On May 16, 2023, SmartCap updated the eligibility criteria Greentech Investment Programme (GTIP). According to the updated criteria, an applicant’s investors may not be with Russian or Belarussian background.
For any startup applying for an investment from SmartCap Green Fund, its existing or new investors cannot be legal entities established in Russia or Belarus or the citizens of Russia or Belarus (including the ultimate beneficiary owners of such investors).
The Eligibility Criteria regarding investment limitations is supplemented based on the guidance from relevant Estonian state authorities. This amendment does not affect principles of equal treatment, effective competition, non- discrimination, confidentiality, and transparency since no Applicant has received a positive final investment decision who does not meet this supplemented Eligibility Criteria.
The full document “Investment Programme for Green Technology Companies” can be viewed here.