Spire Obtains $120 Million Credit Facility from Blue Torch Capital
Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a leading global provider of space-based data, analytics and space services, today 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.
About Spire Global, Inc.
Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard-to-acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Ontario, Glasgow, Oxfordshire, Luxembourg, and Singapore. To learn more, visit www.spire.com.
