Up Invest leads €3.9m Skeleton Tech round

The round marks the second tranche of series-A financing, with the total amount raised over the two-part series-A at €3.9m. The first tranche took place in April 2013, when Skeleton raised €2.2m.

Up Invest holds a 5% stake in the business, according to its website.

The capital will allow Skeleton to bolster its sales and marketing efforts, as well as scale up its production facilities. The company has plans to build ultracapacitor manufacturing plants in Bautzen and Radeburg in Germany.

According to Skeleton CEO Taavi Madiberk, total investment for the plans will reach €13.6m and will be supported by the Saxonian Development Bank.

Up Invest is a Tallinn-headquartered private equity firm that invests in both buyouts and venture capital funding rounds. Established in 2012, the firm currently has a portfolio of nine businesses, including Estonian ice cream retailer Jäätisekohviku and Baltic media group Eesti Meedia.

Company
Founded in 2009, Skeleton is headquartered in Bautzen, Germany, with its research and development facility located in Lubja in northern Estonia.

Skeleton develops ultracapacitors, which are a type of electrochemical capacitor, for the industrial, automotive, defence and renewable energy industries.

Clients include the European Space Agency. The company employs 28 staff.

People
Taavi Madiberk is the CEO of Skeleton; he co-founded the company alongside COO Oliver Ahlberg. Kristjan Vilosius is a managing director at Up Invest.

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• DACH
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