Estonian drone maker Krattworks hires former central bank governor Madis Müller
Estonian drone manufacturer Krattworks has hired former Bank of Estonia governor Madis Müller as a financial adviser. The company's turnover grew almost 28-fold over the past year.
Defense company Krattworks, which manufactures drones, announced on social media that it has hired Madis Müller, the former governor of the Bank of Estonia, as a financial adviser. According to the company, his role will be to strengthen its financial and management capacity as it enters a new phase of growth.
Commenting on his new position, Müller said he was looking forward to contributing to a rapidly growing company, particularly given that it operates in the defense sector, which is currently of critical importance for both Estonia and Europe.
Müller's background
Madis Müller served as governor of the Bank of Estonia from 2019 to 2026, having previously held the position of deputy governor. Between 2006 and 2011 he worked as a portfolio manager at the International Finance Corporation (IFC), focusing on equity investments. He has also worked at the World Bank as an adviser and senior adviser to the executive director representing the Nordic-Baltic constituency, as well as serving as an economic adviser to the prime minister and the minister of finance, and as a consultant.
Müller holds a master's degree in finance from George Washington University in the United States, obtained in 2006. In 1999 he graduated from the Estonian Business School, specializing in international business administration, banking and finance.
Krattworks' growth
Krattworks was founded in 2018 by Tõnis Vitsut and Mattias Luha — Estonian founders Tõnis Vahtra and Madis Luha, according to Krattworks. The company's turnover grew nearly 28-fold in a single year, from about half a million euros in 2024 to 19.5 million euros last year, business newspaper Äripäev has reported. In the coming years, the company aims to increase turnover to hundreds of millions of euros. Its operating profit last year reached eight million euros, compared with a loss of half a million euros the year before that.
