SmartCap announced on September 6th a Call for Expressions of Interest (Call) to find up to two private fund managers, who would establish green technology investment funds to which SmartCap Green Fund will make a cornerstone investment of 20 million euros each.

The principal investment objective of the two new funds, to which SmartCap Green Fund will make a cornerstone investment, is to support early-stage greentech companies with high growth potential in strategic areas that are established and operating in Estonia. SmartCap expects fund managers to raise additional private capital in addition to SmartCap’s anchor investment.

The application process was closed as of 23 December 2022. The initial evaluation process is expected to take place during the Q1 2023, while the final selection of the fund managers is expected to fall into the end of the summer of 2023.

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