Photo courtesy of EnduroSat.
Bulgarian New Space company EnduroSat has received an investment of $ 362,000 from Neo Ventures, a venture capital company based in the Bulgarian capital Sofia.
EnduroSat was founded in 2015 and develops, builds and operates nanosatellites for commercial and scientific missions. EnduroSat also develops connections between satellites and data applications.
Raycho Raychev is the founder and majority shareholder of Endurosat, and other investors include Trading 212, a fintech company, and Imperia Online, a video game developer, and Neo Ventures.
Neo Ventures first invested in EnduroSat in 2017 when it acquired 2,058 shares in the company for $ 158.43 each. On this latest investment, Neo Ventures bought an additional 1,864 shares of EnduroSat at $ 194.35 each.
In 2018, EnduroSat had sales of $ 1.05 million and profits of $ 144,000. EnduroSat employs 45 engineers and has around 75 customers.
Neo Ventures is a perpetual early stage investor based in Eastern Europe. The founders supported more than 30 startups and successfully left 10. Neo Ventures then funds and assists the companies it invests in with business planning, operation scaling, follow-up investments, and advice on executing them throughout the business cycles.
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