SmartCap

SmartCap is a fund manager that runs three investment funds: the SmartCap Venture Capital Fund, which invests in VC funds focused on Estonia; the SmartCap Green Fund, which operates as a fund-of-funds and as a direct investor in early-stage Estonian greentech companies; and the SmartCap Defence Fund, which invests in military and dual-use technology producers and in private funds focused on defence companies within Estonia or NATO member states.

The funds target Estonian venture capital funds, startups from pre-seed to scale-up stage, greentech companies and defence producers. The Republic of Estonia is the sole unitholder of both SmartCap funds, and SmartCap is a subsidiary of the Estonian Business and Innovation Agency. The company has operated since 2011 under an activity licence issued by the Estonian Financial Supervision Authority.

SmartCap is headquartered in Tallinn. The website reports 495 investee companies, €2.22B in revenue created (2025), 3540 jobs created and €109M of tax income (2025). The Green Fund has made 16 direct investments and three fund investments, supporting 23 green technology companies. Patrik Louko became CEO in September 2026, and the management board also includes Mari Kuhi as COO.

Product: Venture capital fund management through the SmartCap Venture Capital, Green and Defence funds