Clifford Chance advised the European Investment Bank (EIB) on its investment in EnduroSat, a fast-growing Bulgarian company providing solutions for the global space market.
The EUR 10 million financing is the first venture debt operation in Bulgaria under the European Guarantee Fund (EGF) set up by the EIB to support EU businesses during the COVID-19 pandemic. The EIB investment will back EnduroSat’s growth and job creation to further develop the company’s innovative, high-performance and affordable nanosatellites and space services for business, exploration, and science teams across the Globe.
The EIB Group provides direct venture financing for later-stage, fast-growing companies, and through the European Investment Fund (EIF) backs various venture funds to support European space start-ups at earlier development stages.
The Luxembourg team advising EIB was led by partner Stefanie Ferring with the support of associates Holger Nõmm and Tjasa Perger (Global Financial Markets). Partner Katia Gauzès and senior advisor Louis Mamère supported on the corporate side.
In 2020, Clifford Chance also advised the EIB on its first direct venture financing for a start-up in the European “New Space” sector, Spire Global.
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