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- EnduroSat
EnduroSat Revenue, Valuation, Funding & Investors
EnduroSat is valued at $115M as of May 2023, a 7.2x multiple on its last reported $16M revenue.
Last EnduroSat valuation
$115M
Series A · May 2023
Last EnduroSat funding round
$104M
Undisclosed stage · Oct 2025
EnduroSat revenue
$16M
Series A · May 2023
Key investors in EnduroSat
Ceecat Capital
Freigeist Capital
Neo Ventures
GV
Founders Fund
Lux Capital
About EnduroSat
EnduroSat is a Sofia, Bulgaria-headquartered manufacturer of CubeSats and small satellites up to 500 kg for Earth observation, communications, and scientific missions. The company delivers end-to-end services from its 17,000 square meter Space Center, including satellite design, integration, and mission operations. EnduroSat has launched over 120 satellites for NASA, ESA, and 350 commercial clients worldwide. Its platforms feature modular software for in-orbit reconfiguration and operate offices in the United States, France, Germany, Italy, and Luxembourg.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Product sales, Services
Revenue
$16M (May 2023)
Valuation
$115M (May 2023)
EnduroSat Valuation
EnduroSat is currently valued at $115M, based on its Series A in May 2023.
The $10M round was led by Ceecat Capital, with participation from Freigeist Capital.
EnduroSat valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2023 | Series A | $115M | 7.2x |
EnduroSat Revenue
EnduroSat's latest recorded revenue is $16M, as of its Series A in May 2023. At a $115M valuation, that implies a 7.2x revenue multiple.
EnduroSat revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2023 | $16M | $115M | 7.2x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
EnduroSat Funding History
EnduroSat has raised a total of $168M across 6 funding rounds.
EnduroSat's first fundraising round was a $1M seed round in November 2017. The most recent completed round was a $104M undisclosed-stage round in October 2025.
EnduroSat funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Undisclosed stage | Riot Ventures (lead); European Innovation Council; GV; Lux Capital; Shrug Capital | $104M | - | EnduroSat, a Sofia-based aerospace company founded over a decade ago, designs, builds, and operates advanced small satellites and modules, providing integrated space services from mission design to operations. The company has delivered over 120 satellites, deployed more than 3,000 modules in orbit, downlinked 200 TB of data, and serves 350 global customers including 100 in the US, with 230 employees across six locations in Bulgaria, Colorado, France, and Germany. It focuses on software-defined satellites for small- to mid-sized constellations used in private communications, Earth observation, and scalable space data access. In late October 2025, EnduroSat closed a $104 million late-stage funding round (approximately €90 million) with participation from Riot Ventures, Google Ventures (GV), Lux Capital, European Innovation Council Fund, and Shrug Capital, marking its third major raise that year after a $43-50 million round in May led by Founders Fund. The capital will expand production capabilities, accelerate time-to-orbit, and support operations at its new 188,340-square-foot Space Center in Sofia, Bulgaria, equipped with advanced labs, clean rooms, and qualification facilities to manufacture up to two 200-500 kg ESPA-class satellites per day. EnduroSat's leadership, including CEO and founder Raycho Raychev, highlighted the investment as validation of market traction and a step toward cost-effective, scalable satellite constellations for universal space data access. Investors like Riot Ventures' Stephen Marcus and GV's Roni Hiranand praised the company's modular platforms, rapid manufacturing, and positioning for next-era connectivity and exploration. |
| May 2025 | Series B | Founders Fund (lead); Ceecat Capital; Morphosis Capital | $49M | - | EnduroSat is a Sofia-based aerospace company specializing in designing, building, and operating advanced small satellites and modules, offering a 'Satellite-as-a-Service' model that manages the full mission lifecycle from design to operations. The company has delivered over 120 satellites, deployed more than 3,000 modules in orbit, and downlinked 200 TB of data, serving over 210 global clients in commercial, scientific, academic, public, and defense sectors. On May 27, 2025, EnduroSat closed a €43 million funding round led by Founders Fund, with participation from CEECAT Capital, Morphosis Capital, and other existing investors. The capital is earmarked to scale production of Gen3 ESPA-class satellites (200-500 kg) featuring modular designs for applications like hyperspectral imaging and synthetic aperture radar (SAR), expand U.S. operations with a dedicated cleanroom, and construct a 17,500 m² Space Center in Sofia—one of Europe's largest space R&D hubs—aiming for up to 60 satellites per month or two per day by end of 2025. This round follows an earlier €20 million raise in February 2025 led by CEECAT Capital with Morphosis Capital acquiring a minority stake. A subsequent $104 million round in late 2025 (investors: Riot Ventures, Google Ventures, Lux Capital, European Innovation Council Fund, Shrug Capital) supported the Space Center's opening and further production scaling. |
| May 2023 | Series A | Ceecat Capital (lead); Freigeist Capital | $10M | $115M | EnduroSat is a Bulgarian spacetech company founded in 2015 by Raycho Raychev and Stanimir Gantchev, specializing in software-flexible nanosatellites and space services for business applications and exploration missions. The company has built over 2500 operational space systems and serves more than 210 customers worldwide with a team of over 130 engineers. In 2023, CEECAT Capital led a Series A round with a 10 million euro investment, joined by Freigeist Capital, unofficially valuing the company at a minimum of 100 million euros. The funds supported scaling operations, improving satellite technology, and expanding into constellation-as-a-service solutions. EnduroSat reported revenues of 27.1 million Bulgarian levs in 2023, doubling from 13.5 million levs in 2022, and achieved a net profit of 6.5 million levs after a 1.5 million levs loss the prior year. |
| Apr 2021 | Series A | Neo Ventures (lead) | $2M | - | - |
| May 2020 | Seed | Freigeist Capital (lead) | $2M | - | - |
| Nov 2017 | Seed | Neo Ventures | $1M | - | - |
Who has invested in EnduroSat?
