FOSSA Systems is a Spanish aerospace scaleup that designs, manufactures and operates its own low Earth orbit satellites to provide global IoT connectivity in remote areas. Through its SatIoT solution, it enables companies and organizations to monitor assets in real time without relying on traditional terrestrial networks.
| Startup | FOSSA Systems |
| Sector | New Space · Satellite IoT · Aerospace deeptech |
| Founded | 2020 · Spain |
| Stage | Scaleup · Series A |
| TSCFO Services | Fractional CFO, private funding, public funding and reporting |
| Main challenge | Structuring the finance function of an R&D-intensive aerospace company |
| Solution | Fractional CFO · reporting · investment round · public funding · internal processes |
| Key result | €6.3M Series A + 25 satellites in orbit by 2026 |
— 01 · STARTING POINT
Structuring the finance function in a highly technical environment
When we started working with FOSSA in September 2022, the company was in an early stage of growth, with strong technological ambition and the need to build a solid finance structure to support its development.
The challenge was to prepare the company for private fundraising processes while also defining a clear public funding strategy, especially relevant in an R&D intensive sector such as aerospace.
This was combined with the operational complexity of the business: inventory management, coordination between technical and finance teams, and the need for reliable metrics to scale in an organized way.
— 02 · WHAT WE DID
A scalable finance function to support growth
At The Startup CFO, we supported FOSSA in building and evolving its finance function, adapting to each stage of the company’s growth.
In the first phase, we acted as external CFO, helping structure processes, generate financial reporting and prepare the company for its investment round.
External CFO and financial reporting
Structuring the finance function, generating reporting and tracking key metrics to give the founding team greater visibility.
Investment round preparation
Financial support in preparing the company for private fundraising processes.
Internal processes
Standardization of critical processes, especially around inventory, coordination between departments and professionalization of financial management.
— 03 · FUNDING
Private and public funding to accelerate technology deployment
One of the most relevant milestones was the preparation and closing of a €6.3 million Series A round in 2024, co-led by Indico Capital Partners and Nabtesco Technology Ventures.
In parallel, we worked on a public funding strategy aligned with the technological nature of the project, supporting the identification of opportunities, application management and follow-up of grants.
— 04 · RESULTS
From an early-stage company to a scaleup with a mature finance structure
Series A
€6.3M round closed in 2024
25 satellites
Active constellation of 25 satellites in orbit by 2026
CFO in-house
Incorporation of a CFO and transition towards a more mature finance structure.
Since the start of the collaboration, FOSSA has grown significantly at both a technological and organizational level. The company has moved from its first missions to an active constellation of satellites in orbit, advancing towards a global IoT connectivity infrastructure.
This case shows how a well-structured finance function does not just support growth, it enables it. In complex and highly technical environments like aerospace, having processes, visibility and a clear financial strategy is key to turning vision into execution.
