Firefly Aerospace secures $175M Series D Funding led by RPM Ventures

Firefly Aerospace secures $175M Series D Funding led by RPM Ventures
by Clarence Oxford
Los Angeles CA (SPX) Nov 13, 2024

Firefly Aerospace has announced the completion of an oversubscribed $175 million Series D funding round, elevating the company's valuation beyond $2 billion. The funding was led by RPM Ventures, a venture capital firm known for backing innovative and industry-leading enterprises for over two decades. The round also attracted participation from existing backers as well as new investors, such as GiantLeap Capital and Human Element.

"Few companies can say they've defined a new category in their industry - Firefly is one of those," stated Marc Weiser from RPM Ventures. "They have captured their niche in the market as a full service provider for responsive space missions and have become the pinnacle of what a modern space and defense technology company looks like."

Firefly's primary business focuses on offering top-tier responsive space services across its launch, lunar, and on-orbit programs. This capability was demonstrated during the VICTUS NOX mission, where Firefly successfully encapsulated and launched a payload for the U.S. Space Force within a 24-hour timeframe, setting an industry record and defining a new standard in the sector. The company continues to enhance its response times with each subsequent Alpha mission.

"Firefly is extremely grateful for our existing and new investors whose support demonstrates a huge vote of confidence in our capabilities and future," said Jason Kim, CEO of Firefly Aerospace. "Prior to joining the company, I had a unique opportunity to see behind the scenes and witness the bold mission Firefly executed flawlessly! I believe this is what has defined us in the market and continues to drive the investor demand that allowed us to move from term sheet to close in just two months - and the best is yet to come."

Kirk Konert, Chairman of the Board at Firefly Aerospace, commented, "This successful financing round solidifies Firefly as the undisputed leader in responsive space. With relentless drive, cutting-edge innovation, and unstoppable passion, this team is rewriting the rules of what's possible. As we set our sights on 2025, we're gearing up for a year that will redefine the industry and make history."

In addition to its active launch operations, Firefly is gearing up for its inaugural Blue Ghost mission to the Moon under NASA's Commercial Lunar Payload Service initiative. The company is also preparing for multiple Alpha launches contracted by Lockheed Martin, L3Harris, True Anomaly, NASA, and NOAA, and is collaborating with Northrop Grumman on developing a Medium Launch Vehicle. Simultaneously, Firefly is completing preparations for its first Elytra mission, a flexible spacecraft designed to offer on-orbit services and establish a deep space communication network.

Renowned for its efficient capital management, Firefly intends to channel the new funds toward expanding the market reach of its Elytra spacecraft, scaling up full-rate production of the Alpha launch vehicle, and expediting hardware qualification for emerging vehicle programs.