Defence Fund Direct Investments

SmartCap Defence Fund Direct Investment Programme

SmartCap Defence Fund’s mission is to develop Estonia’s defence industry, contribute to innovation and economic growth, and create a positive economic impact in Estonia. We achieve this by investing in startups from the seed stage to traditional companies with export and growth potential that develop technologies or manufacture products intended for military or dual-use purposes.

Market Consultation

The market consultation phase for direct investments will run from the 11th of November to the 22nd of November. The market-consultation document is provided below. Please note that the final version of the main terms, published for the investment programme, may differ in whole or in part from this draft version shared for market consultation. If you have any questions or feedback regarding the market-consultation document, please send them in English to by the 22nd of November, with the subject line “Investment Programme for Defence Direct Investments – Market Consultation.”

SmartCap also held a market consultation presentation on the 13th of November 2024 for companies interested in the programme. The questions asked at the event, along with their answers will be published on our website shortly.