D-Orbit ION satellite on orbit. Photo: D-Orbit

Italian space logistics company D-Orbit raised $100 million euros ($110 million) in a Series C funding round announced Thursday. Japanese industrial conglomerate Marubeni Corporation led the round, solidifying a commercial collaboration between the companies on space logistics. This is one of the largest funding rounds for a European space tech company. 

D-Orbit is a rideshare provider. The company operates the ION orbital transfer vehicle, which functions as a “last-mile” delivery service, placing satellites into specific orbital slots after launch. D-Orbit has launched 13 ION orbital transfer missions, and its customers include Spire Global, AAC Clyde Space, and Alba Orbital. 

The company plans to use the investment to expand its space logistics service into in-orbit servicing and space cloud computing, and to expand its capabilities in the U.S., Europe, and the United Kingdom. The company is preparing to add to its current portfolio of satellite deployment and hosted payload testing in orbit with services like satellite lifespan extension and space debris removal.

D-Orbit said this funding means the company is funded through to reach cash flow profitability. 

“This milestone marks a seismic leap in the evolution of D-Orbit. It propels us forward with unprecedented momentum, empowering us to expedite our vision and solidifying our commitment to revolutionize the space logistics industry,” commented D-Orbit CEO Luca Rossettini. 

In addition, pharmaceutical and space family investment firm Avantgarde joined the round for the first time. Existing investors CDP Venture Capital Sgr, Seraphim Space Investment Trust, United Ventures, Indaco Venture Partners, Neva SGR Spa, and Primo Ventures participated as well.