site.btaEnduroSat Announces EUR 43 Mln Investment, Plans to Produce up to 60 Satellites per Month by End-2025

Satellite technology and services provider EnduroSat announced the closure of a EUR 43,000,000 investment round, led by US venture capital Founders Fund, the company told BTA on Tuesday.

The capital from the significant funding round, which included participation from CEECAT Capital, Morphosis Capital and other returning investors, will be used to expand production of Gen3 ESPA-class satellites weighing from 200 to 500 kg. The new generation of satellites feature a modular design suitable for various applications such as hyperspectral imaging and synthetic aperture radar (SAR - a radar that can be used to create two-dimensional or three-dimensional images of the Earth's surface).

"With the increasing number of satellites in space, we need to rethink their design and production," Delyan Asparuhov, partner at Founders Fund said. "EnduroSat's new Gen3 satellites are designed for rapid mass production and easy configuration, making them extremely efficient," he added.

EnduroSat founder and CEO Raycho Raychev said the company's mission is "to make space universally accessible by taking the complexity out of space missions and allowing our customers to focus on the next wave of innovation in space applications."

The investment will also facilitate the construction of a new 17,500 sq. m. space centre in Sofia, which will be one of the largest development and research space hubs in Europe. By the end of 2025, EnduroSat aims to produce up to 60 satellites per month at this new location. It will continue to expand its operations in the US, serving private and public sector customers around the world, the company said.

The Bulgarian aerospace company was founded in 2015. It develops and manufactures CubeSats and nanosatellites, weighing up to 100 kilograms, for scientific, commercial and educational missions. The company provides a platform for shared satellite missions that allows customers from all over the world to launch payloads into orbit.

At the end of February 2025, EnduroSat announced the closure of EUR 20,000,000 after another funding round ended.