SmartCap

SmartCap is an Estonian investment firm based in Tallinn, established in 2012 as an investment arm of KredEx. It specializes in early-stage venture capital investments, primarily targeting venture capital funds that focus on Estonia. With total assets under management amounting to EUR 40 million, SmartCap seeks to build strategic partnerships with leading venture capital fund managers in the region. The firm aims to validate, accelerate, and finance exceptional companies through its investments in private fund management teams.

Robert Martin

Investment Manager

Sille Pettai

Fund Manager

16 past transactions

Stargate Hydrogen

Series A in 2025
Stargate Hydrogen Solutions specializes in providing turn-key electrolysis systems for the production of green hydrogen using renewable energy sources. The company focuses on designing, implementing, and maintaining electrolyzer systems that allow clients to significantly reduce their carbon dioxide emissions by transitioning to green hydrogen as an alternative energy source. Through its innovative solutions, Stargate Hydrogen aims to support the electrification of various industries, contributing to a more sustainable future.

Gridio

Seed Round in 2025
Gridio is a developer of a virtual plant platform that transforms electric vehicles into smart energy assets. The company's technology connects with various vehicle, solar, and battery manufacturers, requiring no additional hardware. By tracking real-time energy market conditions, Gridio's platform enables efficient energy consumption, allowing electric vehicles to charge when energy is clean and affordable. This approach helps households optimize their electric bills while minimizing disruption to their daily routines. Additionally, Gridio offers smart charging solutions as a service to B2B customers through its API platform and white-label offerings, making it a leading provider of smart charging applications in the European market.

Fusebox Energy

Venture Round in 2025
Fusebox Energy is a software company that specializes in energy management solutions designed for power utilities, commercial enterprises, and various industries. Its platform integrates and optimizes distributed power resources, allowing clients to effectively manage renewable energy sources, energy storage systems, and consumption patterns. This cloud-based solution significantly reduces energy imbalances by 95%, results in cost savings of 35%, and boosts revenue by 40%. Additionally, Fusebox offers a virtual power plant-as-a-service, facilitating rapid decision-making for utilities as they navigate the complexities of balancing energy consumption and production in an environment increasingly influenced by intermittent renewable resources. Through its innovative technology, the company aims to provide its clients with a competitive advantage in the evolving energy landscape.

Elcogen

Venture Round in 2025
Elcogen is a manufacturer and developer of high-performance anode-supported Intermediate Temperature Solid Oxide Fuel Cells (IT-SOFC) and SOFC stacks, established in 2001. The company specializes in proprietary materials and technological solutions that enhance the efficiency of solid oxide fuel cells, which are recognized as the most efficient method of energy conversion. Elcogen's technology significantly reduces emissions from natural gas systems, providing twice the power for the same amount of gas. Additionally, its fuel cells facilitate renewable energy generation by converting electricity into hydrogen for long-term storage. With a focus on efficiency, flexibility, and reducing commercial costs, Elcogen aims to support industries in the transition to green hydrogen production and contribute to a cleaner energy future.

ÄIO

Series A in 2024
ÄIO is a biotechnology company focused on developing innovative, plant-based microbial oils that serve as sustainable alternatives to traditional vegetable oils and animal fats. The company specializes in cultivating microorganisms that produce beneficial fatty acids, antioxidants, and pigments, thereby creating healthy polyunsaturated fats. ÄIO's approach involves up-cycling low-value side streams through tailored fermentation processes, which not only fosters environmental responsibility but also promotes healthier consumption patterns. With a commitment to trustworthy biotechnological innovation, ÄIO aims to reshape the future of food production by providing industries with environmentally friendly lipid products that replace unsustainable ingredients like palm and coconut oil.

UP Catalyst

Seed Round in 2024
UP Catalyst is a manufacturer focused on producing sustainable carbon nanomaterials and graphite for the green energy storage industry. The company specializes in utilizing carbon dioxide through electrolysis to recycle waste materials, addressing the growing demand for graphite while ensuring environmentally friendly sourcing of carbon materials. This innovative approach enables clients to incorporate UP Catalyst's nanomaterials into various applications, including battery and supercapacitor technologies, conductive and strengthening coatings, polymer formulations, and water filtration systems. Through its commitment to sustainability, UP Catalyst aims to contribute to the development of greener energy solutions.

eAgronom

Series A in 2024
eAgronom is a company dedicated to promoting sustainable agriculture through innovative technology. Founded by Robin Saluoks, eAgronom aims to align economic interests with ecological goals to accelerate the adoption of regenerative farming practices. The company offers an online farm management system that helps farmers plan, manage, and analyze agricultural activities efficiently. This platform also guides farmers toward carbon-capturing practices and provides transparency for carbon credit buyers. With over 1,500 paying farmers using their farm monitoring and AI consulting services, eAgronom is positioned to become a leading provider of agricultural carbon credits in Europe.

