Northwood Space has raised $375 million in a Series C round that values the space infrastructure startup at $2 billion, giving the company fresh capital to expand its satellite communications business.
The round was co-led by Andreessen Horowitz and DFJ Growth, Northwood said Monday. The company also entered into a financial agreement with HSBC. Northwood said the financing package will help it scale operations, hire employees and fulfill contracts already in place.
Building infrastructure for satellite communications
Founded in 2022, Northwood develops antennas, software and other technologies intended to improve communications between satellites and Earth. Its products are focused on the infrastructure required to support satellite operations rather than on launching or operating satellites themselves.
The company is led by Bridgit Mendler, its co-founder and CEO. Mendler is also a former actress. Northwood’s leadership and latest funding place the startup among the venture-backed companies seeking to build infrastructure around the expanding satellite industry.
| Item | Details |
|---|---|
| Company | Northwood Space |
| Round | Series C |
| Amount raised | $375 million |
| Valuation | $2 billion |
| Lead investors | Andreessen Horowitz and DFJ Growth |
| Additional financing | Financial agreement with HSBC |
A rapid financing sequence
The Series C follows Northwood’s $100 million Series B, which was also co-led by Andreessen Horowitz and was announced in January. The company has therefore added substantial equity funding within the same year as it works to expand its operating capacity.
Northwood has also secured a contract worth nearly $50 million with the U.S. Space Force to upgrade the nation’s satellite control network, according to TechCrunch’s previous reporting. The company said its latest capital will support the work connected to existing contracts as well as broader scaling and recruitment.
- Northwood raised $375 million in a Series C round.
- Andreessen Horowitz and DFJ Growth co-led the financing.
- The company said the funding and HSBC agreement will support hiring, expansion and contract fulfillment.
The financing gives Northwood resources to continue developing its ground-to-space communications technology while expanding the organization behind it. The company’s stated uses for the proceeds center on execution: increasing its workforce, scaling the business and delivering on commitments already made to customers and government partners.
