Spanish satellite IoT startup Sateliot has raised a 30 million euro ($33 million) Series B funding round, led by Global Portfolio Investments. This deal makes Global Portfolio Investments, a Spanish investment group, one of the company’s main shareholders. 

Sateliot plans to use the capital to build-out its constellation of 100 IoT satellites that operate under 5G protocols. The company plans to offer real-time global IoT connectivity by 2028 for industries such as agriculture and logistics. 

Sateliot recently launched four new satellites on the SpaceX rideshare mission in August. These satellites will enable Sateliot to start commercial service in the first quarter of 2025. 

The company says it has secured more than 250 million euros ($278 million) in contracts with more than 400 clients. It sets a bold goal of invoicing 500 million euros ($556 million) in 2027 and 1 billion euros ($1.1 billion) in 2030.

“This investment represents a huge boost for the company and sends a message of confidence to other investors interested in our company so that they can join our project. It also represents a decisive step in continuing to advance in our strategy of having the constellation deployed and meeting our financial objectives,” CEO Jaume Sanpera commented.