The Bulgarian space company EnduroSat has raised a $205 million investment round (approximately €178 million), which will be used to expand satellite mass production, build a new manufacturing complex in the USA, and establish a space and defense center in Bulgaria. With this success, the company's market valuation has exceeded $1 billion, making it the second Bulgarian technology "unicorn" after the fintech giant Payhawk, reports the specialized publication The Recursive.

EnduroSat's Marketing Director, Boris Dimitrov, confirmed to the media that the company's valuation has "significantly exceeded $1 billion," while explaining that the exact amount will not be publicly disclosed. In business, the term "unicorn" is applied to private startups with a market valuation of at least $1 billion.

The EnduroSat team received official congratulations from Payhawk via a post on the social network LinkedIn. In the post, the fintech company noted: "Huge congratulations to the entire EnduroSat team on raising $205 million and becoming the second Bulgarian unicorn." Payhawk representatives added that EnduroSat uses a methodology in satellite manufacturing similar to that used for drones, allowing assembly and testing processes to be completed in just hours.

EnduroSat was founded in Sofia in 2015 by Raycho Rachev. Its activities encompass the design, production, and management of entire satellite constellations, as well as deploying them into orbit using standardized satellite platforms. To date, the company has delivered over 200 units for various missions worldwide and has launched a total of 103 satellites into orbit.

The first Bulgarian "unicorn" was Payhawk, which achieved its status in March 2022. Founded in Sofia in 2018 by Hristo Borisov, Boyko Karadzhov, and Konstantin Dzhengozov, it develops a corporate expense management platform that combines features such as expense control, invoice processing, payments, and corporate cards. During its Series B investment round, Payhawk raised an additional $100 million, bringing its total volume to $215 million and a valuation exceeding $1 billion.