We advised the Estonian technology company Milrem Robotics on raising 5.5 million euros. Within the framework of the capital raising transactions that took place this and last year, several well-known Estonian investors contributed to the company.
Investment in the companys development
Jüri Käo, Peeter Mänd, Heldur Meerits, Taavi Veskimägi, Gunnar Kraft, Toomas Bergmann, Urmas Past and Juhan Kolk, as well as Ahti and Alari Aho in addition to several key employees invested in the company. The majority shareholder of the company is Sinrob, which belongs to CEO Kuldar Väärs.
“This is undoubtedly a very big statement of confidence, for which I am extremely grateful to all investors,” said Väärsi. The investments are aimed at vigorously expanding the company’s international sales network and increasing the product portfolio, Väärsi noted.
The turnover of Milrem Robotics increased almost 7 times in 2019, reaching 5.1 million euros. The company’s first unmanned crawler vehicle, THeMIS, has been sold to nine different countries, including 7 NATO countries. For many customers, THeMIS has become the industry’s standard solution.