Estonia is launching a new government fund for Tallinn startups, the country’s Economy Ministry announced over the weekend. The new Fund of Funds will put cash into three venture capital pools across the country for Angels, other VCs and expansion.
The European Investment Fund (EIF) and Estonian venture hub KredEx are adding more than their two cents to the pot. EIF will manage the Estonian government’s share, €48 million, while adding its own €12 million thanks to infusions from the European Fund for Strategic Investments (EFSI). This is the first “fund of funds” in the Baltics where the EIF co-invested, something previous rules did not allow for when it helped manage funds in Latvia and Lithuania.
