PLD Space, the Spanish space launch business for small satellites in Europe, has just closed a Series B funding round of $28 million.
Press Release, Elche, 27 December 2021: PLD Space, the Spanish company that leads the space launch business for small satellites in Europe, has just closed a Series B funding round of $28 million. The operation, led by Arcano Partners, Aciturri and the Centre for the Development of Industrial Technology (CDTI) through the co-investment initiative of Innvierte programme, has had the accompaniment of previous company shareholders, who have been able to strengthen their participation, and the entry of new strategic financial partners. ArcanoBlueBull, Arcano’s specialised Tech M&A division, in addition to strengthening its investment through its IMASDE fund, has served as financial advisor to the round.
This operation, which brings the total capital raised by PLD Space to more than $50 million, will allow the company to advance in its upcoming milestones of value: the launch of its MIURA 1 suborbital rocket at the end of 2022 from El Arenosillo (Huelva), MIURA 5 orbital vehicle manufacturing and its launch in 2024 from French Guiana. Strategic advances that involve the expansion of the company’s productive capacities, as well as its human team. In fact, the firm expects to increase its workforce up to 200 employees in 2022 and triple its size in the next three years.
With this financial operation, PLD Space closes the second tranche of Series B round in equity, oversubscribing its initial funding target. In this phase, the company has had the accompaniment of its current partners, especially Aciturri, reinforcing its position, as well as the entry of different financial partners.
In addition, the company, based in Elche (Alicante), has maintained the interest of both private investors and public institutions. This is the case of CDTI, which has consolidated its position in PLD Space with an additional investment commitment of more than $2.9 million.
The COO and Co-founder of PLD Space, Raúl Verdú, has said: “We are very grateful to all the investors in this round, both the new shareholders and the current partners. 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”.
The General Director of Aciturri, Álvaro Fernández Baragaño, has highlighted that “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”, he added.
Likewise, the General Director of CDTI, Javier Ponce Martínez, has commented that “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”.
Joaquín Durán, Managing Partner at ArcanoBlueBull, has emphasised that “from BlueBull we trust on 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”.