News

SmartCap Venture Capital Fund has joined the closing of Siena Secondary Fund II as an anchor investor alongside the European Bank for Reconstruction and Development (EBRD), committing €10 million.

SmartCap Green Fund has invested in Norrsken Evolve Fund II – a newly launched €57 million pre-seed fund based in Stockholm that supports early-stage, impact-driven startups building Europe’s sustainable and resilient future.

SmartCap Defence Fund invests €10 million in Darkstar Ventures Fund I, the first dedicated pan-European venture capital fund focused on military and dual-use technologies tested on the battlefield in Ukraine. This represents an anchor investment for Darkstar and the first investment for SmartCap Defence Fund.   

SmartCap is stepping up its investments for greentech sector in Estonia by inviting venture capital and private equity fund managers with infrastructure strategy to fundraise from SmartCap Green Fund. The aim is to increase capital availability for companies developing and deploying breakthrough green technologies that contribute to the green transition and resilience.

Erik Punger has joined the team of Estonia’s state-owned fund manager SmartCap as Head of Compliance and Risk.

During the previous 12 months, SmartCap Green Fund invested in eight Estonian greentech companies: Stargate Hydrogen, Fractory, ÄIO, Gridio, Fusebox, Elcogen, UP Catalyst, and eAgronom, which address critical environmental challenges. Each of these companies exemplifies the fund’s focus on transformative environmental solutions with real-world impact, whether in biotechnology, critical materials, sustainable agriculture, or energy.

Marili Merendi, a Venture Capitalist turned Limited Partner, has joined SmartCap, Estonia’s national fund manager, as Investment Advisor for its fund-of-funds mandate.

Maido Lillemets, a legal professional with valuable experience in the financial and investment sectors, has joined SmartCap, Estonia’s national fund manager, as its new Head of Legal.

Matias Kaila, an experienced investment professional with over 20 years of expertise in leading venture capital and private equity investments in the Nordics, has joined the Supervisory Board of SmartCap, Estonia’s national fund manager.

SmartCap Defence Fund aims to increase and diversify capital supply to defence sector by investing in venture capital and private equity funds focused on military and dual-use technologies. With this goal in mind, we’re now looking for fund managers with already existing or soon to be established venture capital and private equity funds dedicated to defence industry.

SmartCap is extending the investment period of the Investment Programme for Green Technology Companies to support the continuing demand for capital among green technology start-ups. Investments will now continue until 30 June 2026.

Kristjan-Mart Piirsalu, an experienced investment manager formerly with BaltCap, has joined SmartCap, Estonia’s national fund manager, to oversee investments for the newly established Defence Fund.