Investors / Estonia / SmartCap
SmartCap
Investor · Tallinn, Estonia · Europe
SmartCap is a state-owned fund manager that runs three investment funds: a venture capital fund-of-funds, a green technology fund, and a defence fund. It is a subsidiary of the Estonian Business and Innovation Agency and has operated since 2011 under a licence from the Estonian Financial Supervision Authority.
Invests inAI & Machine LearningFintech
In its own wordsgreentechdefencedual-usefund-of-fundsventure-capitalestonia
Your fit with SmartCap
Four questions about your startup
See how your round matches what it backs, point by point.
Or find every investor that fitsSmartCap lists 34 checked portfolio companies on its own site and is named in 13 funding rounds. Its most frequent entry is Series A, 60% of the companies with a known first round. Its largest themes are AI & Machine Learning (30%), Fintech (17%) and Industrial & Manufacturing (11%). 63% of its companies are based in Estonia. It invests most often alongside Specialist VC, Superangel and Metaplanet.
Counts come from funding rounds that name SmartCap, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Round figures show recent activity, not SmartCap's whole history. Rounds on record name 13 companies; its own site lists 34. Funding rounds are complete from mid-2025, so counts and the yearly trend undercount a firm that invested before then. The portfolio, themes and places come from its own site and are not affected.
Entry stage
share of companies by the stage of its first roundShow as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 20% |
| Series A | 60% |
| Series B | 0% |
| Growth | 20% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 0 | 0 |
| '21 | 0 | 0 |
| '22 | 0 | 0 |
| '23 | 0 | 0 |
| '24 | 0 | 0 |
| '25 | 9 | 0 |
| '26 | 4 | 0 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 72th | 34 companies |
| Recent activity | 82th | 4 rounds in 12 months |
| Early stage | 58th | 20% of entries at pre-seed or seed |
| Evidence | 98th | 38% of companies confirmed by a round |
| Sector focus | 51th | 30% in its largest sector |
| Reach | 93th | 9 countries |
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| AI & Machine Learning | 30% | 18% |
| Fintech | 17% | 12% |
| Industrial & Manufacturing | 11% | 7% |
| E-commerce & Marketplaces | 8% | 6% |
| Education | 8% | 7% |
| Space & Defense | 6% | 3% |
| Healthcare & Biotech | 5% | 15% |
| Cybersecurity | 5% | 4% |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Specialist VC | 5 |
| Superangel | 5 |
| Metaplanet | 3 |
| Creative Destruction Lab | 2 |
| Opus11 VC | 2 |
| Plural | 2 |
| Soulmates Ventures | 2 |
| Startup Wise Guys | 2 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers34100%
- No longer answers00%
- Points to another company00%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Co-investor network
who it backs companies with, and who they back togetherCompare SmartCap head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Funds
as stated on its siteRecent portfolio activity
when companies last raised with SmartCap| Date | Company | Stage |
|---|---|---|
| 7 May 2026 | Series C+ | |
| 12 Mar 2026 | Round | |
| 24 Feb 2026 | Series A | |
| 13 Feb 2026 | Seed | |
| 1 Oct 2025 | Series C+ | |
| 18 Aug 2025 | Series A | |
| 6 Aug 2025 | Series A | |
| 2 Jul 2025 | Series A |
Round details for SmartCap
Amounts, full round histories and every co-investor in SmartCap's rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
34 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| The company invests in early-stage clean tech startups. | Climate & Energy | Portfolio page | ||
| The company develops and produces sustainable and healthier alternatives to palm oil, coconut oil, and animal fats using microbial fermentation. | Food & AgricultureHealthcare & Biotech | Portfolio page | ||
| Antler is a global early-stage VC investing in the world's best founders from first check to IPO. | FintechAI & Machine Learning | Feb 2025Round | Page + round | |
| Bisly provides building automation solutions, including scalable building automation, room automation, and energy monitoring. | Real Estate & ConstructionIndustrial & Manufacturing | Aug 2025Series A | Page + round | |
| Cuploop provides smart return kiosks with instant deposit refund for reusable cups | Space & Defense | Portfolio page | ||
| A specialist venture fund investing in military technology at pre-seed and seed | AI & Machine LearningCybersecurity | Portfolio page | ||
| DTCP Defence Fund I invests in technologies underpinning Europe's resilience, security and strategic autonomy | CybersecurityAI & Machine Learning | Portfolio page | ||
| eAgronom enables companies to achieve sustainability goals while supporting farmers in generating revenue and improving soil quality | AI & Machine LearningAI & Machine Learning | May 2025Series A | Page + round | |
| The company provides financing to businesses and infrastructure projects in Europe. | FintechE-commerce & Marketplaces | Portfolio page | ||
| Elcogen develops proprietary solid oxide components for fuel cell and electrolyser systems, enabling efficient zero-emission power generation and green hydrogen production | EducationIndustrial & Manufacturing | Portfolio page | ||
| Farsight Vision enhances situational awareness and streamlines data processing with its products | Robotics & HardwareAI & Machine Learning | Feb 2026Seed | Page + round | |
| Fractory provides metal fabrication services, including various cutting, machining, and assembly processes, to engineering businesses. | Industrial & ManufacturingAI & Machine Learning | Portfolio page | ||
| Frankenburg Technologies builds affordable, mass-manufacturable guided interceptor missile systems designed for the scale of modern aerial threats. | AI & Machine LearningAI & Machine Learning | Feb 2026Series A | Page + round | |
| Fusebox provides a SaaS platform for virtual power plant and energy management system | EducationE-commerce & Marketplaces | Jan 2025Round | Page + round | |
| Gridio automatically charges electric cars based on energy tariffs and excess solar by connecting to car manufacturers' official cloud services. | EducationE-commerce & Marketplaces | Jan 2025Seed | Page + round | |
| Kraken Technology designs and builds autonomous maritime platforms for various applications, including defence, security, and commercial operations. | AI & Machine LearningAI & Machine Learning | Portfolio page | ||
| The NATO Innovation Fund is a venture capital firm that invests in and champions deep tech, dual-use companies across the 24 NATO countries | FintechAI & Machine Learning | Portfolio page | ||
| The company transforms cutting-edge research into thriving startups by investing in science-based startups that tackle global challenges head-on. | Healthcare & BiotechEducation | Portfolio page | ||
| Norrsken Evolve invests in founders and visionaries who will redefine how we generate energy, rebuild manufacturing, move goods, construct buildings, produce food, treat our sick, secure our information, protect democracy, and safeguard our societies from climate disruption. | FintechSpace & Defense | Aug 2025Series A | Page + round | |
| Paul-Tech supports farmers, agronomists and agricultural businesses in making confident, data-driven fertiliser decisions. | AI & Machine LearningAI & Machine Learning | Portfolio page |
About this data
site last read 11 Nov 2026- Site
- smartcap.ee
- Last read
- 11 Nov 2026
- Watching since
- 8 Nov 2026
- Rounds since
- 20 Jan 2025
- Companies checked
- 34
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
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