Taavi Madiberk's defense industry startup Frankenburg Technologies received 4 million euros in funding, half of which came from a shareholder registered in the Cayman Islands.
The investment came in equal parts from two companies, Blossom Capital II LP, a fund registered in Guernsey, and Shellona, based in the Cayman Islands, BalticVC reported.
In November last year, the company raised 1.5 million euros from Shellona. At the time, Frankenburg Technologies board member Kusti Salm confirmed to Äripäev that it was a reliable investor in the European defense industry. “Due to the agreement with the investor and based on the principle of confidentiality of the investor relationship, we cannot provide additional information about the investor in question at this stage,” Salm noted at the time.
After the November transaction, the company’s value increased to 55 million euros. After the latest financing round, it increased to 150 million euros, BalticVC reported.
The company’s owners include the company’s founder Taavi Madiberk and, through their holding companies, also Margus Linnamäe, Kuldar Väärsi, Marko Virkebau and Jaanus Tamm.
Founded by Taavi Madiberk at the beginning of last year, Frankenburg Technologies develops and manufactures innovative and mass-produced air defense systems, including missiles. The company has taken on the task of developing missile systems that are ten times cheaper, one hundred times faster to produce, and whose quantities far exceed the current capabilities of the industry.
The company designs and manufactures small-scale missiles using rapid prototyping and adaptive printing methods, BalticVC introduces. It also uses readily available parts found in phones and household appliances. Frankenburg Technologies missiles are designed to combat drones and can shoot down targets at altitudes of up to 2 km.
Frankenburg Technologies currently operates in Ukraine, Latvia, Lithuania, and Estonia.
The members of the Frankenburg Technologies board are Taavi Madiberk, Marko Virkebau, and Major General Veiko-Vello Palm. The company's CEO is former Secretary General of the Ministry of Defense Kusti Salm.
In November last year, the company raised 1.5 million euros from Shellona. At the time, Frankenburg Technologies board member Kusti Salm confirmed to Äripäev that it was a reliable investor in the European defense industry. “Due to the agreement with the investor and based on the principle of confidentiality of the investor relationship, we cannot provide additional information about the investor in question at this stage,” Salm noted at the time.
After the November transaction, the company’s value increased to 55 million euros. After the latest financing round, it increased to 150 million euros, BalticVC reported.
The company’s owners include the company’s founder Taavi Madiberk and, through their holding companies, also Margus Linnamäe, Kuldar Väärsi, Marko Virkebau and Jaanus Tamm.
Founded by Taavi Madiberk at the beginning of last year, Frankenburg Technologies develops and manufactures innovative and mass-produced air defense systems, including missiles. The company has taken on the task of developing missile systems that are ten times cheaper, one hundred times faster to produce, and whose quantities far exceed the current capabilities of the industry.
The company designs and manufactures small-scale missiles using rapid prototyping and adaptive printing methods, BalticVC introduces. It also uses readily available parts found in phones and household appliances. Frankenburg Technologies missiles are designed to combat drones and can shoot down targets at altitudes of up to 2 km.
Frankenburg Technologies currently operates in Ukraine, Latvia, Lithuania, and Estonia.
The members of the Frankenburg Technologies board are Taavi Madiberk, Marko Virkebau, and Major General Veiko-Vello Palm. The company's CEO is former Secretary General of the Ministry of Defense Kusti Salm.
No replies