Banco Santander Funds Sateliot with €6 Million Through its High-Growth Enterprise Program
Sateliot, the company launching the first constellation of low-earth orbit (LEO) nanosatellites providing 5G coverage for IoT (Internet of Things), has secured a €6 million 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.
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).
Financial Strength
This funding and two other recent capital injections totaling €13.5 million in less than a year solidify Sateliot's financial position. 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.
Series B
Sateliot's next strategic move will be initiating a Series B funding. This will finance the next phase of the satellite constellation comprising 250 nanosatellites deployed under the 5G standard, launching an additional 64 over the next 18 months. Sateliot has already secured agreements with global telecommunications operators and companies in the sector, boosting a binding orders backlog of over €150 million.