Venture Capital News: SpinLaunch Raises $71M Series B Round
LONG BEACH, CA, SpinLaunch announced today that the company has closed a $71 million Series B funding round.
The funds will be used to continue the development and commercialization of the world's first kinetic launch system and satellite product line, designed to provide low-cost, high-cadence, environmentally responsible space access.
The round was led by ATW Partners, and includes Kleiner Perkins, GV, ATMA Capital, ONA Capital, Lauder Partners, McKinley Capital, Tyche Partners, as well as John Doerr, Brook Byers, Asher Delug, Chuck Brady, Andrew Farkas, and Greg McAdoo. The Series B financing, which includes equity and debt, brings SpinLaunch's total funding to $150 million.
SpinLaunch was founded by Jonathan Yaney, in 2014, to reimagine space launch technology and enable sustainable and easy access to space. The company is building a ground-based, kinetic launch system that delivers a substantially less expensive and environmentally sustainable system to place constellations of small satellites into Low Earth Orbit (LEO). SpinLaunch is based in Long Beach, California, and has built its Suborbital Mass Accelerator at Spaceport America in New Mexico. The company is on target to place satellites into orbit and deliver payloads for spacefaring endeavors by 2026. In 2022, SpinLaunch was named as one of the most innovative companies by TIME Magazine.
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