Estonia, Funds, Investments, Legislation, Technology

The transfer is part of a broader consolidation as a result of which Startup Estonia, as well as the investment fund Smartcap, will be transferred from the Development Fund to Kredex, the state-run agency said.

Consolidation of the activities of Kredex, Startup Estonia and Smartcap is a natural development as all the initiatives serve the same purpose, head of Kredex Lehar Kutt said.

"When it comes to early phase companies, investors' contribution to development in the form of knowledge and contacts is as least as important as funds. This role has until now been performed well by Smartcap. In the future even broader opportunities will be available to entrepreneurs thanks to new accelerators and cooperation programs, and also subfunds to be launched under Estfund," he added.

Kredex is set to launch several new programs targeting start-ups in the second half of this year.