Estonian defense industry company Frankenburg Technologies raises €1.5M from Shellona
Tallinn-based Frankenburg Technologies, the defense industry company of Taavi Madiberk (founder of Estonian supercapacitor designer Skeleton Technologies), has raised €1.5M from Shellona, registered in the Cayman Islands. After the deal, the company's valuation increased to €55M.
Shellona received a 2.75% stake in Frankenburg Technologies. Taavi Madiberk owns 64.18%, MM Grupp of Margus Linnamäe - 23.7%, ex-chief of Estonian Defence Forces Kuldar Väärs - 4.99%, co-founder of Estonian renewable energy equipment manufacturer Stargate Hydrogen Marko Virkebau - 3.38%, and Jaanus Tamme - 1.01%.
Founded in Tallinn in 2024 by Taavi Madiberk, Frankenburg Technologies develops and produces innovative and mass-ready air defense systems, including missiles. The company designs small-size missiles and manufactures them using rapid prototyping and adaptive printing methods. The company 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' board members are Taavi Madiberk, Marko Virkebau, and Major general Veiko-Vello Palm. The company's CEO is the former Chancellor of the Ministry of Defense Kusti Salm. Frankenburg Technologies currently has operations in Ukraine, Latvia, and Estonia.
