Business Forum • 24 February, 2025 at 11:43 AM
Morphosis Capital Fund II, a growth capital fund focused on developing high-growth SMEs, announces its first investment outside Romania by taking a minority shareholding position in EnduroSat, a leading European provider of high-end satellites and space services. The investment is part of a broader funding round aimed at accelerating EnduroSat's expansion and continued innovation in the rapidly evolving "New Space" industry.
“I am really proud to continue our journey of making space universally accessible. We are excited to work with Morphosis Capital's team and to scale our operations further than ever before. In the last few years, we've experienced incredible growth and having strong partners will enable us to continue on this path forward. I am personally thrilled that we are forming another strategic alliance in Europe,” stated Raycho Raychev, CEO and founder of EnduroSat.
EnduroSat, founded by Raycho Raychev, is on a mission to make space universally accessible by delivering agile, software-flexible satellites and space services for commercial enterprises, research institutions, and space programs worldwide. With a team of over 220 space professionals across 6 locations worldwide, the company has built a strong track record of successful missions, offering a transparent, streamlined approach throughout the satellite lifecycle, from engineering and integration to deployment and in-orbit operations.
The company provides software-flexible satellites that allow organizations to reach orbit faster, more efficiently, and at a lower cost. Its integrated approach combines hardware, software, and mission services, simplifying access to space and empowering over 350 companies and institutions to develop cutting-edge applications in domains such as Earth observation, communications, and scientific research. EnduroSat's customers range from multi-billion-dollar organizations to scale-ups and emerging commercial space companies.
"The investment in EnduroSat represents a strategic milestone for Morphosis Capital as we extend our investment reach beyond Romania while simultaneously entering the New Space market. EnduroSat has built an impressive reputation as an innovator in the European space industry, developing cutting-edge solutions that optimize the efficiency and scalability of satellite operations. Its pioneering approach not only streamlines deployment but also unlocks new opportunities for companies worldwide, making space more accessible than ever through its simplified, transparent, agile and cost-efficient offering. We are excited to support its continued growth and global ambitions, reinforcing our commitment to investing in high-potential, entrepreneur-led businesses in dynamic, high-growth industries,” stated Dragos Petre, Partner at Morphosis Capital.
The funding round, in which Morphosis Capital participates alongside CEECAT Capital and other investors, aims to strengthen EnduroSat's position in the global satellite technology sector and further enhance its offering.
The investment in EnduroSat aligns with Morphosis Capital Fund II's strategy of supporting companies with strong growth trajectories, innovative business models, and high potential for international expansion. This transaction is particularly significant as it marks Morphosis Capital's entry into the rapidly expanding space sector, which is projected to grow significantly in the coming years on the back of increasing commercial applications and technological advancements.
This acquisition marks the third transaction for Morphosis Capital Fund II, having committed to deploy over 30% of the Fund's investable capital within the first 7 months of its first closing. It follows previous ones in Mark Twain International School and La Cocos, further demonstrating the fund's commitment to diversifying its portfolio across multiple sectors. With a mandate to support entrepreneurial success stories across the Central and Eastern Europe and a total committed capital of over €100 million, Morphosis Capital Fund II continues to seek investment opportunities in healthcare, technology, niche manufacturing, consumer products and retail, and B2B services, with a focus on companies demonstrating strong operational performance and scalability.
The transaction between Morphosis Capital and EnduroSat was facilitated by Analysys Mason as advisors on the commercial due diligence side, EY as financial and tax advisors, and Van Campen (Luxembourg) / DSP Law Office (Bulgaria) on the legal due diligence side.