Funds raised in Series B increased the total amount raised to $55 million
French company Latitude, specializing in the development of small rocket engines, has attracted $30 million in investment to produce its first rockets. This announcement was made on January 22nd when the company announced a successful Series B funding round that brought them to $55 million in total raised.
This round included participation from existing investors such as Crédit Mutuel Innovation, Expansion, the French government's Deeptech 2030 fund and UI Investissement, as well as Blast.club, Kima Ventures and individual investor Vincent Luciani . The additional funds will be used to support production and testing of the company's first rocket, Zephyr, which is designed to launch up to 100 kilograms into low Earth orbit.
Latitude CEO and co-founder Stanislas Maximin said: «Funds raised as part of this round will help us launch Zephyr in 2025 and begin serving our first customers.».
Crédit Mutuel Innovation, the venture capital arm of the French financial concern Crédit Mutuel Equity, expressed its confidence in the company's success. «Latitude has all the key success factors needed to advance research and development efforts and accelerate industrial development. Stanislas and his team have the necessary knowledge to lead this mini-missile field, — said Maxence Valero, Chief Investment Officer at Crédit Mutuel Equity.
Series B funding will not only support work on the first rocket, but will also be used to build a production line and launch a liquid-propellant engine. The company, which has more than 100 employees, also plans to expand its workforce.
Latitude also announced plans to improve the Zephyr rocket. The creation of a new version of Zephyr with a carrying capacity of 200 kilograms is planned for 2028, the company’s goal — production of up to 50 missiles per year.
Latitude — one of several European startups that are developing small rocket engines with support from national and European government agencies. This comes amid growing concerns about a «launch rocket crisis» on the continent, caused by the loss of existing rockets and delays in the development of new rockets such as Ariane 6 and Vega C.
«Europe needs to restore full sovereignty in the field of space launch vehicles. The development of healthy competition will lead to the emergence of a variety of competitive players who can become world leaders», — noted Charles Beigbeder, co-founder of Expansion, a European venture fund specializing in aviation and space.