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The Accident Compensation Corporation (ACC) has presented funds to New Zealand-based US rocket launching company Rocket Lab, making it the firm’s newest investor.
Alongside other investments from Sir Stephen Tindall’s K1W1, the Australian Sovereign Wealth Fund (Future Fund), Greenspring Associates, Khosla Ventures, Bessemer Venture Partners, DCVC (Data Collective) and Promus Ventures, Rocket Lab received a total of $206 million. To date, Rocket Lab has had more than $423 million in funding, Stuff reported.
“Rocket Lab’s success is a global effort, but our story started in New Zealand, so we’re thrilled to have ACC on board as an investor,” Rocket Lab chief executive and founder Peter Beck told the publication. “In addition to the 200-plus highly skilled roles Rocket Lab has created in New Zealand, the investment from ACC enables us to help more Kiwis share in the company’s success.”
It was suggested that Rocket Lab was valued at $1.4 billion last year. In January, it launched its first Electron rocket “Still Testing.” Last week, its first commercial Electron rocket launched into orbit from Hawke’s Bay’s Mahia Peninsula.
Beck added the firm had expanded its global production to launch an Electron rocket to orbit every week by 2020. This will allow satellites to be transported and used for apps like Uber or Google Maps.
