SmartCap

SmartCap AS is an Estonian state-owned venture capital investment vehicle making early-stage venture capital investments. The firm was originally established in 2007-2008 as the investment arm of the Estonian Development Fund (Arengufond), and following the Estonian Development Fund's 2017 restructuring, SmartCap AS continued as a separately-operated state-backed fund-of-funds and direct-investment vehicle, now owned by the state-owned KredEx Krediidikindlustus AS (Estonia's state-run credit-insurance entity). SmartCap invests predominantly in Estonian and broader Baltic-region technology-sector companies across ICT, deep-tech, fintech, biotech, and adjacent growth-technology themes aEUR" typically as a co-investor alongside private-sector VCs rather than as a sole-lead investor. SmartCap manages Estonian state-matched co-investment funds including SmartCap Green Fund (for cleantech) and Smart Industry Fund. The firm plays a key role in supporting Estonia's leading technology-startup ecosystem which has produced Skype (acquired by Microsoft), TransferWise / Wise, Bolt, Playtech, Pipedrive, and many other global Estonian-founder-led technology companies.