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Estonian VC Superangel pronounces new €50m fund

Estonian VC fund Superangel has introduced a brand new €50m fund, which might be used to take a position primarily in deeptech startups from throughout the Baltics and Nordics. The fund is understood for being backed by distinguished entrepreneurs and angel traders from a tech ecosystem that’s persistently punched above its weight.

Superangel launched its first fund, price €16m, in 2018. Collectively, the crew behind the agency has now invested in additional than 100 startups worldwide. That additionally consists of 4 firms which have reached a billion-dollar valuation, three from Estonia: mobility tremendous app Bolt, identification verification startup Veriff, sales-first CRM and clever income platform Pipedrive (in addition to Colombian on-demand supply startup Rappi).

“We’re going to proceed constructing on the success of this area, of Estonia, and likewise facilitating additional this collaborative mannequin,” Veljo Otsason, a normal associate at Superangel, tells Sifted.

Backing regional giants

Over the final 4 years, the Estonian early-stage agency has backed a number of the area’s most promising startups, together with Bolt, Veriff, Starship Technologies and Nordigen. The crew reduce cheques of between €100k-€1m, largely for seed and Series A rounds.

Otsason says this new fund will proceed to concentrate on science-based and R&D-intensive firms.

“What we’re doing completely different with this second fund is having an excellent clearer concentrate on deep tech, areas the place firms have a extra vital a part of their mental property in science, know-how, or significant engineering innovation.”

Anchor traders within the new fund embrace SmartCap, with Superangel’s normal companions every personally committing 10% of the fund.

Meanwhile, restricted companions embrace serial entrepreneurs and traders like Grünfin founder Triin Hertmann, an early worker at Skype and Wise, and Kersti Kaljulaid, the previous president of Estonia, who led the nation between 2016-21.

A land of unicorns

Estonia is house to the best variety of unicorns per capita in Europe, making it an attractive location for an early-stage investor. It’s additionally recognized for its extremely collaborative startup scene.

In a novel strategy, Superangel is tokenising as much as 5% of its new fund’s carried curiosity, which might be given to business specialists who work carefully with portfolio firms to assist them develop methods and processes.

“We have constructed this tremendous community of specialists in very completely different fields who’re keen to assist firms, generally save them a variety of money and time by giving recommendation — serving to to construct their gross sales groups, construct monetary fashions and all types of assist that early-stage startups may have,” says Otsason.

“It’s like saying an extra thanks; all people who’s contributing will get a token that offers them the suitable to some a part of the fund’s carried curiosity.”

The tokenisation is being led by one in all Superangel’s portfolio firms, Koos, which is taking a look at options to the tried-and-tested shareholder strategy to rewarding staff, exterior specialists and early backers.

“You can mainly develop an funding portfolio with out investing anything than your focus and time,” says Taavi Kotka, cofounder of Koos, who beforehand served as the pinnacle of Estonian e-residency program council.

Otsason admits that the main points of how the tokenisation will work in practise are but to be totally ironed out, however he sees sturdy potential and believes that it’s an strategy that might be picked up by many others sooner or later.

Looking forward, Otsason says they’re aiming to make about 40 investments in complete from the second fund, about ten a 12 months for the following 4 years, with a number of investments already within the pipeline.

“In normal I feel it’s a very good time to make investments,” he says, of the present financial local weather. “It’s all the time cyclical, there are occasions of very massive optimism and there are occasions which carry folks again to what’s actually necessary, fixing actual issues.”

Kit Gillet is Sifted’s jap Europe correspondent. He tweets from @KitGillet

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