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.
44% 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 $20.8M (across 3 rounds with reported amounts).
Portfolio
15
Fund Size
$108M
Top Stage
Seed
Last 12 Mo
2
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
16 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| FFrankenburg Technologies | Series A | — | Feb 2026 |
 PowerUP Energy Technologies | Series A | — | Nov 2025 |
 Vok Bikes | Series A | — | Jul 2025 |
 Gridio | Seed | — | 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 | Seed | — | Jan 2014 |
 Fusebox | Unknown | — | — |
 Starship Technologies | Unknown | $50M | — |
 Äio | Unknown | — | — |
 Bisly | Unknown | — | — |
 Stargate Hydrogen | Series A | — | — |
 Cuploop | Unknown | — | — |
 Farsight Vision | Seed | — | — |
Top Co-Investors
Extantia2 shared
Plural Platform2 shared
2C Ventures2 shared
Aster Capital1 shared
Seedcamp1 shared
Anthemis1 shared
Korea Investment Partners1 shared
HSBC1 shared
Warsaw Equity Group1 shared
Little Green Fund1 shared
Sunly1 shared
Specialist VC1 shared
Metaplanet1 shared
Scalewolf1 shared
TMT Investments1 shared
Soulmates Ventures1 shared
Rockstart1 shared
Morpheus Ventures1 shared
Skaala1 shared
Latitude1 shared
Last updated: 8 September 2026