Bisly

Series A in 2024
Bisly is an Estonian startup focused on creating intelligent building solutions that enhance energy management. The company has developed an automated system that optimizes energy consumption by managing heating, ventilation, air conditioning, and security systems. This technology not only provides users with detailed insights into their energy usage but also enables significant energy savings, contributing to more sustainable energy management practices. By integrating these systems, Bisly aims to improve building efficiency while making energy management more accessible and cost-effective.

UP Catalyst

Seed Round in 2023
UP Catalyst is a manufacturer focused on producing sustainable carbon nanomaterials and graphite for the green energy storage industry. The company specializes in utilizing carbon dioxide through electrolysis to recycle waste materials, addressing the growing demand for graphite while ensuring environmentally friendly sourcing of carbon materials. This innovative approach enables clients to incorporate UP Catalyst's nanomaterials into various applications, including battery and supercapacitor technologies, conductive and strengthening coatings, polymer formulations, and water filtration systems. Through its commitment to sustainability, UP Catalyst aims to contribute to the development of greener energy solutions.

Bisly

Venture Round in 2023
Bisly is an Estonian startup focused on creating intelligent building solutions that enhance energy management. The company has developed an automated system that optimizes energy consumption by managing heating, ventilation, air conditioning, and security systems. This technology not only provides users with detailed insights into their energy usage but also enables significant energy savings, contributing to more sustainable energy management practices. By integrating these systems, Bisly aims to improve building efficiency while making energy management more accessible and cost-effective.

Cuploop

Seed Round in 2023
Cuploop specializes in providing advanced reverse vending machines designed to collect and refund deposits for reusable packaging, addressing the pressing issue of plastic waste pollution. The company's innovative technology features robotic systems for efficient collection of reusable cups, making it particularly valuable for large venues such as stadiums, amusement parks, shopping centers, and event grounds. By facilitating compliance with regulations, such as the European Union's ban on single-use plastics, Cuploop aims to support businesses in creating a cleaner, healthier environment. Their solution streamlines the recycling process, ultimately benefiting both the environment and the economy.

Vok Bikes

Seed Round in 2023
Vok Bikes build heavy duty cargo bikes and rent them out to on demand delivery companies ,their couriers no surprises,no extra fees. They are Currently active in Tallinn, Vilnius, and London.

eAgronom

Venture Round in 2023
eAgronom is a company dedicated to promoting sustainable agriculture through innovative technology. Founded by Robin Saluoks, eAgronom aims to align economic interests with ecological goals to accelerate the adoption of regenerative farming practices. The company offers an online farm management system that helps farmers plan, manage, and analyze agricultural activities efficiently. This platform also guides farmers toward carbon-capturing practices and provides transparency for carbon credit buyers. With over 1,500 paying farmers using their farm monitoring and AI consulting services, eAgronom is positioned to become a leading provider of agricultural carbon credits in Europe.

Cloutex

Seed Round in 2014
Cloutex is a data logistics company that allows businesses to synchronize, move and manage their data quickly and easily. Their Google Chrome extension - Cloutex for Chrome enables users to move LinkedIn data available on public profiles into a Customer Relationship Management (CRM) platform.

Rakuten Fits Me

Series A in 2013
Rakuten Fits Me is a provider of innovative fit recommendation solutions tailored for eCommerce fashion retailers, focusing on enhancing the online shopping experience by prioritizing fit and body shapes. The company utilizes a combination of garment data and shopper-specific measurements, derived from factors such as height, weight, age, and body shape, to accurately recommend the best-fitting sizes for customers. By leveraging deep statistical analysis of extensive body scan data, Rakuten Fits Me enables its data scientists to infer precise measurements that align with individual shopper profiles. Each garment is meticulously analyzed by garment technologists, who consider various elements, including silhouette and stretch, to inform fit preferences. This personalized approach helps shoppers make informed decisions, ensuring they select clothing that fits well and meets their style expectations. Ultimately, Rakuten Fits Me stands out as a unique size and fit solution provider, aligning product data with shopper body data to deliver an optimal fit experience consistently.

Defendec

Seed Round in 2012
Defendec Inc. is a technology company specializing in wireless monitoring systems designed for remote area surveillance. Established in 2007 and based in Tallinn, Estonia, with additional offices in Helsinki, Washington, D.C., and Singapore, Defendec focuses on green perimeter monitoring through its flagship product, Smartdec. This advanced surveillance system utilizes battery-powered intelligent wireless sensors to detect intrusions, analyze data, and provide visual confirmation of alarms. Smartdec is particularly valued for its effectiveness in securing the external borders of NATO and the European Union, aiding in the prevention of international smuggling, illegal trafficking, and acts of sabotage. Its innovative technology is deployed across various sectors, including defense, infrastructure, and oil and gas, ensuring the protection of critical assets and enabling organizations to minimize risks with minimal training requirements.
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