Latitude, the company that designed the French light space launcher Zephyr scheduled for maiden launch in 2025, continues its rapid growth.
This $30 million fundraising round is supported by Latitude’s existing investors (Crédit Mutuel Innovation, Expansion, DeepTech 2030 a France 2030 fund managed by Bpifrance, and UI Investissement), as well as Blast.club, which has entered Latitude’s capital. Kima Ventures and Mr. Vincent Luciani, Artefact’s CEO and investor, joined them.
This Series B ended a ground-breaking 2023 year for the French company. Within a year, the company has:
- Conducted two distinct tests for its 3D-printed rocket engine
- Developed the second iteration of the rocket engine, paving the path for significant performance advancements
- Opened its private 3 hectares Test Center in Vatry, France, the second liquid propulsion engine-compliant test area in France
- Doubled the surface area of its factory (3000m²)
- Exceeded the 100 employees mark
- Secured funding from France 2030 (AAP Micro Launchers)
- Attracted strong commercial interest
With this financing, the next Zephyr evolution will continue to be designed and the operational and industrial groundwork for the first launch, which is anticipated in 2025, is secured. Indeed, the light launcher will be able to carry 200 kg of payload by 2028. Specifically, this new private investment will result in:
- The first launcher’s manufacturing
- The assembly line’s establishment
- The electrical, propulsion and fluidic systems and structural tests
- The Test Center’s operational status
- New talent recruitment
“Our investors’ continued support is a recognition of our eighteen months of hard work, significant accomplishments, and expansion to become a market leader by the end of the decade. 2024 is a pivotal year for Zephyr’s first flight in 2025, and for serving our first customers,” said Stanislas Maximin, Latitude’s CEO and co-founder.
“A key component of Crédit Mutuel Innovation’s strategy is supporting projects at the forefront of French technology and industrial know-how. Renewing our trust in Latitude was therefore a logical decision. The company possesses all the key success factors required to advanceits R&D while accelerating its industrial momentum. Stanislas and his team have the expertise needed to lead the micro-launcher industry in the future,” said Maxence Valero, Crédit Mutuel Innovation’s Investment Director.
“We are very proud to increase Expansion’s stake in Latitude. Europe needs to regain full sovereignty over space launchers. The development of healthy competition will result in the emergence of a diverse range of competitive players, potentially world champions. Latitude is leading the way in low-earth orbit payloads for future mega constellations (up to 200kg) in France, thanks to its technological choices and speed of execution,” said Charles Beigbeder, Expansion’s co-founder.
“The French government has made supporting growing players in the space sector one of its primary objectives under France 2030. The French government’s Deep Tech 2030 fund provides tangible support for this purpose. Bpifrance is proud to be part of this new chapter for Latitude.This new investment gives the company all the resources it requires to be successful as it enters an industrial phase. We are thrilled to go further in our relationships with Latitude’s teams and support them along on their journey as they strive toward Zephyr’s launch and industrialization.”, said Adrien Muller, Bpifrance’s Investment Director.
“Stanislas’ vision and desire in such a strategic and strategic sector,as well as his ability to surround himself with experts, impressed the entire Blast team. We are convinced of Latitude’s potential, and are proud to support him on this adventure,” said Anthony Bourbon, Blast’s founder.
“UI Investissement is thrilled to contribute to the growth of Latitude, which precisely embodies our investment philosophy of supporting the emergence and development of regional gems that will be the thriving tomorrow’s actors of the territory. Since our initial round in 2020, the company has made significant progress in attracting talent to Reims, and with this new round of financing, it will be equipped to pursue its ambitious vision. “We can’t wait to see what happens next, “ said Elisa Le Tallec, UI Investissement’s Business Manager.