HomeFundingItalian spacetech Leaf Space snaps €20 million to make the sky not...

Italian spacetech Leaf Space snaps €20 million to make the sky not the limit for satellite connectivity

Leaf Space, a leading global provider of ground segment services for satellite operators, today announced that it has successfully completed a capital increase for a total of €20 million on top of the availability by the European Investment Bank of a loan for a further €15 million through venture debt.

The round was subscribed by lead investors CDP Venture Capital Sgr (through Fondo Evoluzione) and Neva Sgr, alongside SIMEST and Digital Transition Fund – part of the CDP S.p.A. group. SIMEST has also carried out its first operation through the Single Venture Capital Fund, the new direct investment tool dedicated to the internationalization of Italian start-ups and SMEs. 

The existing shareholders RedSeed Ventures, Primo Space, and Whysol Investments, all subscribed to the capital increase and contributed to the new funding round, which builds on the success of a previous initiative three years ago.

“The €20 million of secured funding from new and existing equity investors add up to the €15 million venture debt provided by the European Investment Bank, although to be fully finalized, and underscore the confidence in Leaf Space’s capabilities and the company’s potential for continued growth,” said Jonata Puglia, Leaf Space CEO and co- founder. “It further validates our success and market position as the second largest Ground Segment-as-a-Service (GSaaS) operator in the world.”

The new funding will enable them to further expand their global network of ground stations as well as add several new locations worldwide. They also plan to support new frequencies for remote sensing satellites, continue simplifying the user experience of their services, hire new talent to scale up their activities, and proactively work on new segments of the market and special projects with customers and partners.

“Leaf Space’s first-of-its-kind Network Cloud Engine is revolutionizing the satellite communications industry and has the potential to bring about a disruption to the industry comparable to the shift from manual to automatic switching in telephone exchanges. With a growing market and volume of data and satellite information, transferring them efficiently and conveniently will be increasingly important”, commented Mario Scuderi, Head of the Fondo Evoluzione.

“As Neva SGR, we are excited to be part of Leaf Space’s journey and contribute to their continued success in revolutionizing satellite communications. We congratulate Leaf Space on this milestone and look forward to witnessing their advancements in the industry. Neva continues to invest in Italian excellence and in a sector, such as aerospace, which is central to Italian economy,” explained Mario Costantini, Chief Executive Officer and General Manager of Neva SGR.

Founded in 2014, the Italian-headquartered company based in Lomazzo (Como) currently supports around 80 satellites and achieved for the first time this March more than 10,000 successful satellite passes during a single month. Since 2020, it has seen a three-fold year-over-year increase in core business revenue and significant growth in capacity demand. In January 2021, the Italian spacetech raised a €5 million Series A financing round.

Leaf Space’s ground segment services are essential for managing satellite communications, data downlink and uplink operations for satellite operators globally. The company’s advanced software solutions, combined with its network of ground stations and expert team, have made it a trusted partner in the satellite industry.

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Stefano De Marzo
Stefano De Marzo
Stefano De Marzo is the Head of News at EU-Startups. He has been extensively covering startups, venture capital and innovation ecosystems, including contributions to numerous publications such as Sifted, Entrepreneur and Forbes. Through his work as an editor and writer, he continues to shape the narrative surrounding the best stories of the tech world.

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