Despite persistent headwinds in the global fundraising climate, Vilnius-based deeptech venture capital firm Iron Wolf Capital has secured over €30 million toward its second fund, aiming for a final close at €100 million. If successful, it would place Iron Wolf among the region’s top-tier VC players, alongside funds like Plural’s €400 million vehicle and Estonia’s state-backed SmartCap, which recently launched a €100 million initiative to back startups and venture capital funds.
This new fund comes at a time when overall Baltic venture capital funding has declined — total deal volume dropped from 82 to 72 in H1 2024, and capital deployed fell from €541.8 million to €349.1 million. However, deep tech has bucked the trend, with Baltic deep tech startups raising a record €160 million in venture capital in the first half of 2024, surpassing previous annual totals.
Backed by loyal LPs and European family offices
The support for Iron Wolf’s second fund runs deep. Over 90% of limited partners from its debut €21 million fund have returned, a notable feat in today’s fundraising climate. The investor base this time includes Lithuanian state bank ILTE and more than 40 European family offices and high-net-worth individuals, signalling a growing belief in Iron Wolf’s ability to find and back the next generation of transformative deeptech startups.
The fundraising comes when many European VCs struggle to close new funds amid market uncertainty. Iron Wolf’s ability to retain its LPs and expand its backer network reflects the strong performance of its initial portfolio and the unique value it offers in the Baltic region’s startup landscape.
Iron Wolf Capital has completed more than 20 investments over the past three years, with an average check size of approximately $494,500 and a maximum historical investment of $4.3 million, demonstrating consistency and flexibility in its deployment strategy.
Baltic roots but global reach
Founded in 2017 by Kasparas Jurgelionis, Zygimantas Susnys and Viktoras Jucikas, Iron Wolf Capital has steadily built a reputation as a sharp investor with Baltic roots and global vision. The firm has previously backed standout Lithuanian startups like Turing College, an AI-powered online education platform. Another win includes Amberlo, a legaltech company that was acquired in April 2025 by stp.one, a validation of Iron Wolf’s ability to spot scalable innovation early.
For its second fund, the firm plans to write initial cheques ranging from €500k to €2 million, with the intention of investing in around 25 startups. But unlike traditional VCs, Iron Wolf isn’t just chasing trendy sectors. It is also doubling down on truly transformative science-driven ventures.
A deeptech-first thesis
While Iron Wolf’s first fund included AI and software plays, its second vehicle has an expanded mandate. The team is particularly excited about biotech, medtech, energy, and spacetech, sectors where the Baltics have quietly been building world-class capabilities.
The firm is especially interested in deeptech verticals that require more patient capital, technical understanding, and longer time horizons, qualities that traditional VCs often shy away from. Iron Wolf’s expanded focus also reflects the evolving Baltic ecosystem, which has matured beyond just fintech and SaaS into more frontier technologies.
Iron Wolf is a co-author of the annual Baltic Deep Tech Report with dealroom.co, which found that deeptech and AI companies now account for 20% of the combined enterprise value of Baltic startups in 2024.
Championing Baltic founders at home and abroad
Though their ambitions are global, Iron Wolf is laser-focused on supporting Baltic founders, including those in the diaspora. This means the firm is just as likely to back a founder operating in Silicon Valley or Berlin, as long as they have Baltic roots.
Managing partner Kasparas Jurgelionis has stated, “We are very much aware of the vibe…that the only way for a deeptech startup to grow is to raise a pre-seed round and use it to relocate to Delaware. I don’t think we buy into this.” This local commitment sets Iron Wolf apart from investors who see Baltic companies only as stepping stones to larger markets.
The firm is also looking to tap into the US-based Baltic diaspora, which partner Kadi-Ingrid Lilles describes as “something that we are yet to tap into.
A female partner breaking bias
In a move that also sets Iron Wolf apart, the firm has promoted Eglė Lilles, previously head of platform and investor to partner. Lilles becomes one of the very few senior women in the Estonian VC ecosystem, a space historically dominated by men. Her elevation reflects Iron Wolf’s broader commitment to diversity and a modern approach to venture building.
With a background in ecosystem-building and portfolio operations, Lilles brings a founder-first mindset to the partnership table, an asset that’s increasingly important in today’s hands-on VC world.
Punching above their weight
Iron Wolf Capital’s second fund is not just another Baltic VC vehicle but also a statement of intent. The firm is betting big on science-driven startups at a time when others might shy away from high-risk, long-horizon investments. But with a track record of smart bets, a loyal base of LPs, and a deep understanding of the region, Iron Wolf is well-positioned to become a deeptech powerhouse in Northern and Eastern Europe.
The firm’s leadership includes managing partner Kasparas Jurgelionis, who brings over two decades of experience from Deutsche Bank and Dresdner Kleinwort, and has served as Chairman of the Lithuanian Private Equity and Venture Capital Association since April 2024. Co-managing partner Žygimantas Susnys also has extensive investment banking and strategic consulting experience.
As the Baltic startup scene matures, the need for specialised capital and conviction-led investors is greater than ever. Iron Wolf is rising with €30 million already secured and a clear eye on the €100 million finish line.
Iron Wolf’s Deep Tech Breakfast Series, held across major Baltic startup hubs, regularly brings together early-stage founders, investors, and business angels, strengthening its position as an ecosystem builder and network connector.
Whether it’s backing the next biotech breakthrough or helping a diaspora founder launch a spacetech company from San Francisco, Iron Wolf Capital is showing that Baltic VCs can think just as big and act just as boldly as their counterparts in London or Berlin.
