BlackBridge Group, a provider of end-to-end technology and services across the geospatial value chain, has secured $22 million in funding. The investors are BDC Subordinate Financing, an investment arm of the Business Development Bank of Canada, and the Bank of Montreal. Proceeds will be used for the development of the company’s next generation of satellites, RapidEye+, and for the renewal of existing credit facilities. Based in Lethbridge, Alberta, BlackBridge in 2011 acquired its German competitor RapidEye AG. BDC Subordinate Financing provides quasi-equity investments to small and medium-sized businesses in Canada.
BlackBridge Secures $22 Million for New Satellite Constellation: A new generation of RapidEye Satellites is underway
Berlin, Germany, May 15, 2014 – BlackBridge has secured $22 million (CDN) in funding from the Bank of Montreal (BMO) and the Business Development Bank of Canada (BDC) for the development of its next generation of satellites, RapidEye+, and for the renewal of existing credit facilities. This financing will contribute to the development of a new satellite constellation that will enhance BlackBridge’s already remarkable imaging prowess, allowing the company to expand its current range of geospatial solutions.
BlackBridge CFO Richard Goode says of the investment, “We are pleased that both BMO and BDC have joined us in the development of our next generation of satellites. We are seeking strong long-term partners as we continue to grow our business, and both BMO and BDC provided the financial strength and commitment we were looking for.”
Mr. Braun, BMO, is enthusiastic about the project, “We are proud to be a part of BlackBridge’s RapidEye+ project, and we look forward to continued involvement as the new satellites are built.”
Matthew Kellow, Managing Director, Subordinate Financing with BDC states, “BlackBridge is a dynamic, growth-oriented, and forward-thinking company that is a great example of the type of company we are looking to partner with over the long-term. We are excited about furthering our partnership with the company and the new business opportunities that will result from RapidEye+.”
BlackBridge is focused on providing end to end solutions across the geospatial value chain. This includes satellite operations, ground station services, data center and geocloud solutions, and worldwide satellite imagery distribution through over 100 BlackBridge partners, combined with the creation of value added products and services.
Photo courtesy of BlackBridge Group