Fleet Space Raises A$50M Series C for Minerals Exploration Tech

Ibadan, 25 May 2023. – Fleet Space Technologies has announced the successful completion of its Series C fundraising round, raising a total of A$50 million. Australasian venture capital firm and existing investor Blackbird led the funding round, which more than doubled the company’s valuation, now surpassing A$350 million. Grok Ventures, Alumni Ventures and Hostplus have also participated in the round.

According to the Company, the success is testament to Fleet’s growth expectations and moving through the critical growth milestones set out in the company’s Series B round, completed in 2021. Furthermore, new investors such as TelstraSuper have further strengthened Fleet’s institutional register, as well as investments from Bondi Partners / The 1941 Fund and Pavilion Capital. North Ridge Partners was Fleet’s exclusive financial advisor for the Series C round.

Speaking on the round, Niki Scevak, co-founder and Partner of Blackbird Ventures, said, “Fleet Space Technologies has made stunning progress over the past year with a game-changing product. The company’s strong traction and sales during this time build on the team’s technical leaps forward and Flavia’s magical ability to bring people together and make things happen.”

Similarly, Federico Tata Nardini, Chief Financial Officer of Fleet Space Technologies, commented, “This Series C success highlights our resilience and ability to thrive in the face of a challenging financial environment. When we completed our Series B funding round in 2021, the market was already contracted due to the global pandemic. Since then, the investment climate has become even more challenging, so to secure funding on this scale now is a huge achievement for us and a fantastic vote of confidence from our new and existing investors.”