Siena Secondary Fund acquires a stake in Estonian energy storage company Skeleton Technologies

Siena Secondary, Tallinn-based VC fund focused on startups from the CEE & Nordics, has acquired a stake in Skeleton Technologies. The deal details were not disclosed.

  • Siena Secondary Fund is Estonian VC investment fund founded in early 2021. It focuses on secondary market transactions in high-growth late-stage startups by providing liquidity to early investors, employees and founders. Siena Secondary Fund has raised funds from over 80 investors.
  • Earlier, it has acquired stakes in several well-known scale-ups such as Bolt, Testlio, Starship Technologies, Veriff, Kry, TransferGo, Printify, Ōura Ring, and Booksy.
  • Skeleton Technologies was established by Oliver Ahlberg and Taavi Madiberk. It is a global manufacturer and developer of energy and power density ultracapacitors. Skeleton is currently ramping up manufacturing of its supercapacitors’ product line for the SuperBattery technology, slated for future mass production.

“As we move towards a more sustainable future, Skeleton Technologies’ cutting-edge solutions will play a pivotal role in reshaping how we store and utilize energy. We are excited to be part of this journey,”

said Lauri Isotamm, General Partner of Siena Secondary Fund.
  • Since launching, Skeleton has attracted more than €200 million capital. The previous investment of €108 million was made by Siemens, Marubeni, European Investment Bank, Taavet+Sten, and several corporate investors. It aims to accelerate the product development and finance the manufacturing expansion of the SuperBattery.