Estonia's Smartcap scores new investment advisor: 'Strong addition to our team'

Marili Merendi already has a strong reputation within the impact and VC worlds. She joins Smartcap from Ambient Sound Investments, an Estonian private equity firm which has invested in a range of impact startups including Baltic renewable energy company Nelja Energia, and Estonia's leading electric car seller and rental firm, Eleport. Merendi's investment experience also includes working with deep tech startups.

At Smartcap, a subsidiary of Estonia's state-funded innovation agency, she will contribute to the agency's fund-of-funds strategy (funds which invest in other investment funds).

In a post on LinkedIn Merendi writes that she is particularly grateful to be working across "climate and defense-focused mandates—especially as SmartCap stands out as one of the few institutional LPs (limited partners) in Europe investing in both dual-use and military innovation to tackle today's security challenges."

Estonia's SmartCap oversees multiple investment vehicles, including three key funds: the primary SmartCap Venture Capital Fund, a dedicated Green Fund, and a specialised Defence Fund.

"Marili's deep expertise in venture capital and her hands-on experience in closing investment deals with top-tier global funds make her a strong addition to our team," Sille Pettai, CEO of SmartCap said in a news release.

Marili's comment in the news release was: "SmartCap's broad mandate and diverse portfolio, from green tech to military innovation, make it a unique player in the investor landscape."

The investment advisor's previous employer Ambient Sound Investments is a private asset management partnership established in 2003 by four of the founding engineers of Skype. Here, she was responsible for a private markets' fund-of-funds investment strategy and allocation globally.

Merendi's new appointment comes amid surging investment in European defense technology, driven by heightened security concerns and increased defense spending across the continent. The European Defence Fund has committed €8 billion to defense research and development through 2027, while private investment in military technology startups has also grown significantly since 2022. Estonia, with its strong digital infrastructure and proximity to NATO's eastern flank, has positioned itself as a key hub for defense innovation.