SmartCap's Green Fund increases investment amount to €5M for later-stage startups

SmartCap’s Green Fund increases the amount of investment per startup, which now will range from €500K to €5M. Additionally, the fund will change its focus from early-stage startups to later-stage startups. For instance, SmartCap’s Green Fund will begin to support companies that are raising Series C. The fund is interested in the startups that have achieved a certain turnover to contribute to their growth, further development of the product and services, and international expansion.

The fund will continue to invest with private capital owners, with the condition that private money accounts for at least half of the funding round, while at least 30% must be new private capital for the startup.

Technology companies should operate in the energy, agriculture, food industry, transport and logistics, material and chemical industries, and environmental sectors. SmartCap will focus on companies that are primarily engaged in the development of non-software solutions and aim to achieve the goals of the green transition. The companies must be established and operate in Estonia.

SmartCap Green Fund is a part of SmartCap, the investment firm, established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. A €100M SmartCap Green Fund supports early-stage Estonian green technology companies – through dedicated venture capital funds and direct investments in companies until 2026. It aims to invest up to €20M as equity or convertible instruments until the end of 2024.