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Estonia backs Europe’s first defence-only VC fund with €10M investment — Invest in Estonia

Estonia is making yet another big bet on the future of European defence. Tallinn-based Darkstar, which bills itself as Europe’s first dedicated defence-focused venture capital fund, has just secured €10M from Estonia’s SmartCap Defence Fund. The fund departs from traditional venture capital’s focus on fintech startups and SaaS platforms. Instead, Darkstar is hunting for what partner Ragnar Sass calls “what works under fire.” The €25M fund, ancho…
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Invest in Estonia broke the news in on Monday, July 14, 2025.
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