Stoke Space raises $100 million in private investment capital
The rocket startup Stoke Space, which is developing a radically new engine concept for its rockets, has now successfully raised $100 million in private investment capital.
This investment more than doubles the company’s total funding, which now sits at $175 million. The company also announced the official name of its first rocket: Nova.
The funding round was led by Industrious Ventures with participation from the University of Michigan, Sparta Group, Long Journey, and others. Existing investors Breakthrough Energy, YCombinator, Point72 Ventures, NFX, MaC Ventures, Toyota Ventures, and In-Q-Tel also participated. This latest funding round is evidence of strong demand for Stoke’s services, its growing success, and the confidence of investors in its future. As part of this round of fundraising Steve Angel, Chairman of the Board, Linde plc, will join Stoke’s Board of Directors. Angel is also the former CEO of Linde and a member of the Board of Directors of GE.
The company says it will use this money to develop the rocket’s first stage engines, which will follow the same ring nozzle design of its upper stage, a prototype of which it successfully test flew on a short hop last month. Under that design, the engine doesn’t have one central nozzle, but instead the thrust is funnelled out of a ring of tiny nozzles that circle the stage’s outer perimeter. The company believes this design will allow it to return its upper stage safely from orbit for re-use.
The rocket startup Stoke Space, which is developing a radically new engine concept for its rockets, has now successfully raised $100 million in private investment capital.
This investment more than doubles the company’s total funding, which now sits at $175 million. The company also announced the official name of its first rocket: Nova.
The funding round was led by Industrious Ventures with participation from the University of Michigan, Sparta Group, Long Journey, and others. Existing investors Breakthrough Energy, YCombinator, Point72 Ventures, NFX, MaC Ventures, Toyota Ventures, and In-Q-Tel also participated. This latest funding round is evidence of strong demand for Stoke’s services, its growing success, and the confidence of investors in its future. As part of this round of fundraising Steve Angel, Chairman of the Board, Linde plc, will join Stoke’s Board of Directors. Angel is also the former CEO of Linde and a member of the Board of Directors of GE.
The company says it will use this money to develop the rocket’s first stage engines, which will follow the same ring nozzle design of its upper stage, a prototype of which it successfully test flew on a short hop last month. Under that design, the engine doesn’t have one central nozzle, but instead the thrust is funnelled out of a ring of tiny nozzles that circle the stage’s outer perimeter. The company believes this design will allow it to return its upper stage safely from orbit for re-use.