🏆 Deal of the Week · KW 33/2024
Plan-S raised USD 40 million in a Venture Round in August 2024; valuation was not disclosed. The round was backed by Ziraat Bank. The capital is earmarked to accelerate the company's satellite constellation expansion and global IoT service rollout.
Plan-S — key deal facts
| Company | Plan-S |
| Founded | 2021 |
| Headquarters | Ankara, Turkey |
| Amount raised | USD 40 M |
| Valuation | Valuation Remains Undisclosed |
| Round | Venture Round |
| Investors | Ziraat Bank |
| Sectors | Internet, Satellite Communication, Telecommunications |
Who invested in Plan-S?
Ziraat Bank is the sole disclosed investor in this round. The participation of one of Turkey's largest state-owned banks signals institutional confidence in domestic space-technology infrastructure. No additional co-investors have been publicly named.
What does Plan-S do?
Plan-S Satellite and Space Technologies is an Ankara-based company founded in mid-2021 by Chairman Sami Aslanhan and CEO Tugay Güzel. The company designs, manufactures, launches, and operates low-Earth-orbit small satellites entirely in-house, targeting global IoT connectivity for sectors such as energy, smart agriculture, and logistics. Its current hardware includes the Connecta T1.1 and Connecta T1.2 test satellites, with a planned constellation of 200 LEO satellites in development. Plan-S operates from Bilkent Cyberpark in Ankara, Turkey.
Plan-S valuation & multiples
No verified revenue or EBITDA figures are available for Plan-S at this time, so transaction multiples cannot be calculated. Once financial disclosures become available, standard benchmarking against satellite communications and IoT-sector peers would apply EV/Sales and EV/EBITDA ranges consistent with early-stage constellation operators. Explore current EV/Sales and EV/EBITDA reference ranges for the Internet, Satellite Communication, and Telecommunications sectors on our dedicated sector multiples pages.
Frequently asked questions
How much did Plan-S raise in its Venture Round?
Plan-S raised USD 40 million in a Venture Round announced in August 2024.
What is Plan-S's valuation?
Plan-S's valuation was not disclosed in connection with this funding round.
Who invested in Plan-S?
Ziraat Bank is the disclosed investor in Plan-S's USD 40 million Venture Round.
When was Plan-S founded and where is it based?
Plan-S was founded in mid-2021 and is headquartered at Bilkent Cyberpark in Ankara, Turkey.
Source: original announcement — read the full report.