Today, we are excited to announce that we have closed our Series C financing at $118 million with the International Finance Corporation (IFC), a division of the World Bank Group, being the lead investor in the 2nd closing. This gives Planet the capital to scale our satellite constellation, to support business development, sales, and to develop our data products.
The IFC’s venture capital division saw the opportunity for Planet Labs data to make a global impact. “Satellite imagery is an important tool for economic development and disaster risk response, and Planet Labs’ datasets can help bridge the information gap many emerging markets now face. IFC’s investment will help ensure more companies and communities in developing countries have the information they need to grow in a smart and sustainable way,” said Nikunj Jinsi, Global Head of Venture Capital at IFC.
Steve Jurvetson, partner at DFJ and Board Member of Planet, SpaceX, and Tesla said: “Using a development and design model similar to building software programs, Planet’s agile aerospace approach is allowing them to do things that no other space company before it has been able to achieve. I’m excited to see such a high interest in a company that’s on its way to becoming a global leader in commercial satellites.”
As a global finance body, the IFC validates Planet as a company attracting international interest and can help us connect with potential partners in emerging economies. Furthermore, as our constellation grows, so does our commitment to planetary stewardship, so we love the fact that they keenly support our humanitarian ambitions.
Learn more about our Impact initiatives.
A note: This post is an update to our financing announcement in January. The $118m includes $25m in debt financing and $93m in Series C.