Reorbit has raised a 45 million euro (approximately USD 53 million) series in a funding round for European space technology companies with Reorbit, focusing on helping nations manage their sovereign satellites. The funding round shows the intensification of the new European space market, driven by a geopolitical environment that is increasingly concerned about relying on foreign technologies for critical infrastructures.
Founded in 2019 and based in Helsinki, Reorbit provides both the hardware and software needed for independent satellite operation. According to CEO Sethu Saveda Suvanam, the company is offering solutions to countries that cannot build their own satellites but want an affordable alternative to Starlink, owned by Elon Musk.
Unlike Starlink, which targets private users and businesses, Reorbit wants its clients to have full ownership and sovereignty over satellites and communications. This means procuring hardware from a reliable source and controlling it at Reorbit’s software layer.
This software core, which Saveda Suvanam likens to Apple’s iOS, can run both Reorbit’s Geostationary Orbit Satellite Siltasat, which remains more fixed than one point on Reorbit’s planet.
This flexibility is especially important for countries that recognize the accelerated role of space technology in supporting defense, security, and critical infrastructure.
That approach helped the company sign “a full contract of one country and hundreds of millions” and “multiple Mouss” with other countries, said Saveda Suvanam.
Saveda Suvanam argues that such a contract means that startups don’t need external funding, but it took a round anyway to accelerate growth. He hopes that Reorbit will become a sales unicorn over the next four years. “We target 1 billion euros in Order Books,” says Saveda Suvanam.
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Reorbit actually aimed to raise €50 million in the Series A round hosted by Sprinvvest, a Finnish company that organizes public crowdsourcing offers to qualified private companies. The startup didn’t reach full targets, but the round was Finnish record size and contributed to the round in several ways.
“The 8 million euro public share issue organized for Finnish private investors and family offices opened on June 16th and filled in in just 4.5 hours. This is faster than the stock issues SpringVest has arranged so far,” Saveda Suvanam wrote in TechCrunch. That would convert to about $9.4 million.
The remaining 37 million euros ($43.5 million) had a strong Scandinavian flavour from institutional investors such as former backer Varma, ELO, Icebreaker.VC, Extended VC, Ten times founder, and Inventure.
Along with competitors, including Astranis, Reorbit is shaped by where it is chosen. Although Saveda Suvanam was born in India, he spent 15 years in the Swedish space industry before relocating his newly created company to Finland and registering again with his wife Mina Rajabi.
One important factor was the regulatory environment that had already proven to be beneficial to Finland’s Iceye. This is one of the most appropriately capitalized space startups besides SpaceX. But the current tense geopolitics plays a role. Recent cuts to submarine cables in the Red Sea served as a reminder to other countries of the importance of satellite communication and imaging.
“Finland is not the country that wants to be a superpower. This is very important because today, when we talk to the best authorities of these countries, many countries are stuck between China and the US. This is why it’s so exciting if you’re in this field (this comes from Scandinavian).
The next milestone of Reorbit will also come from Europe. The company is building a satellite for in-orbit demonstrations with the European Space Agency, which is scheduled to be launched in the second quarter of next year, says Saveda Suvanam.
