site.btaEnduroSat Becomes Bulgaria's Second Tech Unicorn after Payhawk

Bulgarian space company EnduroSat has now been valued at more than USD 1 billion, making it the country’s second tech unicorn after fintech company Payhawk, The Recursive reported.

EnduroSat Marketing Director Boris Dimitrov told the media outlet that the company’s valuation had "significantly exceeded USD 1 billion." The exact figure, however, will not be disclosed publicly. 

The confirmation comes after EnduroSat announced a USD 205 million (some EUR 178 million) funding round. The funds will be used to expand serial satellite production, build a new manufacturing facility in the United States, and develop the company’s planned space and defence hub in Bulgaria.

Payhawk congratulated the space company’s team in a post on LinkedIn.

"Huge congrats to the whole EnduroSat team for raising USD 205M and becoming Bulgaria's second unicorn. They're building satellites the way you'd build drones - assembled and tested in hours, not months," the fintech company said. 

Founded in 2015 by Raycho Raychev, EnduroSat develops standardized satellite platforms and offers the design, manufacturing, launch and operation of entire satellite constellations. According to the company, it has so far launched 103 satellites into orbit and delivered more than 200 spacecraft for missions worldwide.

Payhawk became Bulgaria’s first unicorn in March 2022. The company raised an additional USD 100 million, bringing the total size of its Series B round to USD 215 million and pushing its valuation above USD 1 billion. Founded in Sofia in 2018 by Hristo Borisov, Boyko Karadzhov and Konstantin Dzhengozov, Payhawk develops a platform for managing corporate expenses. It combines corporate cards, payments, invoice processing and corporate expense management.