The Sofia-based company for nanocarriers EnduroSat attracted an additional investment of $362 000 from the Bulgarian VC company Neo Ventures, according to SeeNews.
EnduroSat was founded in 2015 and designs and builds nanosatellites flying in the lowest orbit around the Earth. The company also works on inter-satellite connections and connections with terrestrial devices and data transmission. Two years ago, EnduroSat launched its first own nanosatellite to demonstrate the capabilities of the technology.
The Sofia-based company has over 75 clients from five continents, over 150 components in orbit, and has generated 1,9M leva revenue during the last year. Its office in Sofia has a team of 45 engineers.
This is Neo Ventures’ second investment in EnduroSat. The fintech company Trading 212 and the video game developer Imperia Online have also invested in the company. In 2017, EnduroSat received funding of 1.2M Euro from the European Commission under the Horizon 2020 programme.
Neo Ventures is a Bulgarian open-end venture capital fund aiming at companies in their early stage of development. So far the company has invested in over 30 startups which it later provides with business support for planning and scaling.