ReOrbit, a Finnish startup focused on sovereign satellites, has raised a record €45 million (about US $53 million) Series A round of funding for a European space tech company. That’s another sign that European new space market is heating up, fueled by a geopolitical environment in which interdependence has become a concern.
Founded in 2019 and based in Helsinki, ReOrbit aims to help countries control their own satellites. According to its CEO, Sethu Saveda Suvanam, it offers a solution to nations that can’t build their own satellites but want an affordable alternative to Elon Musk-owned Starlink.
Unlike Starlink, which also targets private users and enterprises, ReOrbit wants its clients to have full ownership and sovereignty over their satellites and communications. This means sourcing hardware from trusted sources and controlling it with ReOrbit’s software layer.
This software core, which Saveda Suvanam likens to iOS, can equally drive ReOrbit’s geostationary orbit satellite, SiltaSat, and its low earth orbit satellite, UkkoSat.
Such flexibility is particularly critical for countries that see the accelerating role of space underpinning their defense, security, and critical infrastructure.
That approach has helped the company sign “a full contract worth some hundreds of millions” with one nation and “multiple MOUs” with others, Saveda Suvanam said.
Saveda Suvanam insists that such contracts mean the startup didn’t need external funding, but it took the round anyway to accelerate growth. He wants ReOrbit to become a sales unicorn in the next four years. “We are targeting €1 billion in order books,” Saveda Suvanam said.
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ReOrbit was actually aiming to raise €50 million in its Series A organized by Springvest, a Finnish firm that organizes crowdsourced public offerings to qualified investors for private companies. While the startup didn’t reach the full tally, the round was record-sized for Finland, which contributed to the round in several ways.
“The public share issue of €8 million, organized for Finnish private investors and family offices, was opened on June 16 and filled in just 4.5 hours — faster than any share issue ever arranged by Springvest,” Saveda Suvanam wrote to TechCrunch. That converts to about $9.4 million.
The remaining €37 million ($43.5 million) also had a strong Nordic flavor, coming from institutional investors including previous backers Varma, Elo, Icebreaker.vc, Expansion VC, 10x Founders, and Inventure.
With competitors including Astranis and others, ReOrbit is shaped by the location it chose. Saveda Suvanam was born in India, but had spent 15 years in Sweden’s space industry before making the decision to relocate his newly created company to Finland and move there with his wife, who is also ReOrbit’s chief of staff, Mina Rajabi.
One key factor was a regulatory environment that had already proven favorable to Finland’s ICEYE — been one of the most well-capitalized space startups outside of SpaceX. But current tense geopolitics also play a role. Cuts to undersea cables in the Red Sea served other nations a reminder of the importance of satellite imaging.
“Finland is not a country that wants to be a superpower, and this is very important, because today, a lot of nations are stuck between China and the U.S. When we talk to the highest authorities of these nations, they always say, ‘We are looking at Europe and the Nordics very keenly, because this is a time where we want to find neutral partners.’ This is why it’s so exciting to [come from the Nordics] if you’re in this space — no pun intended.”
ReOrbit’s next milestone will also come from Europe: it is building a satellite for an in-orbit demonstration with the European Space Agency that it plans to launch in the second quarter of next year, Saveda Suvanam said.
