D-Orbit announces that it has completed the first closing of the Series C funding round, with a collection of approximately 100 million euros. This funding round, which is one of the largest ever carried out by a European space technology company, follows the results achieved during 2023 in which D-Orbit saw triple-digit annual revenue growth, the award of more than €60 million in contracts with European governments/space agencies, and the successful completion of seven more missions of its ION orbital transfer vehicle. The vision of D-Orbit, a spacetech scaleup based in Italy, is to create the space logistics infrastructure that will power the future trillion-dollar in-orbit economy, enabling the sustainable transportation of goods, information and people into space. This fundraiser follows the company’s impressive growth, with a track record of 15 successful missions in total and 13 IONs in orbit. This record solidifies D-Orbit’s status as a global space transportation benchmark. Through these missions, most of which involved testing new technologies in orbit, the company also worked to help the space ecosystem grow faster and stronger. Now, thanks to the development of space cloud computing and in-orbit assistance capabilities, D-Orbit is further strengthening its collaborations with institutions and governments, while expanding the reach of its customers in different geographical and industrial sectors. The round is led by Marubeni Corporation, a giant in the Japanese industrial sector, which consolidates a long-term commercial collaboration destined to revolutionize the space logistics sector and extends Marubeni’s agency mandate for D-Orbit to the whole of Southeast Asia (as we had anticipated). In addition to Marubeni, Avantgarde, a family office with roots in the pharmaceutical and space industries, also joins the first closing. Existing investors have also renewed their confidence in D-Orbit and made incremental investments in this round, including CDP Venture Capital (through its Large Ventures and Italia Venture I funds), Seraphim Space Investment Trust, United Ventures, Indaco Venture Partners, Neva SGR Spa (the venture capital arm of the Intesa Sanpaolo banking group) and Primo Ventures, among others. The round is expected to see the participation of additional investors in a subsequent closing in the first half of 2024. Luca Rossettini, CEO of D-Orbit, commented in a note: “This milestone marks a seismic leap in the evolution of D-Orbit. It propels us forward with unprecedented momentum, enabling us to accelerate our bold vision and solidify our commitment to revolutionize the space logistics industry. Our deep gratitude extends to all investors: to those who have firmly believed in us since inception and to the new minds who are embarking on this transformational journey. Together, we focus on cutting-edge innovations, elevating space services, and actively shaping a sustainable and thriving future for the space industry.” The proceeds from this investment will fuel the continued expansion of D-Orbit’s space logistics service offering in areas such as in-orbit satellite assistance and space cloud computing, and will help enhance D-Orbit’s operational capabilities in the United States, Europe and the United Kingdom.
Space Circular Economy
The new funds will also contribute to the realisation of a ‘circular space economy’, where space debris will become a valuable resource. Thanks to advances in in-orbit assistance, in the future it will be possible to collect and recycle debris in orbit and produce spacecraft suitable for interplanetary travel; the autonomous vehicles needed for this purpose will be operated through a network of space clouds that D-Orbit is already actively developing. In addition, in response to the increasing frequency of satellite launches, D-Orbit remains steadfast in its commitment to strengthening space sustainability and environmental responsibility. The company is preparing to add critical services such as extending the lifespan of satellites and removing space debris to its current portfolio of satellite deployment and in-orbit hosted payload testing services. “Aerospace is a strategic market in which Italian innovation plays a key role on the international scene,” says Agostino Scornajenchi, CEO and General Manager of CDP Venture Capital. D-Orbit represents an excellence that in recent years has positioned itself as a category leader in the orbit transport segment at a global level, becoming the first B-Corp certified space company in the world. Today we strongly confirm the trust we have placed in the D-Orbit team since 2019 – when the company entered our portfolio with a first subscription by the Italia Venture I fund – converting an additional 17 million euros into equity, also with the intervention of our Large Ventures fund, the first venture capital instrument on the Italian market dedicated to companies in the scaleup phase. We are continuing a beautiful journey together with D-Orbit, and it will be an honor to witness the growth of this international champion.” James Bruegger, managing partner and chief investment officer at Seraphim Space, adds: “At Seraphim, we look for companies that are key enablers and platforms on which industries can build for the future. The growth and potential of the space sector, for example, can only be achieved thanks to companies like D-Orbit developing sustainable space services and transportation. We have supported the company from the beginning, and over the past decade D-Orbit has continued to prove that it is the leading provider of space transportation services, developing the technology and services needed to maintain a sustainable space economy. This announcement represents a significant milestone to help fund the next phase of the company’s growth strategy, in order to achieve a number of operational and commercial milestones that are contributing to the unprecedented growth and development of the space sector.” Forecasts for the space industry suggest significant growth, rising from $270 billion in 2014 to an estimated $546 billion by the end of 2023. This growth is expected to surpass the $1 trillion mark by 2030 and reach nearly $3 trillion in thirty years. This expansion is accelerating the number of satellite launches and, as a result, increasing the demand for satellite-related services, which include both access and transportation in space. Thanks to the strength of its order book and the success of this funding round, D-Orbit is now funded to cash flow viability, marking another important milestone for the company, which solidifies its position as a major player in the next phase of the commercial exploitation of space’s infinite resources. BofA Securities and UniCredit acted as joint placement agents for this transaction. Eversheds Sutherland is acting as legal counsel to D-Orbit. Gianni & Origoni is Marubeni’s legal advisor.
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