SmartCap Defence Fund (Estonia)
SmartCap (Estonian state; Ministry of Economic Affairs and Communications)
About this opportunity
Estonia's €100M state defence fund investing in military and dual-use tech across NATO; a Baltic capital bridge for Ukrainian teams that stand up an Estonian/NATO entity. Anchored Europe's defence-only VC Darkstar.
The SmartCap Defence Fund is run by SmartCap, the state-owned fund manager under Estonia's Ministry of Economic Affairs and Communications, and channels €100M into military and dual-use companies and funds established across NATO — it anchored Europe's defence-only VC Darkstar. Because its mandate requires a NATO footprint, a Ukrainian team engages after standing up an Estonian or other NATO-country entity with no Russian or Belarusian ties.
Eligibility
€100M fund investing in NATO-country-established defence/dual-use firms and funds; a Ukrainian company needs an Estonian/NATO entity and no Russia/Belarus ties.
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Aggregated from open, public sources and collected here for Ukrainian defense & dual-use companies. Details can change — confirm the current terms on the program's own page.