Until recently, more than a quarter of a billion in public funds was still in SmartCap’s funds, awaiting investment
13.08.2026
TALLINN, 13 August 2026 – The overview by the National Audit Office shows that the state has channelled hundreds of millions of euros into the venture capital funds of SmartCap, a subsidiary of the Estonian Business and Innovation Agency, for which investment opportunities are only starting to be looked for. Whilst the money has been held in the fund’s fixed-term deposit pending investment, the Ministry of Finance has had to lend to cover the State Treasury’s day-to-day expenses. This is an example of inefficient use of funds. Late last year, the available funds for the future investments and expenditures of SmartCap’s funds amounted to €261 million.
