Lithuanian Based Iron Wolf Capital launches €100 M Fund To Target 25 Early-Stage Startups

More than 90% of previous investors have returned for this round, including anchor investor ILTE. Private investor commitments have tripled compared to Fund I.

The new fund is now supported by over 40 family offices and investors, including Tobias Mohr (Co-founder and Chairman of the Lithuanian Business Angel Network), Dr. Vladas Laša, and Renaldas Zioma.

“We’re here to solve the capital gap that’s been holding back world-class DeepTech Founders in the Baltics,” said Kasparas Jurgelionis, Managing Partner. “We’re raising the ambition and leading from the front. Compared to Fund I, not only has our fund size grown several fold, but our team has also doubled in size—signaling our expanded capacity and growing commitment to back Baltic founders more effectively than ever.”

The founding team at Iron Wolf Capital combines strong technical, operational, and financial expertise. Viktoras Jucikas, an engineer and entrepreneur, was the Founder and CTO of YPlan, a mobile event ticketing startup in London backed by big names like General Catalyst, Ashton Kutcher, and Pharrell Williams.

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Zygimantas Susnys brings over 20 years of experience in investment management and banking, having been one of Lithuania’s early VC investors and later working on multibillion-euro M&A deals at Dresdner Kleinwort and Deutsche Bank.

Kasparas Jurgelionis, the fund’s Managing Partner, started his career at unicorn mediaWays and consulting firm The Monitor Group. Before launching Iron Wolf Capital, he managed a €1 billion portfolio at Achema Group, covering sectors like energy, media, logistics, and industry.

Iron Wolf Capital made 22 investments through its first fund, backing startups like Turing College, Litilit, eAgronom, EyeVi Technologies, RedTrack, and Roq.ad.

With its new €100 million Seed fund, IWC is doubling down on supporting bold Baltic founders developing transformative technologies with global potential.

The fund aims to invest in 25 early-stage DeepTech startups across Estonia, Latvia, Lithuania, and the Baltic diaspora, focusing on areas like AI, robotics, photonics, and space innovation.

IWC sees the Baltics as a fast-growing hub for DeepTech, thanks to strong government support, solid infrastructure, and ambitious founders. The new fund marks a major milestone—not just for IWC, but for the region—signaling that Baltic DeepTech is ready to grow on the global stage with serious capital backing it.

IWC also promoted Kadi-Ingrid Lilles to Partner, making her one of Estonia’s first female VC partners. Lilles brings experience from Plug & Play Ventures in Silicon Valley, Startup Estonia, and Fraunhofer HHI in Germany. Since joining in 2023, she has led efforts in Estonia and strengthened the firm’s presence across the region.

“Promoting Kadi is not just about celebrating talent—it’s about shifting norms. Estonia deserves more women in senior VC roles, and we hope to be part of that change,” added Jurgelionis.

About Iron Wolf Capital

Founded in 2017, Iron Wolf Capital takes a high-conviction, low-volume approach—investing in just 6 to 8 startups each year, typically as lead or co-lead. The firm is based in Lithuania, with team members also located in London, Warsaw, and across the Baltics.