus on science-based and R&D-intensive companies.

“What we’re doing differently with this second fund is having an even clearer focus on deep tech, areas where companies have a more significant part of their intellectual property in science, technology, or meaningful engineering innovation.”

Anchor investors in the new fund include SmartCap and LHV, with Superangel’s team personally committing 10% of the fund.

Meanwhile, limited partners include serial entrepreneurs and investors like Grünfin founder Triin Hertmann, an early employee at Skype and Wise, and Kersti Kaljulaid, the former president of Estonia, who led the country between 2016-21.