ReOrbit Secures Record Funding to Compete with Starlink in Europe
ReOrbit, a Finnish startup working to enable nations to operate their own sovereign satellites, has raised approximately $53 million in Series A funding, marking a record for a European space technology company. The funding round reflects increasing activity in Europe’s space market, driven by geopolitical considerations regarding reliance on foreign technology for essential infrastructure.
Established in 2019 and headquartered in Helsinki, ReOrbit supplies hardware and software for independent satellite operations. According to CEO Sethu Saveda Suvanam, the company's solutions are designed for nations that do not manufacture their own satellites, but require an alternative to Elon Musk-owned Starlink.
Unlike Starlink, which serves private users and businesses, ReOrbit focuses on providing customers complete ownership and control over their satellites and communications, using sourced hardware and ReOrbit’s proprietary software. The software platform is described as functioning similarly to Apple’s iOS and supports both geostationary orbit satellites, such as SiltaSat, and low Earth orbit satellites, like UkkoSat. This adaptability is relevant for countries that regard space technology as integral to defense, security, and infrastructure.
ReOrbit has secured contracts worth several hundred million euro with one nation and multiple memorandums of understanding with others, according to Suvanam. Although these agreements provided financial stability, external funding was accepted to accelerate growth. The company aims to achieve over $1 billion in order books within four years, turning ReOrbit into a “sales unicorn,” according to Suvanam. Geopolitical factors, such as recent damage to undersea cables in the Red Sea, have increasingly highlighted the importance of satellite communications and imaging.
The Series A round, organized by Springvest, targeted €50 million (about $58 milllion), with the actual amount raised reaching €45 million, a notable investment for Europe’s space sector. A public share issue of €8 million for Finnish investors and family offices was filled in 4.5 hours, reportedly the fastest in Springvest’s history. Institutional investors, including Varma, Elo, Icebreaker.vc, Expansion VC, 10x Founders, and Inventure, contributed the remaining €37 million. ReOrbit previously raised a $7.4 million seed round in 2023.
Competing companies include Astranis and others. ReOrbit joins a growing cluster of space startups in Finland, influenced by regulatory conditions favorable to Finland-headquartered space start-up, ICEYE. Finland does not seek superpower status, which, according to Suvanam, is notable given global interest among nations looking for neutral partners outside China and the U.S. He stated that Nordic countries are receiving attention for neutrality.
Earlier this year, ReOrbit expanded to the United Kingdom - the company plans to open local satellite centers in several countries over the next 12 months. ReOrbit’s key forthcoming milestone involves building a satellite for an in-orbit demonstration with the European Space Agency, scheduled for launch in the second quarter of next year. If successful, this milestone will validate ReOrbit’s modular satellite architecture and further secure its position as a key player in Europe’s new space ecosystem.