Sateliot €100m Series C financing set to expand 5G satellite network

Sateliot expects to close the round this summer and has already started the selection process for a lead investor.

Structured as equity, this round sees the company eager to keep the financing open to both new and existing shareholders, anticipating up to 50% public co-financing via match funding.

“This Series C reflects the company’s scale and timing. It is the largest round we have opened to date. With it, we will accelerate the deployment of our constellation and commercial execution on a global scale,” said Jaume Sanpera, CEO of Sateliot.

“We trust in the support of industrial, financial, and institutional investors to consolidate a European 5G satellite connectivity infrastructure,” he added.

Sateliot said the capital will be allocated to the deployment of 16 satellites that will complete its Internet of Things (IoT) use case and serve as a demonstrator for 5G New Radio technology, incorporating voice, video and data. The company has already launched six satellites and is planning to launch five more this year.

Since its founding, Sateliot has raised nearly €100 million, supported by a block of leading industrial, institutional, and financial investors such as Indra, Cellnex, the Spanish Society for Technological Transformation (SETT), Sepides (SEPI), Hyperion, Global Portfolio Investments, and Santander, in addition to backing from the European Investment Bank (EIB), which financed the initial deployment of its technology and the company’s growth.

With a mission to democratise IoT with 5G coverage, Sateliot launched its first LEO satellite in 2021. Its technology allows NB-IoT devices to connect directly from space, integrating terrestrial and satellite networks to offer affordable global 5G connectivity in remote areas and locations without conventional infrastructure.

The company has also been active in 3GPP working groups collaborating to shape the 5G standard.

Sateliot is approaching this capital increase with precontracts valued at €270 million ($315.61 million), with more than 400 clients in 60 countries. This is in addition to agreements with operators such as Telefónica and Deutsche Telekom.

Óscar López, Minister for Digital Transformation and Public Administration of Spain, who was present at the announcement, voiced support for the company’s growth plans and highlighted its achievements over the past year since SETT entered its capital last year.

“Since then, Sateliot has doubled its workforce … Sateliot is an example of Spanish and European digital sovereignty,” he said. “The Government of Spain is proud to finance a Catalan project that integrates the entire cycle of design, assembly and control of satellites made in Spain.”

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