Spire Global, a global provider of space-based data and analytics, signed a growth financing deal consisting of a $70 million convertible term loan with Francisco Partners, a global investment firm that specializes in partnering with technology businesses. In connection with providing the term loan, which is subject to customary closing conditions, including the payoff of Spire’s existing debt, Francisco Partners will also receive a stock grant to become a shareholder in Spire. Spire also announced that it will go public via a planned business combination with NavSight Holdings.
“We are proud to work with Francisco Partners to support Spire’s rapid growth,” Peter Platzer, CEO of Spire Global, said. “We expect this financing will help us accelerate the roll-out of intersatellite links, cutting edge technology that reduces data latency for customers. We expect this to be especially impactful for aviation customers where globally consistent, timely information is critical for unlocking a number of impactful use cases. We expect this new technology will allow us to continue signing new customers and expanding the business relationships we have with our current customers to build on our 2020 successes.”
“We are thrilled to partner with Spire through this financing,” Scott Eisenberg, head of credit and structured solutions at Francisco Partners, said. “The team there has built an industry leading geospatial analytics platform and we look forward to supporting the company’s continued growth and leadership in the new space economy.”
