Estonia's Darkstar rais €10M from the Defense Fund managed by SmartCap

The Defense Fund, managed by the national fund SmartCap, has invested  €10M in Darkstar, Estonia's first defense technology venture fund. SmartCap's investment of €10M in the Darkstar venture fund will act as an anchor investment, and private investments will bring the total size of the fund to €25M.

Darkstar is a coalition of individuals and organizations from Estonia, Ukraine, Germany, France and the UK. The fund focuses on investments in companies developing military and dual-use technologies whose products have been tested on the battlefield in Ukraine. Darkstar plans to invest in autonomous systems, air defense, electromagnetic warfare, communications, cybersecurity, sensors, and surveillance and reconnaissance systems for both unilateral and bilateral use. Darkstar is based in Estonia.

The Defense Fund, managed by SmartCap, a state-owned investment company, will focus on direct investments in defense companies and startups, as well as financing specialized venture capital funds. The fund was established in May 2024. One of the goals of the recently launched €100M defense fund is to multiply exports and revenues of the defense industry by 2030. 

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