FirstFloor et al. back €41m series-D for Skeleton

Existing investors EIT InnoEnergy, FirstFloor Capital, MM Grupp and Harju Elekter took part in the funding round, alongside new international investors. 

The round brings Skeleton's total funding to €93m since its inception in 2009. Mergermarket reported in 2018 that the company was planning an initial public offering in 2021.

This investment will be used to further accelerate Skeleton's growth, which had seen a tripling in its revenues for the second year in a row despite Covid-19. 

Previous funding
Skeleton raised €2.2m in seed funding in April 2013, followed by a €3.9m series-A round in 2014 led by UP Invest and Estonian Venture Capital. A year later, it raised €9.8m in a series-B round led by Harju Elekter Group.

In April 2016, Skeleton received a €2.5m grant from the EU, which was followed by a €13m series-C funding round led by First Floor Capital, joined by existing investors UP Invest and Harju Elekter.

The company raised €15m in debt financing from the European Investment Bank in Feb 2017.

Company
Founded in 2009 and based in Tallinn, Skeleton is a manufacturer of ultracapacitor-based energy storage. The company currently has 100 employees. 

People
Skeleton Technologies – Taavi Madiberk (CEO, co-founder).

Advisers
Company – Ellex Raidla (legal); UBS (financial due diligence).  

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