The additional spacecraft will launch in 2014, joining O3b Networks’ initial fleet of eight MEO satellites scheduled to orbit in early 2013. The company said the expansion of the fleet would increase the company’s throughput by more than 90 percent through a combination of the additional beams deployed and the enhanced link efficiency of a larger constellation of satellites.

   New equity funds were raised from certain of O3b’s original investors, including Google, who were joined by Luxembourg-based investment company Luxempart. The financing also included the expansion of French export credit agency Coface-backed senior debt facility of an additional $85 million provided by HSBC, ING, CA-CIB and Dexia.

   “Raising additional financing to support future growth at a time of market uncertainty is an incredibly important milestone for O3b Networks and reflects the confidence that our investors and lenders have in our vision and unique value proposition," O3b Executive Vice President of Corporate Development Bill Lawrence said in a statement.

O3b said it expects global IP traffic to quadruple over the next five years, growing at more than 30 percent per year thanks to large contributions from emerging markets. The company has already sold a little over a third of its capacity on a global basis with the contracted backlog now standing at over $600 million.