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The competition heats up: Rocket Lab announced today that it has raised an additional $75 million in investment capital.
The new funding round is led by venture capital firm Data Collective, with contributions from another VC firm, Promus Ventures, and an undisclosed investor. Several prior investors, including Bessemer Venture Partners, Khosla Ventures and K1W1, also participated in the round.
Rocket Lab said the Series D round brings the total raised by the company to $148 million, and values the company at more than $1 billion. Rocket Lab announced a Series B round of unspecified size in 2015, and Peter Beck, the company’s chief executive, said the company did an unannounced Series C round in the interim involving only existing investors.
In an interview, Beck said the money will go towards increasing the production capacity for its Electron rocket, set to make its debut later this year. “This is really all about scaling,” he said. “The funding is all about producing the vehicle in much more significant numbers.”
They say they will make their first launch in the coming months, but remain vague about specific dates.