Annual Reports

SmartCap acts as a self-sustainable state-owned fund manager.

We manage two, common, closed-end alternative funds: SmartCap Venture Capital Fund and SmartCap Green Fund. The sole unitholder of the SmartCap funds is the Republic of Estonia.

Our objective is to develop the Estonian capital market by offering venture capital investments and enabling the growth of ambitious and innovative Estonian companies. We contribute to the economic growth and development of the capital market of Estonia by:

• being an anchor investor in venture capital funds with a long-term strategy
• invest through different economic cycles
• identifying and addressing market gaps in different growth phases and verticals

SmartCap Annual Reports 

If you’re here for our finances, you must really be into the numbers.

• Annual Report 2023

SmartCap Venture Capital Fund Annual Reports

• Annual Report 2023
• Annual Report 2022
• Annual Report 2021
• Annual Report 2020

SmartCap Green Fund Annual Reports

• Annual Report 2023
• Annual Report 2022

SmartCap Green Fund is financed by the European Union NextGenerationEU Recovery and Resilience Facility funds.