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In February, satellite service provider EnduroSat, founded by Raycho Raychev, raised 20 million euros. And to further accelerate its growth, the company is also announcing a new investment of 23 million euros from the American Founders Fund, in which Bulgarian Delyan Asparuhov, founder of the space company Varda, is a partner. With this round, totaling 43 million euros, EnduroSat will complete its newly purchased base at the "4th kilometer", which it has ambitions to become the largest space center for development activities in Europe, and will expand the production of its latest generation of satellites - Gen3, with which it plans to democratize space services and make them more accessible to significantly more companies around the world. In 2023, the company "Endurosat" reported revenues of 27.1 million. BGN, which marked a double growth compared to 2022, and according to Raichev, the growth for 2024 is similar. Satellite sales are growing by over 200% annually, and satellite constellation deals by 600% in 2024. The new Endurance Gen3 satellites weighing from 200 to 500 kg will be assembled and tested at the EnduroSat space center in Sofia, which is still being completed and is located on 17,500 sq m and will have state-of-the-art clean rooms and laboratories for development, testing and qualification. In 2024, he and Chaos co-founder Petar Mitev purchased the former Alpha Bank headquarters on the "4th kilometer", which had been deserted for years. According to market data at the time, its price was reported to be around 20 million euros. The new base is expected to be operational "around the middle of this year," says Raichev, adding that it will house development offices, a new control center, state-of-the-art clean rooms and laboratories for satellite development, testing and qualification. The space operator's next goals are to expand operations in the United States, where over 60% of EnduroSat's sales are currently made.

 

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