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Rocket Lab Raises $75 Million for Production of Electron Rocket

By | March 21, 2017
      Rocket Lab Electron

      Rocket Lab employees with multiple rockets under construction. Photo: Rocket Lab

      Rocket Lab announced closing a Series D financing round of $75 million. Data Collective led the round, with additional investment from Promus Ventures and an undisclosed investor, and with renewed participation from Bessemer Venture Partners, Khosla Ventures and K1W1. The closure of the round brings the total funding Rocket Lab has received to date to $148 million, with the company now valued in excess of $1 billion.

      “The funding will enable us to scale up production of Electron to meet the continued high demand we’re seeing from the growing small satellite industry,” said Rocket Lab Chief Executive Officer and Founder Peter Beck.

      Beck also welcomed Data Collective managing partner Matt Ocko to Rocket Lab’s board of directors, joining existing members David Cowan (Bessemer Venture Partners), Sven Strohband (Khosla Ventures) and Scott Smith (Iridium Satellites).

      March 21 also marks the opening of Rocket Lab’s new headquarters in Huntington Beach, California. The company has had a presence in the area since 2013 and looks forward to expanding its engineering and business units in the 150,000-square foot facility. Rocket Lab plans to continue to expand its presence in Auckland, New Zealand, which supports Rocket Lab’s Launch Complex 1 on New Zealand’s Mahia Peninsula.