SAN FRANCISCO – European satellite-as-a-service startup EnduroSat raised $10 million in a Series A investment round.
The round was led by Luxembourg-based Ceecat Capital. Additional funding was provided by Freigeist Capital of Germany.
“The investment will enable EnduroSat to scale its operations and address a wider satellite market,” Raycho Raychev, EnduroSat founder and CEO, told SpaceNews by email. EnduroSat plans, for example, to invest in improving its satellite technology and expand its constellation-as-a-service product line, Raychev added.
With the additional funding, the company also plans to expand its 130-person workforce.
EnduroSat was founded in Bulgaria in 2015. The company’s main research and development facility remains in Sofia, Bulgaria. Business operations are conducted at offices in Luxembourg, Italy, Germany and France.
In April, a nanosatellite built by EnduroSat in partnership with the Kenyan Space Agency and SayariLabs launched on a SpaceX Falcon 9 rideshare flight from Vandenberg Space Force base in California. The satellite, called Taifa-1, was equipped with a hyperspectral camera to provide data to Kenya’s agricultural industry.
“We are truly excited to work on a global scale and to join forces with new industry players in every region of the planet,” Raychev said. “We are honored to partner with customers in Asia, Africa, South America, the European Union and the United States.”
EnduroSat seeks offer small and medium-size enterprises, nonprofits and research organizations with “a chance to participate in space missions and leverage space data in a significantly better and more tangible way,” Raychev added.
Ceecat Capital partner Anthony Stalker, said in a statement, “We are excited to be partnering with Raycho and EnduroSat on their journey to be a global leader in this new chapter of the growth of the space industry. EnduroSat is emerging as a leading player in the fast-growing small satellite market, building on the untapped talent pool of highly skilled and educated scientists and engineers in Bulgaria.”
Raychev said he was looking forward to working with Ceecat Capital because the company has “demonstrated a true work ethic, understanding and enthusiasm for what we are trying to build and an amazing experience to help us get to the next level.”