TLDR:
- Antler’s Nordic Fund IIa has attracted a €5 million investment from SmartCap, along with anchor investments from EIFO and Tesi.
- The fund targets early-stage startups in the Nordic region, including Estonia, and follows Antler’s first €30 million fund launched in 2021.
SmartCap Venture Capital Fund has made a significant investment of €5 million in Antler’s Nordic Fund II, demonstrating a strong commitment to supporting early-stage startups and innovative tech investment strategies. This investment, along with anchor investments from the Export and Investment Fund of Denmark (EIFO) and Tesi from Finland, will propel Antler’s efforts to identify and support promising startups in the Nordic region, including Estonia.
Antler, a global investor, has already backed over 400 European startups in the past five years, with a focus on the Nordic countries. In 2023 alone, Antler made 140 investments, showcasing its dedication to supporting budding entrepreneurs even during economic downturns. Notably, Antler is actively working to foster diversity in entrepreneurship, with a third of its portfolio companies having at least one female founder and representing 145 nationalities globally.
The Nordic Fund II primarily targets startups in Sweden, Norway, Denmark, and Finland, with an expansion into the Estonian market. This move has been welcomed by SmartCap, with board member and fund manager Sille Pettai highlighting the potential for cross-border collaboration and deal flow across the region.
Antler’s operating model includes a 12-week accelerator residency program, where participants form teams and establish startups. Successful teams emerging from this program can receive investments of up to €300,000 to further develop their ventures. Partner at Antler, Jussi Kallasvuo, expressed excitement about Estonia’s growing tech ecosystem and the opportunity to work with SmartCap to support the next generation of Estonian tech startups.
Overall, the collaboration between Antler and SmartCap signifies a significant milestone in the development of the European tech startup scene, particularly in the Nordic region and Estonia. By combining resources and expertise, both entities aim to identify and nurture promising startups, ultimately contributing to the overall growth and innovation of the tech ecosystem.
