Wish to invest in Estonia’s next success stories? Use our 1:1 e-Consulting service to get started.
Iron Wolf Capital (IWC) has closed its second fund at €100 million, marking the largest seed-stage DeepTech fund in Baltic history. Founded in 2017 in Vilnius, Iron Wolf Capital was among the first Baltic VCs to focus on AI and DeepTech.
Now, the new fund will target 25 early-stage companies across Estonia, Latvia, Lithuania, and the Baltic diaspora, focusing on AI, robotics, photonics, and space innovation. Baltics are rapidly emerging as one of Europe’s most compelling regions for DeepTech startup investment, argues the company. With world-class technical talent, cutting-edge research institutions, and a growing track record of globally competitive ventures, the region punches well above its weight. Governments are supportive, the infrastructure is strong, and the founders’ ambition is high.
Iron Wolf Capital team
The new vehicle has seen strong support. Over 90% of previous investors recommitted, with private investor participation tripling compared to Fund I. The fund now counts over 40 family offices and high-net-worth individuals as backers.
“We’re here to solve the capital gap that’s been holding back world-class DeepTech founders in the Baltics,” said Managing Partner Kasparas Jurgelionis. “Our fund size has grown several folds, and our team has doubled—signalling our expanded capacity to back Baltic founders more effectively.”
There are good news for Estonian tech sector too. IWC promoted Kadi-Ingrid Lilles to Partner, making her one of Estonia’s first female VC partners. Based in Tallinn, Lilles brings experience from Silicon Valley’s Plug & Play Ventures and Estonia’s Startup Estonia.
The fund operates with team members across London, Berlin, Warsaw, Vilnius, and Tallinn. IWC maintains a high-conviction approach, backing only 6-8 startups annually while leading or co-leading investments.
Fund I’s 22 investments include:
- Turing College: Y Combinator-backed edtech startup that secured €2.5M from the European Innovation Council
- Litilit: Femtosecond laser manufacturer that raised €3.5M from Taiwania Capital
- eAgronom: AgTech platform recently funded by the European Space Agency, and supported by Mondelez
