Deal profile | Gadens advises Fleet Space Technologies on significant capital raise

Gadens has advised Fleet Space Technologies Pty Ltd (Fleet), Australia’s leading space company, on their recent Series B capital raise, raising approximately US$26.4m from current and new investors, including some of Australia’s leading venture capital firms, major funds and key strategic partners. The funds will allow for further expansion at the company as it enters a significant growth phase.

South Australian based Fleet, is an agile space company who are connecting the Internet of Things (IoT) around the world using a fleet of small low-cost satellites. They are making it faster, simpler and cheaper to connect the world’s devices. Fleet launched their nanosatellites in 2018, and to date has six satellites in orbit with the next batch scheduled for 2022.

Gadens have advised Fleet for a number of years, supporting them on their growth journey in the space and telecommunications sector.

Commenting on Fleet’s capital raise, senior associate Matt Watt said,

 “We were delighted to work with Fleet again, supporting them through this milestone capital raise. We look forward to seeing them continue to grow and thrive in Australia and beyond.”

Flavia Tata Nardini, CEO and Co-founder said,

“The successful conclusion of this capital raise enables the next phase of growth for Fleet. We are proud to be part of Australia’s rapidly growing space sector and look forward to scaling to realise the full potential of IoT technology to secure planet-wide coverage of millions of industrial devices. We are pleased to work closely again with Gadens who worked effectively to support the completion of this growth enabling capital raise.”

Practice group: Corporate.

Key team members: Corporate partner James Beckley and senior associate Matt Watt led on the raise, they were supported by lawyer Kate Mylott.