Launcher announced earlier this week that it had raised $11.7 in a Series A funding round that was led by Boost.VC and company founder Max Hoat.
The funding, which exceeded the original goal of $7 million, will help the company fund development of its Launcher Light rocket. The booster will be similar in performance to Rocket Lab’s Electron rocket, which is capable of putting 300 kg into low Earth orbit.
Launcher’s longer term goal is to develop Rocket-1, which would be capable of placing 773 kg into a 200 km high orbit or 400 kg into a 500 km high sun synchronous orbit.
Launcher is looking to raise an additional $40 million by the end of the year.
Launcher is based in Hawthorne, Calif., not far from SpaceX headquarters. The company has a small team working in Ukraine working on the E2 rocket motor.