Spire Global, a global provider of space-based data, analytics and space services, obtained a credit facility of up to $120 million led by Blue Torch Capital. Proceeds will be utilized to extinguish an existing approximately $71 million credit facility and to continue driving Spire’s strategic growth objectives, providing flexibility to strategically run the business.
“We have taken proactive steps to improve our balance sheet,” Thomas Krywe, CFO of Spire, said. “This credit facility helps de-risk the business and provides us with additional capital to invest in areas that are beneficial to the execution of our growth strategies as we drive towards our goal of being free cash flow positive in 21 – 27 months.”
The first tranche of funds, just over $100 million, is available upon closing. The remaining funds are being held in an escrow account and will be made available to Spire once the company reaches funding conditions, which the company expects to meet by the end of 2022.