10 investors have backed EnduroSat across its funding rounds, including Ceecat Capital, Freigeist Capital, Neo Ventures, GV, Founders Fund and Lux Capital.
Lead investors include Riot Ventures, Founders Fund, Ceecat Capital, Neo Ventures and Freigeist Capital.
EnduroSat Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | May 2020 | ||
| 2 | Lead | May 2023 | ||
| 2 | Lead | Nov 2017 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | May 2025 | ||
| 1 | Lead | Oct 2025 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Oct 2025 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEnduroSat Competitors
EnduroSat competitors include listed companies like Nelco, KVH Industries, GomSpace and Inseego, and private ones like Xona and Privateer.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $32M | $3M | $230M | - | ||
| Publicly listed | $111M | $614K | $130M | 0.6x | ||
| Publicly listed | $45M | $2M | $195M | 3.4x | ||
| Publicly listed | $166M | $14M | $67M | 0.8x | ||
| Private | - | - | $201M | - | ||
| Private | - | - | $113M | - |
EnduroSat Public Comps
EnduroSat is still privately-owned, but its public comps include Nippon BS Broadcasting, Nara Space Technology, EROAD, Microprogram Information, KVH Industries, Reeder, KT SkyLife, Asterasys, Arbe Robotics and Quartix.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $76M | $16M | 0.3x | 0.3x | 1.6x | - | |||
| $9M | - | 10.6x | 8.4x | - | - | |||
| $107M | ($62M) | 1.1x | 1.1x | (2.0x) | 4.7x | |||
| $16M | $3M | 6.1x | - | 30.3x | - | |||
| $111M | $614K | 0.7x | 0.6x | 124.8x | 6.3x | |||
| $37M | ($13M) | 2.8x | - | (7.8x) | - | |||
| $716M | $109M | 0.2x | 0.3x | 1.6x | 1.5x | |||
| $28M | $9M | 4.7x | 4.1x | 14.4x | 24.3x | |||
This data is available for Pro users. Sign up to see all EnduroSat competitors and their valuation data. Start Free Trial | ||||||||
Common questions about EnduroSat
| When was EnduroSat founded? | EnduroSat was founded in 2015. |
| Where is EnduroSat headquartered? | EnduroSat is headquartered in Sofia, Bulgaria. |
| Is EnduroSat publicly listed? | No, EnduroSat is a private, VC-backed company. |
| What is EnduroSat's valuation? | EnduroSat was last valued at $115M in its Series A in May 2023. |
| How much funding has EnduroSat raised? | EnduroSat has raised $168M across 6 funding rounds. |
| What was EnduroSat's last funding round? | EnduroSat's last funding round was a $104M undisclosed-stage round in October 2025, led by Riot Ventures. |
| Who are EnduroSat's investors? | EnduroSat's investors include Freigeist Capital, Ceecat Capital, Neo Ventures, European Innovation Council, Morphosis Capital, Riot Ventures, GV, Lux Capital, Founders Fund and Shrug Capital. |
| What is EnduroSat's revenue? | EnduroSat's latest recorded revenue is $16M (May 2023). |
| What is EnduroSat's revenue multiple? | EnduroSat's latest valuation implies a 7.2x revenue multiple ($115M valuation on $16M of revenue). |
| Which companies are comparable to EnduroSat? | Companies comparable to EnduroSat include Nelco, KVH Industries, GomSpace, Inseego, Xona and Privateer. |
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