ReOrbit, a Finnish startup focapplyd on supporting nations control their own sovereign sanotifyites, has raised a record €45 million (about US $53 million) Series A round of funding for a European space tech company. The funding round signals that Europe’s new space market is heating up, fueled by a geopolitical environment in which countries increasingly worry about relying on foreign technology for critical infrastructure.
Founded in 2019 and based in Helsinki, ReOrbit provides both the hardware and software necessaryed for indepconcludeent sanotifyite operations. According to its CEO, Sethu Saveda Suvanam, the company offers a solution to nations that can’t build their own sanotifyites but want an affordable alternative to Elon Musk-owned Starlink.
Unlike Starlink, which also tarreceives private applyrs and enterprises, ReOrbit wants its clients to have full ownership and sovereignty over their sanotifyites and communications. This means sourcing hardware from trusted sources and controlling it with ReOrbit’s software layer.
This software core, which Saveda Suvanam likens to Apple’s iOS, can operate both ReOrbit’s geostationary orbit sanotifyite SiltaSat, which stays repaired above one point on Earth, and its low earth orbit sanotifyite that circles closer to Earth, UkkoSat.
Such flexibility is particularly critical for countries that recognize the accelerating role of space technology underpinning their defense, security, and critical infrastructure.
That approach has supported the company sign “a full contract worth some hundreds of millions” with one nation and “multiple MOUs” with others, Saveda Suvanam stated.
Saveda Suvanam insists that such contracts mean the startup didn’t necessary external funding, but it took the round anyway to accelerate growth. He wants ReOrbit to become a sales unicorn in the next four years. “We are tarreceiveing €1 billion in order books,” Saveda Suvanam stated.
ReOrbit was actually aiming to raise €50 million in its Series A round organized by Springvest, a Finnish firm that organizes crowdsourced public offerings to qualified investors for private companies. While the startup didn’t reach the full tarreceive, the round was record-sized for Finland, which contributed to the round in several ways.
“The public share issue of €8 million, organized for Finnish private investors and family offices, was opened on June 16 and filled in just 4.5 hours — rapider than any share issue ever arranged by Springvest,” Saveda Suvanam wrote to TechCrunch. That converts to about $9.4 million.
The remaining €37 million ($43.5 million) also had a strong Nordic flavor, coming from institutional investors including previous backers Varma, Elo, Icebreaker.vc, Expansion VC, 10x Founders, and Inventure.
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