The Estonian fund management company SmartCap Venture Capital has invested €5 million in Antler Nordic Fund II. The investment will strengthen the fund’s commitment to early-stage startups and innovative tech investment strategies. Export and Investment Fund of Denmark (EIFO) and Finland’s Tesi also backed the fund.

  • In the last five years, Antler has supported over 400 European startups, especially across the Nordics. With 140 investments in 2023 alone, Antler is one of the few early-stage VC firms that has increased its rate of investment during the downturn. Antler is also actively removing barriers to entrepreneurship and is committed to supporting a new generation of diverse founders.
  • The first Antler’s fund was launched in 2021 and was valued €30 million.

About Nordic Fund II

  • Nordic Fund II primarily targets the Nordic region, covering Sweden, Norway, Denmark, and Finland, and it has now entered the Estonian market. 
  • Antler’s operating model is based on 12-week accelerator residency, where participants form teams and establish startups. Successful teams that emerge from the residency receive an investment of up to €300,000 to help propel their startups to the next stage.
Tobias Bengtsdahl, Micheal Wiatr, and Antti Törmänen from Antler Smartcap Investment Manager Karl Järvsalu and Jussi Kallasvuo from Antler
Image by SmartCap:
Tobias Bengtsdahl, Micheal Wiatr, and Antti Törmänen from Antler
Smartcap’s Investment Manager Karl Järvsalu and Jussi Kallasvuo from Antler

SmartCap Venture Capital Fund has invested €5 million in the fund, strengthening its commitment to early-stage startups and innovative tech investment strategies. The fund has also received anchor investments from the Export and Investment Fund of Denmark (EIFO) and Tesi from Finland.

Estonia has consolidated its position as one of the most exciting tech ecosystems in Europe. It has produced some of Europe’s fastest growing tech companies and Tallinn is home to more unicorn founders than established tech hubs like Manchester, Madrid and Copenhagen.

Antler is a global investor committed to supporting the best founders around the world and we are very excited to work with SmartCap to back a new generation of Estonian tech startups,

Jussi Kallasvuo, Partner at Antler, said.