SmartCap is Estonia's state-backed fund manager that provides cornerstone investments into private venture capital funds to develop the local VC market and support innovative Estonian companies with global potential. It manages multiple alternative investment funds spanning venture capital, greentech, and defence/dual-use technology sectors.
32% of their portfolio is in Climate & Energy. Deal activity increased 50% year-over-year (3 deals in the last 12 months). Average disclosed round size is $52.1M (across 9 rounds with reported amounts).
Portfolio
23
Fund Size
$108M
Top Stage
Seed
Last 12 Mo
3
Team
BM
Brandon Morrow
Managing Partner
KJ
Karl Järvsalu
Investment Manager
MM
Marili Merendi
Investment Advisor
RM
Robert Martin
Investment Manager
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
25 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Skeleton Technologies | Ipo | — | May 2026 |
| FFrankenburg Technologies | Series A | — | Feb 2026 |
 Farsight | Seed | — | Jan 2026 |
 PowerUP Energy Technologies | Series A | — | Nov 2025 |
 Vokbikes | Series A | — | Jul 2025 |
 GridIO | Seed | — | Jan 2025 |
 Starship Technologies | Series C | $50M | Jan 2025 |
 Starship | Series C | $50M | Jan 2025 |
 UP Catalyst | Seed | $2.4M | Aug 2024 |
| UP Catalyst | Seed | — | Dec 2023 |
 Paul-Tech | Seed | — | Oct 2023 |
 Monese | Series A | $10M | Jan 2017 |
 VitalFields | Series A | $1.2M | May 2015 |
 Lingvist | Unknown | — | Apr 2014 |
| VitalFields | Seed | — | Jan 2014 |
 RealEyes | Unknown | $3.2M | Jan 2013 |
 Fusebox | Unknown | — | — |
 ÄIO | Unknown | — | — |
 Bisly | Unknown | — | — |
 Stargate Hydrogen | Series A | — | — |
 Cuploop | Unknown | — | — |
 Farsight Vision | Seed | — | — |
| KKraken Technology Group | Series B | $175M | — |
 Scoro | Seed | $1.9M | — |
 Kraken Technology | Series B | $175M | — |
Top Co-Investors
Plural Platform3 shared
Tera2 shared
Warsaw Equity Group2 shared
Extantia2 shared
Little Green Fund2 shared
European Investment Bank2 shared
Sunly2 shared
Metaplanet2 shared
TMT Investments2 shared
Skaala2 shared
Latitude2 shared
Coefficient Capital2 shared
2C Ventures2 shared
Speedinvest2 shared
Supernova Invest2 shared
Notion Capital2 shared
British Business Bank2 shared
Hakluyt Capital2 shared
Aster Capital1 shared
Seedcamp1 shared
Last updated: 20 October 2026