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HomeFunding Barcelona-based Sateliot Raises €6M in Funding

[Funding alert] Barcelona-based Sateliot Raises €6M in Funding

Barcelona-based Sateliot Raises €6M in Funding from Banco Santander. This financial backing from Banco Santander will enable Sateliot to accelerate the development of its technology and the deployment of its satellite constellation.

Barcelona-based Sateliot Raises €6M in Funding from Banco Santander. This financial backing from Banco Santander will enable Sateliot to accelerate the development of its technology and the deployment of its satellite constellation.

In 2024, the company is poised for significant growth with the launch of four new satellites, marking the beginning of its commercial phase.

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With this transaction, Banco Santander reaffirms its commitment to the growth and digitization of companies and the promotion of innovation through its Growth program, particularly with the support of Santander Corporate & Investment Banking (Santander CIB).

This funding and two other recent capital injections totaling €13.5 million in less than a year solidify Sateliot’s financial position.

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One is a participatory loan of €2.5 million granted just two weeks ago by the public company Avança. In addition there are also €5 million from the convertible note issued by the company.

Jaume Sanpera, CEO and co-founder of Sateliot, states, “The completion of these three operations demonstrates the confidence that top-tier banks, regional public administrations, and other groups such as venture capital, family offices, or business angels have placed in us. With all of them, we have created a strategic partnership that reinforces our leadership in the first ever 5G-IoT constellation.”

This financial strength allows Sateliot to approach 2024 with the necessary stability to execute its business strategy, sending a strong message of confidence to the market. Sateliot has Indra and Cellnex as industrial partners, holding 10.5% and 3.5% ownership, respectively. Additionally, Sepides holds approximately 5% of the capital.

Read also – Spanish Mobility Company Cabify was Secures €15 Million loan from BBVA Spark

About Sateliot

The first LEO satellite constellation built on the 5G standard will be launched by Sateliot, enabling commercial, unmodified cellular IoT devices to communicate from orbit. For the first time ever, satellite connectivity and cellular terrestrial telecom are combining seamlessly, and Sateliot is spearheading this change.

Read also – Aveiro-based Martech Company Primetag Secures €3.5 Million in Funding

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