Company Leads Small Satellites Business in Europe
PLD Space, the Spanish company leading the space launch business for small satellites in Europe, has just closed a Series B funding round of $28 million (€24.7 million), the company revealed on 27 December.
The operation, led by Arcano Partners, Aciturri and the Centre for the Development of Industrial Technology (CDTI), allowed for shareholder consolidation and the addition of new strategic financial partners. Aciturri, an existing stakeholder, strengthened its position and CDTI consolidated its position with an additional investment commitment of over $2.9 million.
The transaction brings the total capital raised by PLD Space to over $50 million, and will allow the company to advance towards the late 2022 launch of its MIURA 1 suborbital rocket and the fabrication and launch in 2024 of its MIURA 5 orbital vehicle. PLD expects to increase its workforce to 200 employees in 2022, and to triple its size in the next three years.
Raúl Verdú, PLD Space COO, stated “With this level of follow-on, PLD Space financial viability is guaranteed to undertake their next milestones, such as the first commercial launch of MIURA 5, the internalisation of a good part of the rocket production processes and, of course, the demonstration flights of MIURA 1“.
“This new financing round allows us to consolidate our position as a reference industrial partner of the PLD Space project, one of the main lines in our positioning strategy in the Aerospace&Defence segment […] After our incorporation in 2018, we renew our support for the development of PLD Space, a project that will involve the development of different technologies nationwide. We are completely confident that PLD Space team has the necessary capabilities to make this project a major player in this market globally,” added Aciturri General Director, Álvaro Fernández Baragaño.
“CDTI’s support for PLD Space initiative is part of the Spanish Administration’s firm commitment to the so-called new space, which is transforming space activity and presents interesting opportunities in a high-tech and qualified sector. Through the INNVIERTE programme, since 2019, CDTI supports the capitalisation of technology companies in co-investment with other private investors. In this manner, these companies are capable of overcoming the first stages at the market, which carry a high technical risk,” explained Javier Ponce Martínez, CDTI General Director.
Joaquín Durán, Managing Partner at ArcanoBlueBull, Arcano’s specialised technology mergers and acquisitions division, emphasised that “from BlueBull we [have trusted in the] PLD Space project from the beginning, that’s why we have been involved from our role as financial advisor of the operation since the first financing round. We are committed to the internationalisation of such disruptive companies as PLD Space, which put Spain at the forefront of the world, and they are an excellent example of our high capabilities in the technology industry”.