Launching a reusable rocket Stoke Space has closed a $260 million Series C as the space technology sector looks to build on a strong 2024 for fundraising.
The Kent, Washington-based company is developing fully reusable rockets that enable low-cost access to and from space. It intends to make use of the latest funds to finish construction of the Nova launch vehicle at Cape Canaveral Space Force Station in Florida.
“We deeply appreciate the trust that investors have placed in Stoke and our mission,” said the co-founder and CEO Andy Lapsy In release. “This new investment validates our progress and allows us to accelerate the development of technologies that will redefine access to and from space.”
New and existing investors are participating in the latest round, including: Groundbreaking energy projects, Glade Brook Capital Partners, Industrial ventures, Leitmotif, Point72 ventures, Seven seven six, University of Michigan, Woven capital, Y Combinator and others.
Founded in 2019, Stoke has raised over $480 million for the company.
A leap in financing
After a slow 2023, the space technology industry saw a slight rebound in enterprise funding last yr.
VC-backed space tech startups raised $8.3 billion in 2024, in accordance with Crunchbase data. This figure represents a 17% increase over the $7.1 billion raised in 2023, but is lower than the $9.2 billion invested in 2022.
Some of the larger increases by U.S. space technology firms are included Astranis raising $200 million in a round he co-led Andreessen Horowitz AND Bam Lift in July to develop the Omega satellite program, and Aviation Skylightspace transportation startup that raised $175 million in Series D funding, which he leads RPM ventures in November it was valued at greater than $2 billion.
This week the space infrastructure will be launched Loft Orbit raised a $170 million funding round led by Axial partners AND The capital of Tikehau.