European space company announces $160m fund raise
November 19, 2024
European space tech company The Exploration Company (TEC) has raised $160 million in Series B funding to advance its reusable and refillable spacecraft, Nyx.
The funding round was co-led by Balderton Capital and Plural, alongside new investors like Bessemer Venture Partners and NGP Capital, as well as support from French and German sovereign funds.
This investment highlights TEC’s strategic European focus and brings its total funding to $230 million.
Founded in 2021, TEC aims to make space exploration sustainable and cost-effective, supporting space station logistics and exploration missions.
Hélène Huby, co-founder and CEO of The Exploration Company, said: “This significant raise is a reflection of not only the talent and commitment of the team at TEC but also that building global companies with European roots can only be done through fostering trust and cooperation between European countries. 98% of our shareholders are European, demonstrating that the continent can finance bold entrepreneurs. Space will play a critical role in shaping humanity’s future, and I want to contribute to building a future which is peaceful and cooperative and our European DNA fits perfectly with this mission.
“Over the past 12 months, we have hit major operational and financial milestones and signed significant service contracts with both space agencies and commercial clients. This new funding is the next step in scaling up our ambitions and I’m delighted to welcome Plural, Balderton Capital, NGP Capital and Bessemer to our journey, alongside our previous investors. Their support and ambition will be critical as we take another important step closer to our Nyx Earth launch and build a European space leader.”
