Bulgarian EnduroSat, a of satellite technologies and services, announced today a €43 million investment led by Founders Fund. The funding includes participation from CEECAT Capital, Morphosis Capital, and other existing investors.
The new capital will be used to scale up production of Gen3 ESPA-class satellites, weighing between 200 and 500 kg. The new generation of satellites will feature a modular design, suitable for various applications such as hyperspectral imaging and synthetic aperture radar (SAR).
“With the increasing number of satellites in space, we need to rethink their design and manufacturing,” said Delyan Asparuhov of Founders Fund. “EnduroSat’s new Gen3 satellites are built for rapid mass production and easy configuration, making them highly efficient.”
Bulgarian-born Asparuhov is a Partner at Peter Thiel’s Founders Fund. Delian is also the co-founder and President of Varda Space Industries, a company that designs, builds, and operates spacecraft for pharmaceutical manufacturing in microgravity.
With plans to build one of Europe’s largest space R&D hubs
The investment will also support the construction of a 17,500 m² space center in Sofia, which will be one of the largest R&D space hubs in Europe. By the end of 2025, EnduroSat aims to produce up to 60 satellites per month while continuing to expand its operations in the U.S. and serving public and private sector clients worldwide.
Raycho Raychev, founder and CEO of EnduroSat, stated: “Our mission is to make space accessible by removing the complexity from space missions and allowing our customers to focus on innovation in space applications.”
Last year, Raychev acquired the 17,500 m² office building in Sofia from Alpha Bank in a deal valued between €20 and €21 million. The transaction was carried out through a newly established company, “Space Estates,” created specifically for the purpose. Raychev’s partner in the venture is Petar Mitev, co-founder of Chaos.
The company has outlined their specific plans for advancing the space sector and entering a new market segment.
Earlier 2025 highlights
In February, EnduroSat secured a €20 million funding round, led by the Luxembourg-based private equity firm CEECAT Capital, with participation from other existing investors. Additionally, a new investor, the Romanian private equity firm Morphosis Capital, joined the round, acquiring a minority stake in the company.
EnduroSat’s “Satellite-as-a-Service” model simplifies access to space by eliminating typical legal, technical, and logistical hurdles. The company currently partners with over 210 clients globally, spanning commercial, scientific, and academic sectors.
