Spire Secures $120m Credit Facility
On June 14, Spire Global, Inc. (Spire) announced that it secured a credit facility of up to $120m, led by Blue Torch Finance LLC, with a term of four years. $100m of the financing proceeds was made available to Spire immediately while the balance of the facility was placed in escrow subject to release upon satisfaction of certain conditions, including Spire’s achievement of $96m in annual recurring revenue. Spire plans to use part of the proceeds from the facility to pay off existing indebtedness.
South Korea Start-up CONTEC Concludes Series C Round
On June 10, South Korean start-up CONTEC announced that it raised approximately $47.3m in a Series C funding round led by Spring Ventures, with participation from both new and existing investors, adding to a roughly $10m raised by the company in its two previous funding rounds. CONTEC was spun-off from the Korean Aerospace Research Institute in 2015. It is currently building out a global network of ground stations and aims to deploy a constellation of Earth observation satellites beginning in 2023.
