Estonian Skeleton Technologies secures nearly €38M and is ready to become a unicorn

Tallinn-based global cleantech Skeleton Technologies has recently raised its Series D3 round with €37.8 million of equity investment. The company is close to becoming Estonia’s next unicorn with nearly a $1 billion valuation, Invest in Estonia informs.

• Founded in 2009 by Oliver Ahlberg and Taavi Madiberk, Skeleton Technologies is a global manufacturer and developer of high energy and power density ultracapacitors. According to the company, its ultracapacitors are twice as efficient as other competitors.
• The round was led by Wise co-founder Taavet Hinrikus, joined by a group of founders of Adyen, a Dutch fintech company, Benqt Wahlqvist, co-founder of battery charging specialist CTEK, Nidoco AB, and EIT InnoEnergy.
• After the D3 round, the total investments into Skeleton exceeded €200 million, and its valuation approaches $1 billion. That can make the company the tenth Estonian unicorn.
• Despite a population of 1.3 million people, the country has been the birthplace of nine unicorns so far — Skype in 2005, Playtech in 2007, TransferWise in 2015, Bolt in 2018, Pipedrive in 2020, Zego, ID.me, and Gelato in 2021. Veriff is the most recent company that became a unicorn.

“This new funding is one of the milestones allowing us to execute our long-term strategy and not to lose any speed in scaling up our manufacturing to service the rapidly growing customer demand,”

Taavi Madiberk, CEO and co-founder of Skeleton Technologies, comments on the investment.

• Skeleton will use the fresh funding to scale up the production in Saxony, Germany and continue the development of new battery technologies based on curved graphene.