Estonian startup Skeleton Technologies has raised €41.3 million ($48.5 million) in Series D financing round, bringing its total capital raised to over €93 million ($109 million).
New investors include leading European industrial investors and a group of entrepreneurs "that grew payments company Adyen from its inception to successful IPO", according to reports from Skeleton. In addition, all existing investors in the company joined the equity raise: EIT InnoEnergy – early investors in European gigafactory startup Northvolt — FirstFloor Capital, MM Grupp and Harju Elekter.
This investment will further accelerate Skeleton's growth, after just 2 months ago, the Company signed a €1 billion letter of intent with a leading automotive manufacturer to bring the technology to market.
Skeleton’s products are already on the market and, despite COVID-19, the company will reportedly see three-fold revenue growth for the second year in a row.
Taavi Madiberk, CEO and co-founder of Skeleton Technologies, stated: “The momentum for energy transition and decarbonization of the economy is stronger than ever. I am proud to see that our investors strongly believe in our vision and we now have new world-class mix of industrial companies and experienced startup leadership behind us. Their experience will now help us scale and aggressively grow. We have the right products to capture a dominant market share in the ultracapacitor industry globally.”
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