Call for accelerator funds

October 04, 2016

SmartCap and Startup Estonia announced in October 2016 an open call to make more smart money available for startups. We aim to make investments into early stage funds operating in seed and early stages. 

Each Fund must have a specific investment focus; slightly preferred focuses include ICT, health technologies and enhancement of resources. We expect the funds to be value-adding small venture capital funds, developing innovative companies with a high growth potential in technology intensive sectors in their seed and early stages, by providing acceleration services and venture capital investments in the form of equity and quasi-equity. 

We are looking for independent management teams that raise funds from a wide range of investors in order to provide venture capital to startups in seed and start-up phases. Managers are expected to have experience in founding, developing and internationalising innovative businesses and/or acting as responsible investors in young innovative enterprises. 

We are open to different fund models that add value for startups. Therewith, the fund manager may suggest his or her own accelerator model developing another type of company builder or early stage fund strategy.

The purpose of the tender is to purchase Acceleration Services and make investments into 2 venture capital funds. The budget for the tender is the following:

  • Buying acceleration services in total for 2.8 MEUR, 1.4 MEUR per service provider;

  • Investment into the fund 8.4 MEUR, 4.2 MEUR per fund.

    By November 2016 seven teams submitted their proposals and out of those we selected four teams, whom we invited in January 2017 to a competitive dialogue. The Funds will be selected through a competitive tendering process, ran according to strictly defined procedures.

Date of submitting the Application

November 10, 2016

Negotiations with candidates are not held during submission or qualification stage. To obtain additional information, questions must be submitted via the eRHR environment over here. The questions must be posed in English and the answers to the questions will be available here.

The competitive tendering process will then proceed according to the following schedule (may include changes):

Proposal to start a dialogue with qualified Applicants
January, 2016
Submitting documents for the dialogue
February, 2017
Conducting the dialogue
March - April 2017
Ending the dialogue and issuing an invitation to tender
June, 2017
Submitting and opening tenders
July, 2017
Declaring a tender successful
August, 2017
Signing public contracts
August, 2017