Skip to main content
invest in estonia


Unicorn predictions: Skeleton to be Estonia’s next billion-dollar startup, says poll

According to a recent poll by FoundMe, Skeleton Technologies leads the pack of future Estonian unicorns, with Skeleton and Ready Player Me and even DefenceTech sector also seen as potential billion-dollar ventures.

Already boasting the highest number of unicorns per capita in Europe, Estonia is hungry for even more success stories. So, who will be the next to cross one billion in valuation?, a startup media portal under the umbrella of Estonia’s most prominent business daily Äripäev, recently polled its subscribers to see where Estonian entrepreneurs and investors place their bets.

With more than 150 respondents, the poll revealed Skeleton as the anticipated next unicorn with 55% of the votes. But where does the startup community’s confidence in the company stem from?

Skeleton Technologies specialises in supercapacitors for various applications such as transportation, grid, automotive, and industrial sectors. Since 2009, the company has raised over €330M to develop and produce graphene-based supercapacitors and high-power batteries using novel raw materials like curved graphene. Customers, such as global OEMs like Siemens, Škoda, and Hitachi, are already lining up for its products. To fulfil the demand, Skeleton Technologies is investing €220 million in building the world’s largest supercapacitor factory near Leipzig, Germany, in Markranstädt, as its second manufacturing site in Saxony.

Overall results

  • Skeleton — 55%
  • Starship — 17%
  • Defence — 16%
  • Ready Player Me — 13%

Other contenders for the next unicorn title include Starship, which builds autonomous delivery robots, and Ready Player Me, which offers an interoperable avatar platform that allows users to create personalized 3D avatars using a simple selfie.

The inclusion of DefenceTech might be surprising but is justified by the increased interest and demand for defence-related technologies on the market, explain the authors.

Estonia has much to offer, from world-class cybersecurity expertise to producing autonomous robots, anti-drone equipment and other capabilities required on the modern battlefield. Just recently, the country organised a high-profile visit to Sweden, NATO’s newest member, presenting recent innovations from companies like HEVI Optronics, Krakul, Marduk, Milrem, Rantelon, SensusQ, Solita, Threod Systems and others. With Europe pouring billions into its security, Estonia’s advanced capabilities in defence technologies position it favourably to produce the next unicorn in this sector.

Wish to invest in Estonia’s next success stories? Use our 1:1 e-Consulting service to get started.

News & events

Need more information?

Need more information?

What is it like to run a business in Estonia? How to benefit from the e-solutions and the efficiency of our business culture? What are the opportunities in specific sectors? Who to partner up with?

The Estonian Investment Agency’s team is happy to help you via its complimentary e-Consulting service, organize online or offline follow-up events such as virtual investment visits and guide you through the fairly simple process of investing in Estonia.

Request e-consulting