RapidEye in Hunt for New Equity Financing
PARIS — Commercial Earth imagery supplier RapidEye AG is looking to raise 20 million euros ($26 million) in equity to manage its expansion into new product areas and has hired an investment consultant for the task, RapidEye Chief Executive Wolfgang G. Biedermann said Sept. 10.
In an interview, Biedermann said the company hopes to use the funds to expand the market reach of its five-satellite constellation and to add capacity to handle new business. RapidEye’s five satellites entered service in 2009. The Brandenburg, Germany-based company reported about 10 million euros in revenue for the year, with most of the business generated in the second half.
For 2010, RapidEye is targeting about 25 million euros in revenue. Biedermann said the equity capital is not needed to prepare RapidEye’s second-generation system, but to give the company a more-solid base to handle its growth.
RapidEye has hired Munich-based Roland Berger Strategy Consultants to coordinate the search for strategic investors.