INVESTOR / DATA TO 30 SEPTEMBER 2026
SmartCap
4 venture rounds in the first 9 months of 2026, at 4 companies in 2 countries.
SmartCap is an investor headquartered in Estonia.
The scope is Central and Eastern Europe: every venture round since January 2024 at startups from the ten CEE countries our funding reports cover, in which public sources name SmartCap as an investor. Rounds we have seen outside CEE are listed separately, under the table. It is built from the same record as our quarterly funding reports, and updated with them.
At a glance
SHOW DATA
| Row | Pre-seed | Seed | Series A | Growth | Total |
|---|---|---|---|---|---|
| 2024 | 0 | 1 | 2 | 1 | 4 |
| 2025 | 0 | 2 | 4 | 1 | 7 |
| 9M 2026 | 0 | 0 | 3 | 1 | 4 |
9M 2026 runs to 30 September 2026.
| Investor | Rounds together |
|---|---|
| 2C Ventures | 2 |
| Pinorena Capital | 2 |
| Soulmates Ventures | 2 |
Investors in two or more of the same rounds.
Countries and sectors
A company counts where it is headquartered, or where it started if it later moved abroad.
SHOW DATA
| Row | 2024 | 2025 | 9M 2026 |
|---|---|---|---|
| Energy and climate | 4 | 7 | 1 |
| Mobility and logistics | 1 | 2 | 3 |
| Hardware and robotics | 2 | 3 | 1 |
| AI | 0 | 2 | 2 |
| Defence and security | 0 | 0 | 3 |
| Food and agri | 2 | 0 | 0 |
| Real estate | 1 | 1 | 0 |
| Health and bio | 1 | 0 | 0 |
| Enterprise software | 0 | 1 | 0 |
A company can sit in several sectors, so sector counts overlap. Other: no sector on record.
Every round on record
Newest first. SmartCap led 2 of them. Each company links to the announcement of the round.
| Company | Country | Month | Stage | Round size | Led | Co-investors |
|---|---|---|---|---|---|---|
| Skeleton Technologies | Estonia | May 2026 | Growth | €33m | Axon Partners Group, Taiwania Capital | |
| SkySelect | Estonia | Mar 2026 | Series A | €8.2m | Lux Capital, Bain Capital Ventures, Rock Creek Group, Verb Ventures | |
| Farsight Vision | Ukraine | Feb 2026 | Series A | €7.2m | Yes | Axon, Anker Capital, Radix Ventures, Darkstar, Final Frontier (Space & Defence VC), Resist.UA |
| Frankenburg Technologies | Estonia | Feb 2026 | Series A | €30m | Lakestar, Plural | |
| PowerUp Energy Technologies | Estonia | Nov 2025 | Series A | €10m | ScaleWolf, Mercaton Investment Group | |
| Bisly | Estonia | Aug 2025 | Series A | €4.3m | Aconterra, Pinorena Capital, 2C Ventures | |
| Vok Bikes | Estonia | Jul 2025 | Series A | €5.1m | SQM, Sunly Startup, MetaPlanet, Specialist VC | |
| Stargate Hydrogen | Estonia | Mar 2025 | Series A | €11m | UG Investments, GIGA Venture | |
| Elcogen | Estonia | Jan 2025 | Growth | €5.0m | Yes | - |
| Fusebox Energy | Estonia | Jan 2025 | Seed | €2.6m | PKO Bank Polski, Eneco Ventures, Soulmates Ventures | |
| Gridio | Estonia | Jan 2025 | Seed | €2.4m | Encevo | |
| ÄIO | Estonia | Sep 2024 | Series A | €6.1m | Voima Ventures, Nordic FoodTech VC, 2C Ventures | |
| UP Catalyst | Estonia | Aug 2024 | Seed | €2.4m | Warsaw Equity Group | |
| eAgronom | Estonia | Jul 2024 | Growth | €10m | Icos Capital, Swedbank, Soulmates Ventures | |
| Bisly | Estonia | Jun 2024 | Series A | €6.2m | Pinorena Capital, Urvo Männama, Paul Kristian Padrik |
Exits
Companies SmartCap backed that were sold or listed, or where a new investor bought out the earlier ones. Each links to its announcement.
No exits on record.
How this list is made
- A round is listed when a company, investor or press announcement, or a startup database, names SmartCap among its investors. Each listed round links to its announcement where one is on record.
- Amounts are the size of the whole round, not the part SmartCap invested. Amounts are in euros, converted at about 1.10 US dollars to the euro.
- Stages follow the funding reports: the label the company announced, placed by size where the label clearly does not fit.
- Rounds that were never announced, or that do not name their investors, are not here, so the list is a floor.
The whole market: CEE startup funding report. Next update: January 2027.
Raising pre-seed or seed in CEE
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