Lithuanian venture capital firm Iron Wolf Capital (IWC) has announced the launch of its second fund, a €100 million seed-stage investment vehicle aimed at backing 25 early-stage DeepTech and AI startups across the Baltics. The new fund is believed to be the largest of its kind in the region to date.
Based in Vilnius, IWC focuses on high-impact startups and has made it clear that its latest fund will address a long-standing gap in capital access for DeepTech founders. “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.”
Over 90% of previous backers have reinvested for the first close of Fund II, including anchor investor ILTE. Commitments from private investors have reportedly tripled compared to IWC’s first fund. The second fund is now supported by more than 40 investors and family offices, including prominent figures such as Tobias Mohr, Co-founder and Chairman of the Lithuanian Business Angel Network, Dr Vladas Laša, and Renaldas Zioma.
Founded in 2017, Iron Wolf Capital takes a focused approach to investment, typically backing between six to eight startups per year. The firm maintains a high bar for investment, and its team is spread across Lithuania, London, Warsaw, and other parts of the Baltics.
Through its first fund, IWC backed 22 startups, with standout names such as Turing College, Litilit, eAgronom, EyeVi Technologies, RedTrack, and Roq.ad.
The new fund will target early-stage companies in Estonia, Latvia, Lithuania, and within the Baltic diaspora. IWC will prioritise startups building transformative technologies in fields such as AI, robotics, photonics, and space innovation.
The firm says the Baltics are becoming a key region for DeepTech investment, citing strong infrastructure, ambitious founders, and supportive governments. With the launch of the €100 million fund, IWC believes the time is right for Baltic innovation to scale globally.
As part of the fund’s expansion, IWC also announced the promotion of Kadi-Ingrid Lilles to Partner. Lilles, who joined the firm in 2023, has played a key role in its Estonian operations and platform strategy. Her promotion makes her one of the first female VC partners in Estonia. Her past experience includes working with Plug & Play Ventures in Silicon Valley, Startup Estonia, and Germany’s Fraunhofer HHI.
The firm describes this new fund not just as a major milestone, but as a signal that serious capital is now aligning with the region’s most promising technology builders.
