The key facts

  • Northwood Space raised $375 million in a Series C round at a $2 billion valuation
  • The round was led by Andreessen Horowitz and DFJ Growth
  • In January, the company raised a $100 million Series B and received a ~$50 million contract with the US Space Force

Round and valuation

Northwood Space, a company building antennas, software and other technologies for connecting satellites with the ground, announced it has raised $375 million in a Series C round. The round was led by Andreessen Horowitz and DFJ Growth, valuing the company at $2 billion. This was reported by TechCrunch citing a statement from the startup.

Dynamics over the year

The company, founded in 2022 and led by co-founder and former actress Bridgit Mendler, had earlier, in January, raised $100 million in a Series B round, also with participation from Andreessen Horowitz, and at the same time received a contract from the US Space Force worth about $50 million to modernize the national 'satellite control network,' TechCrunch reported. Thus, the valuation rose from January's level to $2 billion in less than a year, and the new round was nearly four times larger than the previous one.

What the funds will be used for

In addition to venture funding, the round includes a financial agreement with HSBC. According to the company, these funds, together with the raised financing, will go toward scaling the business, hiring employees, and fulfilling already signed contracts.