Lynk Global Inc., a Falls Church satellite company working to provide global mobile phone service from space, has raised more than $67.5 million in funding, according to a Form D filed with the Securities and Exchange Commission.
The company is vying to raise a total $96 million as part of an offering that marked its first sale on June 11, the filing states. Charles Miller, the company's co-founder and CEO, is the document's sole signatory.
The company had previously announced plans to raise a $40 million Series B ahead of its merger with special purpose acquisition company Slam Corp., a firm founded by former professional baseball star Alex Rodriguez that's planning to take Lynk Global public. The SPAC deal — expected to close before the end of 2024 — could value Lynk Global at as much as $800 million.
Lynk Global did not return multiple requests for comment.
Most of Lynk Global's roughly 50-person workforce is based in Greater Washington. The startup is actively working to get several of its own satellite constellations placed in orbit by the end of this year; they will work alongside the existing, commercially licensed satellites it's using to offer mobile phone service in about 50 countries.
But to get more of its own satellites in space quickly, Lynk has been seeking additional capital ahead of its SPAC merger, working with BTIG LLC, a San Francisco investment firm, to help it raise its Series B. Proceeds from this investment will be used to design and create more satellites, obtain access to launch pads and support the operations of its satellites, the company has said.
Prior to the disclosure of this document, Lynk previously noted a raise of $25 million in outside investment. It is not expecting to generate revenue until 2025 at the earliest, according to a separate S-4 document filed with the SEC. Should it succeed in reaching its goal of having 21 satellites in space by the end of this year, revenue could hit $10.3 million in next year's second quarter and $41.3 million by the end of 2025.
