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The Venture Codex

SmartCap

Sepise 7, Tallinn, Harjumaa, 11415, Estonia

Overview

Government-held fund investing in early stage venture capital funds.

Founded

2011

Deals · 12mo

7

Links

WebsiteLinkedIn

Stage focus

Seed
Series A

Geographic focus

Estonia
United Kingdom
United States

Sector focus

Finance
Financial Services
Venture Capital

Investment portfolio

32rounds
NAMEDATESIZE
Farsight Vision
Sep 2026Led
$8 MSeed
Kraken Technology
Jul 2026Participated
$175 MSeries B
Skeleton Technologies
May 2026Participated
$39 MOther Equity
SkySelect
Mar 2026Participated
$9 MOther Equity
Frankenburg Technologies
Feb 2026Participated
$35 MSeries A
PowerUP
Nov 2025Participated
$12 MSeries A
Starship Technologies
Oct 2025Participated
$50 MSeries C
Bisly
Aug 2025Participated
$5 MOther Equity
Vok Bikes
Jul 2025Participated
$6 MSeries A
Stargate Hydrogen
Mar 2025Participated
$13 MSeries A
Gridio
Jan 2025Participated
$3 MSeed
Fusebox
Jan 2025Participated
$3 MOther Equity
Farsight Vision
Sep 2026Led
$8 MSeed
Kraken Technology
Jul 2026Participated
$175 MSeries B
Skeleton Technologies
May 2026Participated
$39 MOther Equity
SkySelect
Mar 2026Participated
$9 MOther Equity
Frankenburg Technologies
Feb 2026Participated
$35 MSeries A
PowerUP
Nov 2025Participated
$12 MSeries A
Starship Technologies
Oct 2025Participated
$50 MSeries C
Bisly
Aug 2025Participated
$5 MOther Equity
Vok Bikes
Jul 2025Participated
$6 MSeries A
Stargate Hydrogen
Mar 2025Participated
$13 MSeries A
Gridio
Jan 2025Participated
$3 MSeed
Fusebox
Jan 2025Participated
$3 MOther Equity
32
Items
...
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

SmartCap: 32 funding rounds are recorded in the selected participation categories.All available history.
SmartCap: 32 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed37
Series A19
Series B01
Series C+01
Other Equity19

Monthly Deal Activity

SmartCap: 32 deals are recorded across 168 months.All available history.
SmartCap: 32 deals are recorded across 168 months. All available history
MonthDeals
Nov '121
Dec '120
Jan '130
Feb '130
Mar '130
Apr '131
May '130
Jun '130
Jul '130
Aug '130
Sep '130
Oct '130
Nov '130
Dec '130
Jan '142
Feb '140
Mar '140
Apr '141
May '140
Jun '140
Jul '140
Aug '140
Sep '140
Oct '141
Nov '140
Dec '140
Jan '150
Feb '150
Mar '150
Apr '150
May '152
Jun '150
Jul '150
Aug '150
Sep '150
Oct '150
Nov '151
Dec '150
Jan '160
Feb '160
Mar '161
Apr '160
May '160
Jun '160
Jul '160
Aug '161
Sep '160
Oct '160
Nov '160
Dec '160
Jan '171
Feb '170
Mar '170
Apr '170
May '170
Jun '170
Jul '170
Aug '170
Sep '170
Oct '170
Nov '170
Dec '170
Jan '180
Feb '180
Mar '180
Apr '180
May '180
Jun '180
Jul '180
Aug '180
Sep '180
Oct '180
Nov '180
Dec '180
Jan '190
Feb '190
Mar '190
Apr '190
May '190
Jun '190
Jul '190
Aug '190
Sep '190
Oct '190
Nov '190
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '210
Aug '210
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '232
Jul '230
Aug '230
Sep '230
Oct '232
Nov '230
Dec '231
Jan '240
Feb '240
Mar '240
Apr '240
May '240
Jun '241
Jul '241
Aug '240
Sep '241
Oct '240
Nov '240
Dec '240
Jan '252
Feb '250
Mar '251
Apr '250
May '250
Jun '250
Jul '251
Aug '251
Sep '250
Oct '251
Nov '251
Dec '250
Jan '260
Feb '261
Mar '261
Apr '260
May '261
Jun '260
Jul '261
Aug '260
Sep '261
Oct '260

Sector Breakdown

SmartCap: Clean Energy & Sustainability is the largest displayed sector by deal count (7 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

SmartCap: Clean Energy & Sustainability is the largest displayed sector by deal count (7 deals). All available history
SectorDeals
Clean Energy & Sustainability7
Food & Agriculture7
Transportation & Logistics6
Enterprise Software5
Manufacturing5
AI & Machine Learning5
Education & Workforce4
E-Commerce & Retail4
Space & Frontier Tech3
Hardware & Robotics3
Professional Services3
Government & Defense2
Data, Analytics & IT2
Consumer & Lifestyle2
Networks, Cloud & Communication2
Fintech2
Cybersecurity & Privacy1
Real Estate & Construction1
Health & Life Sciences1

Deal Size Distribution

SmartCap: 32 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

SmartCap: 32 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M16
$5M-$10M8
$10M-$25M4
$25M-$50M2
$50M-$100M1
$100M-$250M1
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

SmartCap: Europe has the largest recorded deal count among the displayed regions (29 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

SmartCap: Europe has the largest recorded deal count among the displayed regions (29 deals). All available history
RegionDeals
Europe29
United States3
SmartCap: 20 co-investors are shown, with Aconterra sharing 3 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

SmartCap: 20 co-investors are shown, with Aconterra sharing 3 recorded deals. All available history
Co-investorShared deals
Aconterra3
Inventure3
Pinorena Capital3
Soulmates Ventures3
Sunly3
2C Ventures2
Enterprise Estonia2
EstBAN2
ICOS Capital2
Metaplanet2
Plural2
Specialist VC2
Wiser Financial Advisors2
Alchemist Accelerator1
Anthemis Exponential Ventures1
Arvi Tavasti valduse1
Axon1
Axon Partners Group1
Bain Capital Ventures1
Beckers1

Investment Strategy

SmartCap: Led accounts for 16% and participating for 84% of round participation.All available history.
SmartCap: Led accounts for 16% and participating for 84% of round participation. All available history
CategoryDeals (count)Share (%)
Led516%
Participating2784%
SmartCap: Single-lead accounts for 80% and co-led for 20% of lead dynamics.All available history.
SmartCap: Single-lead accounts for 80% and co-led for 20% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead480%
Co-led120%

Team

Mikko Suonenlahti

Board Director, Shareholder

Sille Pettai

Fund Manager