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SpinLaunch raises $11M but hoped to raise much more, source says
Space startup SpinLaunch is fundraising again, though a source tells TechCrunch that it was exploring raising a significantly more ambitious sum earlier
But a person familiar with the company’s plans told TechCrunch that the startup had talked to investors around nine months ago, hoping they would pile into a $350 million round at a $2 billion valuation. In response to a question about this fundraising target, SpinLaunch CEO David Wrenn said the figures were “highly inaccurate and misleading” and that he was “pleased with our recently closed financing.” Instead of vertically launching a satellite on top of a rocket, SpinLaunch’s proposal is to spin up those payloads to high Gs inside a vacuum chamber before flinging them up into orbit.
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