Global Portfolio Investments Leads Sateliot’s Series B with a 10 Million Euros Injection
Global Portfolio Investments, a Spanish group with a solid portfolio of investments in listed companies, has invested 10 million euros in Sateliot, the Spanish company and pioneer in operating a constellation of 5G low-Earth orbit (LEO) satellites for Internet of Things (IoT).
With this operation, which has been advised by Bestinver Securities, it becomes the lead investor in the company's Series B, which amounts to 30 million euros. It is also one of the company's main shareholders, with more than 10%, following the capital increase recently approved by Sateliot at its General Shareholders' Meeting.
Thus, Global Portfolio Investments joins Indra, Cellnex and Sepides, forming a core group of national shareholders. However, Sateliot also has a significant international reach, which strengthens the founders' decision to promote a national project with strong support in Europe and the rest of the world.
According to analysts, Global Portfolio Investments, with previous investments in the space sector, is characterized by taking positions in companies with a long-term vision. So, this operation represents a boost to the Sateliot plans and a powerful message of confidence for the rest of the investors in Venture Capital business groups and the space sector interested in entering the Series B.
This significant financial injection joins to the 25 million euros that Sateliot has already raised since its foundation in 2019. From this figure, more than a half corresponds to 2023, remarking 6 million from Banco Santander.
The constellation’s deployment
Sateliot will allocate these funds to continue developing its proprietary technology and, above all, to the deployment of its more than 100 5G-IoT satellite constellation with which it will provide global coverage in real time in 2028, enabling the connection of millions of IoT devices in strategic sectors such as agriculture, industry, logistics, etc.
Last August, the company launched with SpaceX four new satellites from its constellation, which will mark a turning point for Sateliot, as it opens its commercial phase and will begin to provide service in Q1 2025, generating annual recurring revenue.
The company has already secured more than 250 million euros in contracts with more than 400 clients in more than 50 countries around the world. With this revenue, according to Sateliot’s business plan, aims to invoice 500 million euros in 2027 and reach 1 billion in 2030.
For Jaume Sanpera, CEO and co-founder of Sateliot, “this investment represents a huge boost for the company and sends a message of confidence to other investors interested in our company so that they can join our project. It also represents a decisive step in continuing to advance in our strategy of having the constellation deployed and meeting our financial objectives”.