SmartCap Green Fund Direct Investment Programme

SmartCap Green Fund’s mission is to supercharge the supply of venture capital to Estonian Greentech companies

The fund’s primary objective? Backing early-stage, Estonian, Greentech innovators with high growth potential. Think of companies in energy, agriculture, food, transport, logistics, materials, chemicals, and the environment.

A Greentech company is a fit for Green Fund if it meets two criteria.

1. The company develops innovative and/or research-intensive technology.
2. The developed technology contributes to one or more of the following objectives:

• climate change mitigation
• climate change adaptation
• the sustainable use and protection of water and marine resources
• the transition to a circular economy
• pollution prevention and control
• the protection and restoration of biodiversity and ecosystems

From the Green Fund, we invest under the following principles:

• SmartCap Green Fund participates in an investment round on equal terms with other investors, where the participation of other investors is at least 50% of the round
• 30% of the aggregate amount of capital raised in the investment round shall be from such private investors that can be considered ‘independent private investors’ or SmartCap may engage independent experts and conduct relevant analysis to confirm that the specific Investment terms correspond to true market terms
• Investments will be made as equity or convertible instruments in green technology companies established and operating in Estonia
• SmartCap may initially participate in investment rounds from seed up to expansion stage funding
• SmartCap’s commitment size of one initial investment ranges from €500,000 to €5,000,000. The investment period for Green Fund Direct Investments closes in the middle of 2026

Other considerations

SmartCap may amend and/or supplement the terms of, including the Investment Terms, at any time, provided that the fundamental principles of equal treatment, effective competition, non-discrimination, confidentiality and transparency are observed. All amendments and supplements to the terms of the Green Tech Investment Programme 2022/10 shall be made by amending the Programme Document for the Green Tech Investment Programme 2022/10.

Investment proposals

Ready to submit an investment proposal for SmartCap’s Green Fund?

Submitted the form set out in GTIP with the appropriate appendices and other required documents. You can find the requirements for submitting an investment proposal above.

Need clarifications?

If you’re a startup with questions about SmartCap’s Green Fund direct investments, check out the clarification documents below. If that doesn’t cover it, please let us know!

Send an email to   in English. To make sure we get you to the right SmartCap team member use the following subject line: Clarifications – Green Tech Investment Programme 2022/10.

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