Northwood Space has raised a $375 million Series C at a $2 billion valuation, TechCrunch reports, in a round co-led by Andreessen Horowitz and DFJ Growth. The company announced it on Monday. The company’s own blog post is the source.
That follows a $100 million Series B in January, which Andreessen Horowitz also co-led, so the company has raised $475 million in about ten months.
Northwood, founded in 2022 and run by chief executive Bridgit Mendler, builds antennas, software and other technology that help satellites communicate with Earth. It is the ground end of the space business.
It holds a contract worth nearly $50 million from the US Space Force to upgrade the satellite control network, previously reported by TechCrunch, and a financial agreement with HSBC whose amount and terms were not given. The Space Force deal is not a new disclosure.
The company says the money will go on scaling, hiring and fulfilling existing contracts. The round size, the valuation and that plan all come from its own announcement, and neither investor is quoted.
TechCrunch does not say whether the $2 billion is pre-money or post-money, and there is no revenue, backlog, headcount or customer figure to test it against. It also does not say how the valuation was set.
A valuation that rich is a bet on how much satellite traffic there will be to receive. The announcement does not say how much there is today. A ground network is only as valuable as the number of spacecraft that need it, and the company has not published how many it serves.
