Expanded credit facility to continue driving company’s strategic growth pillars
Spire, a leading global provider of space-based data, analytics and space services, announced that it has obtained a credit facility 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 four strategic growth pillars, providing flexibility to strategically run the business.
Spire’s growth pillars are:
- Invest in Sales, Marketing and Product
- Expand into New Geographies and Use Cases
- Expand the Capabilities of our Data and our Analytics
- Execute Strategic Acquisitions to Strengthen our Market Position
“We have taken proactive steps to improve our balance sheet,” said Thomas Krywe, Spire’s CFO. “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.
