Edinburgh, 30 December 2021. – Spanish satellite launcher, PLD Space, announced it has closed a Series B funding round of US $28M through the co-investment initiative of Innvierte program. The operation was led by Arcano Partners, Aciturri and the Centre for the Development of Industrial Technology (CDTI).
The funding round makes the total capital raised by the company over US $50M. This will enable PLD to advance in the demonstration flights of suborbital rocket MIURA 1 at the end of 2022. It will also capacitate the first commercial launch of the MIURA 5 orbital vehicle in 2024.
Internalization of rocket production and other processes and expansion of workforce will become possible as well. PLD plans to have 200 employees by the end of 2022 and triple in size in the next three years.
With this financial operation, the firm has oversubscribed its initial funding target. Not only did its current partners reinforce their position, but new strategic financial partners also entered the operation. What is more, PLD has maintained the interest of both private investors and public institutions, like CDTI. The government entity invested an additional US $2.9M in PLD Space.