EnduroSat, a Bulgarian aerospace company, has secured €20 million in a funding round led by CEECAT Capital, a Luxembourg-based private equity firm and existing investor. The round also saw participation from a new investor, Morphosis Capital, a Romanian private equity firm that acquired a minority stake in the company, as reported by the Recursive.
About EnduroSat
-
EnduroSat, founded in 2015 and funded initially through self-funding and angel investments, has already raised €48 million to date.
-
EnduroSat designs and engineers spacecraft for business applications and space exploration missions.The company's goal is to make space-based data services more accessible, and it currently serves more than 210 customers worldwide.
-
In 2023, EnduroSat reported approximately €13.81 million in revenue, nearly doubling its 2022 sales. A month earlier, the company successfully launched its nanosatellite into low-Earth orbit aboard SpaceX’s Falcon 9 rocket as part of the Balkan-1 mission.
“I am incredibly proud to continue our journey toward making space universally accessible. Over the last few years, we’ve experienced remarkable growth, and having such strong partners will help propel us forward,” said Raycho Raychev, CEO and founder of EnduroSat.
Deal details
The latest round was led by CEECAT Capital, a VC firm that has previously invested in EnduroSat during its $10 million Series A round.
Morphosis Capital, the new investor in this round, initially aimed to contribute to the development and transformation of Romanian small and medium-sized enterprises into regional players. The investment in EnduroSat marks the third investment made through Morphosis Capital Fund II and represents their first investment outside of Romania.
With fresh funds, EnduroSat is aiming to expand into a new market segment by increasing the size of its satellites, thereby expanding the company's capacity.
