Stoke Space raised $100 million in new Series B investment and the latest Industrious Ventures-led round brought the reusable rocket builder’s total funding to $175 million.
The funding round logged participation from the University of Michigan, Sparta Group, Long Journey, and existing investors In-Q-Tel, Breakthrough Energy, YCombinator, Point72 Ventures, NFX, MaC Ventures and Toyota Ventures, Stoke said Thursday.
According to the company, the investment will be used for the development of its rocket and construction at Launch Complex 14 at Cape Canaveral Space Force Station in Florida.
“We will now continue moving through our development program by increasing focus on our reusable first stage,” said Andy Lapsa, CEO and co-founder of Stoke.
He also revealed the name of the Washington-based startup’s first rocket: Nova, saying that it refers to an astronomical event in which a new star is born from the combination of remnants of old stars. “The name Nova is a way to honor that past heritage while looking ahead to a very exciting future.”
