Isar, a German competitor to SpaceX, raises $168 million to support its launch plans.
The company is now worth more than it was during the 2021 financing round.
Ankush Pandey
In Short
The German automaker Porsche SE is one of its investors. Isar Aerospace has now raised 310 million euros. Spectrum is designed to launch small and medium-sized satellites into orbit.
Reuters says: The Munich-based German rocket manufacturer Isar Aerospace announced on Tuesday that it had raised 155 million euros ($167.57 million) in a new financing round to advance toward its first planned launch in the second half of the year.
According to the company, Porsche SE, a German automaker, and HV Capital will join the supervisory board.
Chief Executive Daniel Metzler stated, "This funding round is an important milestone on our path to orbit."
Chief Financial Officer David Kownator stated, without providing a number, that the company is now valued higher than it was during the prior financing round in 2021. Kownator added that Isar Aerospace has now raised 310 million euros in total.
Isar Aviation is arranging the lady trip of its Range send off vehicle, which is intended to place little and medium-sized satellites into space from a platform in Norway, in the last part of 2023.
Kownator stated that the order books have already been fully filled.
