Jane Edwards
Liberty Strategic Capital, a private equity firm founded by former Treasury Secretary Steven Mnuchin, is investing $150 million in Satellogic as the satellite imagery company prepares to go public through its merger with CF Acquisition Corp. V, a special purpose acquisition company backed by financial services firm Cantor Fitzgerald.
Liberty’s investment, which is set to conclude in mid-February, brings Satellogic’s total committed capital to more than $265 million, adding to a previously announced private investment in public equity offering of $100 million led by Cantor and SoftBank’s SBLA Advisers, the companies said in a joint release published Monday.
The SPAC merger that was first announced in July is expected to be completed in the first quarter of 2022.
As part of the investment, Mnuchin will serve on Satellogic’s board as non-executive chairman and Howard Lutnick, chairman and CEO of Cantor and CFV, will serve as a board member.
The capital raised through the SPAC transaction will enable Satellogic to scale up its satellite constellation to facilitate weekly remapping of the Earth’s surface in submeter resolution by the end of 2023 and offer daily remaps later on to support government and commercial applications.
“As Satellogic builds out its network to provide daily remaps of the Earth’s surface at a low cost, we believe the company is well positioned to provide governments and businesses with the information they need to make better, more well-informed decisions with respect to a host of pressing problems,” said Mnuchin.
CFV stockholders will hold a special meeting on Jan. 24, Monday.
