EnduroSat broadening investor orbit
A month after successfully launching the Balkan-1 satellite for the European Commission's Copernicus program, Bulgarian nanosatellite manufacturer EnduroSat has once again attracted investor interest and funding.
The company has secured a 20 million euro investment, with existing backers maintaining their stakes and Romania's Morphosis Capital Fund II joining as a new investor, bringing total external funding to 48 million euro. Leading the round is CEECAT Capital, which previously invested 10 million euro in 2023, valuing the company at an estimated 150-200 million euro.
Founded in 2015 by Raycho Raychev, EnduroSat now serves more than 350 international clients, operates 60+ satellites in orbit, and employs 220 engineers across Europe and the U.S.
Tech in schools continues
Bulgarian web hosting company SiteGround announced an extension of its partnership with the Teach for Bulgaria Foundation, donating 450,000 levs over the next three years. From 2022 to 2024, the company contributed 100,000 levs annually, and its Managing Director, Tenko Nikolov, has been on the foundation's board since 2021.The funds will support the expansion of the Model Schools program, which helps schools improve teaching methods and create a more engaging learning environment. To date, 140 schools have participated, with 40 more expected to join this year, further enhancing teacher training and student engagement.
2025 budget gets creative
The government, under pressure to produce a budget with a deficit under 3% of GDP without cutting expenses, would appear to have few options at its disposal. The situation is even worse considering that existing commitments push it closer to 9%.The draft budget reveals some creative accounting to address this shortfall. In a parliamentary review, concerns arose over the sharp increase in the debt ceiling, which initially stood at 16.9 billion levs but was later raised to 18.9 billion levs, leaving an 8 billion levs buffer unexplained. Finance Minister Temenuzhka Petkova justified the move by citing Article 70, paragraph 8, which allows debt issuance for capitalizing state-owned enterprises across sectors like healthcare, defense, energy, and agriculture.
EnduroSat broadening investor orbit
A month after successfully launching the Balkan-1 satellite for the European Commission's Copernicus program, Bulgarian nanosatellite manufacturer EnduroSat has once again attracted investor interest and funding.
