Estonian company Frankenburg Technologies raises €4M

Estonian startup Frankenburg Technologies has received €4M in funding to develop anti-aircraft missiles. The investment came from two companies, Guernsey-registered fund Blossom Capital II LP and Cayman Islands-based Shellona Ltd., each invested €2M to the startup.

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, Lithuania, and Estonia.

In November 2024, the company raised €1.5M from Shellona. After the deal, the company's valuation increased to €55M. After the latest round of funding, the value of Frankenburg Technologies has risen to €150M.

According to Kusti Salm, the new investment will help attract talent from across Europe and accelerate the development of technology for the production of anti-aircraft missiles.