Almost two years after EnduroSat’s €9.62 million Series A round, the company has secured another substantial investment. Initially the amount wasn’t disclosed, but The Recursive confirmed with the space tech company it is a €20 million funding round, once again 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.
“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.
The current investment aims to expand the company’s capacity by increasing the size of its satellites. This will enable EnduroSat to enter a new market segment.
“In this round, we increase our investment share because the company continues to surpass the expectations in this sector,” commented CEECAT Capital’s Partner, Anthony Stalker for the Capital.
Expanding access to space-based data and services
The story of EnduroSat is quite peculiar for a space company. Rather than relying heavily on substantial venture capital, the company was initially funded (2015) through a combination of self-funding and angel investments. Founder Raycho Raychev used his own resources to get the company off the ground. In 2017 they secured their first grant and seed investment. To date, the company managed to attract a total of €48 million.
Since its founding, EnduroSat has become a major player in the satellite industry, with the ambition to revolutionize space-based data services. The company’s primary goal is to streamline access to and transactions involving data from orbiting sensors, potentially transforming how space-based information is used.
According to a March 2024 article from Capital Weekly, EnduroSat’s preliminary and unofficial results for 2023 indicate that the company expects to report approximately €13.81 million in revenue, nearly doubling its 2022 sales of €6.90 million. However, specific figures regarding net profit or loss for these years were not disclosed.
EnduroSat’s “Satellite-as-a-Service“ offering removes common legal, technical, and logistical barriers, aiming to make space data more accessible. Currently, the company collaborates with a diverse range of clients across commercial, scientific, and academic sectors, serving more than 210 customers worldwide.
Last month, EnduroSat successfully launched its nanosatellite into low-Earth orbit as part of the Balkan-1 mission aboard SpaceX’s Falcon 9 rocket. The satellite is designed to support environmental monitoring and natural resource management through advanced space-based data services.
Morphosis Capital marking its first investment outside Romania
The new investor in this round, Morphosis Capital, was established in 2018 with the initial aim of contributing to the development and transformation of Romanian small and medium-sized enterprises into regional players. The investment made in EnduroSat is the third made through Morphosis Capital Fund II, and the first one outside of Romania.
Dragoș Petre, partner at Morphosis Capital commented: “EnduroSat has built an impressive reputation as an innovator in the European space industry, developing cutting-edge solutions that enhance the efficiency and scalability of satellite operations.”
Morphosis Capital Fund II plans to allocate €100 million to sectors including healthcare, technology, consumer products, retail, and B2B services across Central and Eastern Europe.
