Deal Profile | Gadens advises Fleet Space Technologies on $50m capital raise
26 May 2023
Gadens has advised Fleet Space Technologies Pty Ltd (Fleet), Australia’s leading space company, on its Series C fundraising round, raising a total of $50 million, from current and new investors including leading Australian venture capital firms and private equity funds. This raise more than doubles the company’s valuation, now surpassing $350 million.
South Australian-based Fleet is now well-positioned to continue its growth trajectory and expand its global presence; the new funding will also support the development of new technology enabled by machine learning and AI and new strategic product lines on a global scale through an expanded constellation of satellites.
Gadens has advised Fleet for a number of years, supporting them on their growth journey in the space and mining exploration sectors. Significant growth in Fleet’s customer base and revenues has seen the company more than doubling its valuation since its previous fundraising round in 2021, which Gadens also advised on.
Commenting on Fleet’s capital raise, partner Matt Watt said:
“Gadens is thrilled to have advised Fleet on another successful capital raise. This latest fundraising round demonstrates Fleet’s strength and position as one of Australia’s leading space companies. We look forward to supporting them as they continue their journey, in Australia and abroad.”
Flavia Tata Nardini, CEO and Co-founder said:
“Since the launch of Exosphere, our groundbreaking product, we have achieved an impressive milestone of reaching $28 million in contracted revenues within a year, deploying customers in every continent of the world. This exceptional growth in revenue, coupled with our robust customer acquisition, has been a driving force behind our successful Series C round. The Gadens team have played an important role in supporting Fleet’s growth over the years and we were pleased to work closely with them on another oversubscribed round”.
Practice group: Corporate.
Value: Raising $50m, increasing the company value to in excess of $350m.
Key team members: Gadens corporate partner Matt Watt led on the raise, supported by Alistair Moore (Associate), Hannah Darwell (Lawyer) and Daniel Smith (Lawyer).