Virgin Group, founded by Richard Branson, has a presence in the space industry through its ventures like Virgin Galactic and, formerly, Virgin Orbit. Virgin Galactic is a British-American spaceflight company that aims to provide suborbital spaceflights to space tourists and conduct scientific research, using its SpaceShipTwo spaceplane. The company's commercial space tourism flights have carried dozens of people to the edge of space.
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Virgin Orbit, the smallsat launcher that was part of the Virgin Group, shuttered in 2023 after a launch failure and fundraising troubles.
Virgin Orbit secured $31,600,000 in debtor-in-possession financing from Virgin Investments Limited (VIL).
Virgin Investments Limited provided $60,000,000 in loans to Virgin Orbit between November 2022 and February 2023.
Virgin Investments Limited provided an additional $10,700,000 to Virgin Orbit on 2023-03-30 to cover much of severance and related layoff costs.
In its latest SEC filing, Virgin Orbit raised an additional $10,700,000 from Virgin Investments Limited at a 12% interest rate.
Virgin Orbit raised $60,000,000 in four separate debt financings from Virgin Investments Limited (VIL).
Virgin Orbit designated the $10,700,000 raised from Virgin Investments Limited to employee severance and other layoff-related expenses estimated at $15,000,000.
Virgin Investments Limited has provided Virgin Orbit $60,000,000 in four tranches since November 2022 in the form of loans with interest rates as high as 12 percent.
The most recent loan from Virgin Investments Limited to Virgin Orbit was $5,000,000 provided on 2023-02-28.
Virgin Orbit has raised $55,000,000 in debt since November from Virgin Investments Limited, the investment arm of Virgin Group.
Virgin Orbit raised $10,000,000 from Virgin Investments Limited in the form of a senior secured convertible note on 2023-01-30.
Virgin Orbit raised $25,000,000 in November 2022 in the form of a senior unsecured convertible note from Virgin Investments Limited.
Virgin Orbit raised $20,000,000 on 2022-12-19 in the form of a senior secured convertible note from Virgin Investments Limited.
Virgin Orbit has since raised $45,000,000 in two separate tranches from Virgin Group and Virgin Group’s investment arm.
Virgin Orbit raised $25,000,000 from Virgin Group in early 2022-11-01 and an additional $20,000,000 from Virgin Investments Limited on 2022-12-20.
Virgin Orbit will use the $20,000,000 raised from Virgin Investments Limited for working capital.
Virgin Orbit raised $20,000,000 from Virgin Investments Limited through a convertible note, as disclosed in a U.S. Securities and Exchange Commission filing on 2022-12-20.
Virgin Orbit raised $25,000,000 from Virgin Group earlier in November 2022.
Virgin Orbit raised $25,000,000 in new funding from Virgin Group on 2022-11-04.
The Virgin Group agreed to invest up to $100,000,000 to ensure the merger met its minimum cash condition.