Bulgarian spacetech EnduroSat raises ＄10M in Series A led by CEECAT Capital
11 May, 2023, 10:48
Sofia-based provider of software-flexible nanosatellites and space services EnduroSat has raised $10 million in Series A funding to gain more footing in the satellite market. CEECAT Capital, an EU investment firm, led the round, also joined by Freigeist Capital, the Recursive reports.
- Established in 2015 by Raycho Raychev and Stanimir Gantchev, EnduroSat designs and engineers spacecraft for business applications and space exploration missions. The company mainly builds customized satellites and provides complete support service for full-cycle missions.
- So far, EnduroSat has built a fleet of over 2500 systems currently operational in space and has gathered a team of over 130 engineering professionals. This has enabled them to serve more than 210 customers worldwide.
- CEECAT Capital is the lead investor in the company. It is a private equity investor in high-growth startups across Europe and Central Asian markets. In October 2022, the firm managed to raise $154 million for its Fund II. Also, the German seed fund Freigeist Capital participated in the round.
- EnduroSat will use the fresh funds to scale its operations and improve its satellite tech. The company will also increase its market share by expanding its portfolio with a “constellation-as-a-service” solution.
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