For Funds

We develop Estonian innovation by investing through SmartCap Venture Capital Fund, SmartCap Green Fund and SmartCap Defence Fund

We don’t just look for fund managers, we invest in fund partners. SmartCap will be a good fit for competent, experienced, and sustainable private fund managers, who act according to the best industry standards and market practices.

SmartCap Defence Fund

Through our Defence Fund we support innovation and growth in Estonia’s defence sector while generating significant economic impact.

The Defence Fund invests in companies that develop or produce military and dual-use products and technologies, as well as in private funds focused on respective defence companies within Estonia or NATO member states, provided they add meaningful value to Estonia’s defence ecosystem.

The market consultation phase for the investment programme aimed at selecting defence investment funds has now begun. Get more details here.

SmartCap Venture Capital Fund

Through our Venture Capital Fund, we develop the local capital market and grow innovative Estonian companies.

SmartCap Venture Capital Fund invests in VC funds that focus on Estonia or have a meaningful value-add to the Estonian venture capital ecosystem. In either case, it’s important to us that they contribute to local capital market development.

Learn more about SmartCap Venture Capital Fund here.

SmartCap Green Fund

SmartCap Green Fund is a €100 million specialised fund focusing on investments into green technology startups. Think companies in energy, agriculture, food, transport, logistics, materials, chemicals, and the environment. Through this fund, we invest directly in companies and venture capital funds focused on green technology.

Our fund investments are aimed at striking the right balance. They finance the creation of tech solutions to environmental problems, bringing us closer to a climate-neutral economy. At the same time, they are structured to maximise investor returns.

SmartCap Green Fund is financed by the European Union NextGenerationEU Recovery and Resilience Facility funds. This fund’s investment period ends in Q1 2026.

In its first stage, SmartCap held an open call for private funds in 2022 for up to two cornerstone investments in the amount of €20 million per fund. The call was open to unassociated private fund managers to establish and manage green technology funds.

Our direct investments into Estonian Greentech companies also began in 2022, with the announcement of our Greentech Investment Programme (GTIP). With GTIP we plan to make €20 million worth of investments into Greentech companies as direct equity or convertible instruments.

We’re still on the lookout for promising Greentech companies until the end of 2024! Get more details.