About Arengufond

Estonian Development Fund is a state-run public institution, the aim of which is to support the development of the Estonian economy. To achieve this, we invest into innovative Estonian companies and support the birth of such companies.

Development Fund is a public institution established by the Estonian Parliament and it acts on the basis of the Development Fund Act.

The aim of the Development Fund is to support positive change in the Estonian economy through investment activities, development monitoring and growth programmes:


We invest into innovative, ambitious companies with great potential through our subsidiary SmartCap. The aim of the investment activities of the Development Fund is to facilitate the birth of such companies and to support the growth of a venture capital market.  There are 20 companies in the portfolio of the Development Fund and SmartCap.

Monitoring and growth programmes

Development Fund’s monitoring and growth programmes are designed to support investment decisions and the growth of entrepreneurship in society. Our monitoring programmes focus on the following areas: