SmartCap, an investment company, part of the Estonian Development Fund invested in autumn 2012 together with co-investor Firepower Ventures OÜ in the Estonian technology company Defendec OÜ, with up to 1.2 million euros in international potential. 

SmartCap board member Heidi Kakko says that Defendec is the perfect investment, because they offer a high-tech and internationally competitive product, and have a clear plan for international expansion and growth. "Defendec offers a clear and understandable solution to a universal problem: there are thousands of kilometres of borders and structures that are difficult or impossible to guard effectively; there is simply not enough people or money," remarked Kakko. "The problem can be solved with Defendec's sensor devices, which today are already well-established on NATO's eastern borders. SmartCap believes in this business and supports the implementation of an ambitious business plan."

AS SmartCap is a subsidiary of the Estonian Development Fund, which operates as a venture capital fund management company under the Investment Funds Act. 


Captium Oy is a development and advisory company involved with business development in Scandinavia, Europe, the Middle-East, South-East Asia and North America.  The company has experience in a broad range of industries, creating value from implementing change and turnarounds.  Captium designs and implements major organic change and M&A programs for both its clients as well as co-investor in underperforming, distressed operations or spin-offs, where it engages actively in leading the transformation, the re-focusing strategy and improving the performance of the firm.  Captium also invests in SME's requiring strong development as well as in interesting start-ups. The defence and security sector is one of Captium’s focus areas, where it presently has several industrial holdings and advisory engagements. Captium's Finnish HQ is located on the Coast Guard island of Fagerholm.   

Defendec signed in 2009 an investment contract with WNB project and Spring Capital to ensure additional funding for the company.

A trustworthy team, strong product and extremely clear vision paired with an action plan are what solidified our decision", said Ivar Siimar, member of the advisory board of WNB Project. Henri Treude, member of the management board of Spring Capital, the second investor in the project, says that this technology developed by Estonians has extremely strong potential. "It is a technology with extremely wide usage possibilities, and could be applied anywhere in the world.  The company has strong development and sales teams, the first product has high quality, and we are glad to be witnessing successful development of such a project", Treude commented on the reasons behind the investment decision.

WNB Project is a venture capital firm established in 2007 located in Tallinn that invests in innovative start-up companies with a strong growth potential and talented management team.  Additionally, the firm provides investment management services for private and corporate investors.  It operates without geographical or industry-sector limitations.  WNB Project's current portfolio includes various regional investments, including two projects funded in cooperation with the Estonian Development Fund.

Spring Capital is an investment firm established in 2008 located in Tallinn that allocates resources to small and medium-sized projects requiring venture capital. The company provides financial support as well as practical experience.  Spring Capital focuses on projects that possess a strong business plan and management team.