OneWeb Raises $1.25 Billion

onewebOneWeb has announced closing of its latest round of financing at $1.25 billion. Investors include Softbank Group Corp., Qualcomm Technologies Inc., Grupo Salinas, and the Government of Rwanda.

OneWeb plans to use the funds to build out its constellation of 720 low earth orbit satellites. OneWeb has contracted with Arianespace for 20 launches using Soyuz rockets.

“This latest funding round makes OneWeb’s service inevitable and is a vote of confidence from our core investor base in our business model and the OneWeb value proposition,” said Adrian Steckel, CEO of OneWeb, in a statement accompanying the announcement.

OneWeb plans to begin regional service in 2020 and full global service in 2021.

One thought on “OneWeb Raises $1.25 Billion

  1. Pingback: Satellite Internet Gets Serious | Broadband Everywhere

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s