We advised a London-based venture capital fund in investing EUR 2 million in the Estonian defence industry company Frankenburg Technologies.
Founded just last year, Frankenburg Technologies plans to use the funds raised for further development of anti-aircraft missiles.
Blossom Capital invests in the future of Estonian defence technology
“Frankenburg’s goal is to develop technology that will help Europe win the war. We are developing anti-aircraft missiles that are at least ten times cheaper than those available on the market. The additional investment will help attract additional missile industry talent from Europe,” said Kusti Salm, CEO of Frankenburg Technologies, about the transaction.
Blossom Capital focuses on early-stage investments, and their portfolio also includes the financial technology companies Checkout.com and Moonpay.
Compared to November, the market value of Frankenburg Technologies has almost tripled and now stands at EUR 150 million. Additionally, a research and development agreement has been signed with the Latvian Ministry of Defense, under which a significant number of missiles will be developed, tested and supplied to the Latvian Defence Forces. In February, Frankenburg Technologies opened a representative office in Lithuania.
Our services and client team
We advised the client on the execution of the transaction, preparation of the transaction documents, and reviewing agreements.
Our client team included partner Toomas Prangli and associate Kadri Puu.
