TLDR:
- SmartCap Venture Capital Fund invests €5M in Antler’s Nordic Fund II to support early-stage startups
- Antler’s Nordic Fund II focuses on the Nordic region and is expanding into Estonia
Estonia-based SmartCap Venture Capital Fund has made a €5M investment in Antler’s Nordic Fund II to bolster its backing for early-stage startups and innovative tech investments. Antler, known as one of Europe’s leading early-stage VC firms, has previously supported over 400 startups across Europe, with a particular focus on the Nordic region. The Nordic Fund II, which received anchor investments from EIFO and Tesi, marks Antler’s second major effort in the Nordic market. It aims to concentrate on countries like Sweden, Norway, Denmark, Finland, and now Estonia.
SmartCap, a subsidiary of Enterprise and Innovation SA, operates under an Estonian Financial Supervision Authority license since 2011. The firm, through its two main funds – SmartCap Venture Capital Fund and SmartCap Green Fund, focuses on boosting Estonia’s venture capital market. The Venture Capital Fund extends support to VC funds and Estonian startups eyeing global expansion, while the Green Fund invests in Greentech-focused VC funds and direct Greentech companies. By fostering innovation, investing across economic cycles, and bridging market gaps in Estonia’s startup ecosystem, SmartCap aims to drive the growth of promising tech enterprises.
Antler runs a 12-week accelerator program where participants collaborate to launch startups, receiving potential investments of up to €300K to accelerate their growth. The firm has shown a proactive approach in supporting diverse entrepreneurship, with a notable third of its portfolio companies led by female founders and founders from 145 different nationalities worldwide. Antler aims to extend its innovative model to Estonia, highlighting the country’s thriving tech ecosystem. Moreover, Estonia has emerged as one of the most vibrant tech landscapes in Europe, with Tallinn hosting a considerable number of unicorn founders.
This strategic investment by SmartCap in Antler’s Nordic Fund II showcases a commitment to nurturing and supporting the next generation of Estonian tech startups, enabling cross-border collaborations and deal flow across the Nordic and Estonian markets. By leveraging the expertise and resources of both parties, this partnership aims to spur the growth of early-stage tech ventures, foster innovation, and drive economic prosperity in the region.
