€150 Million for Space-Tech: DTCF Invests in The Exploration Company, Joining Europe’s Largest Space Series B
- The Exploration Company was launched in 2021 by former Airbus executive Hélène Huby to develop a reusable and refillable spaceship, Nyx, serving the growing logistical needs of space stations and space exploration.
- Europe’s largest-ever space tech Series B financing round was led by Balderton Capital and Plural Ventures, and joined by Bayern Kapital, Bessemer Venture Partners, DeepTech & Climate Fonds, French Tech Souveraineté, and NGP Capital along with existing investors such as EQT Ventures and Cherry Ventures.
- This is the first time two European sovereign funds, French Tech Souveraineté and DTCF, have invested together, demonstrating TEC’s strategic European DNA.
Berlin/Bonn/Munich, November 18, 2024 – The DeepTech & Climate Fund (DTCF), which focuses on high-growth deep-tech and climate-tech companies across Germany and Europe, announces their investment in The Exploration Company (TEC). Led by Balderton Capital and Plural Ventures, the €150 million Series B is also joined by Bayern Kapital, Bessemer Venture Partners, French Tech Souveraineté, and NGP Capital along with existing investors such as EQT Ventures and Cherry Ventures. With the public funds DTCF and BPI France as new investors, this marks the first investment ever jointly supported by both the German and the French government. For DTCF it is the second investment in a space-tech company.
“DTCF has a technical expertise and a long-term investment horizon which are unique and which fit perfectly with our business. Moreover, the Exploration Company is, by nature, a European company. It was important for us to have the official support of both German & French government – and this is, by the way, a first in the European startup scene,” shared TEC Founder and CEO Hélène Huby.
Founded in 2021 by former Airbus executive Hélène Huby, TEC aims to make space exploration affordable, modular, and sustainable. To achieve that, they are developing the first privately-funded reusable space capsule, called Nyx. As the first European company to sign a Space Act Agreement with NASA, TEC reached a major milestone this year when it signed its first major contract with the European Space Agency (ESA), ranking number one in the European space capsule competition. In summer 2024 the space capsule had its maiden flight on French rocket Ariane 6. The company is on track to launch its mid-size capsule, Mission Possible, in 2025 carrying 300kg of customer payloads. Nyx Earth’s maiden flight is set for 2028, to carry cargo for ESA to the International Space Station.
“We couldn’t be more delighted to announce The Exploration Company as our second investment in the space-tech sector. Hélène Huby and her ambitious team showcase what European space-tech can look like when we work together in Europe. We believe that The Exploration Company will redefine European leadership in space exploration and we are proud to back their mission together with other outstanding European investors,” declared Tobias Faupel, Managing Director at DeepTech & Climate Fonds.
The funding brings TEC’s total raised financing to nearly €216 million and will be used to develop and test Nyx, expand the 200-person team, and scale capacity to meet the logistical needs of future space stations and space exploration.
“We are thrilled by TEC’s vision to revolutionize the European space ecosystem as it was accomplished in the United States. Additionally, we are particularly excited about our first co-investment with BPI-France (French Tech Souveraineté) in a truly European deep-tech champion,” stated Jonas Sommer, Investment Manager at DeepTech & Climate Fonds.
This marks DTCF’s second investment in a space-tech company. In June 2024, the fund co-led the Series B round of Berlin-based LiveEO, founded by Daniel Seidel and Sven Przywarra. As a global leader in using high-resolution satellite data and AI to convert raw data into automated, actionable insights, LiveEO helps companies manage climate risks and enhance resilience. This latest investment aligns with DTCF’s strategy of supporting high-growth companies with long-term capital, enabling them to scale transformative technologies that drive sustainable growth and bolster Europe’s technology ecosystem.
About The Exploration Company
The Exploration Company’s mission is to build accessible, sustainable and cooperative space worlds. To realize this mission, The Exploration Company builds and operates ‘Nyx,’ a modular and reusable orbital vehicle that can eventually be refuelled in orbit. Nyx provides a wide scope of missions ranging from resupplying space stations around the Earth and the Moon, free-flying around the Earth or landing on the Moon – and safely coming back to Earth. Nyx starts with flying cargo and has the potential to carry humans. www.exploration.space
About DeepTech & Climate Fonds
The DeepTech & Climate Fund (DTCF) invests up to €30 million in high-growth deep-tech and climate-tech companies in Germany and Europe. As an anchor investor and partner of long-term-oriented European investors, DTCF supports companies with extended development cycles and substantial financial needs in implementing sustainable growth strategies and actively contributes to expanding the technology ecosystem. Funded by resources from the German Future Fund and the ERP Special Fund, DTCF plans to invest up to €1 billion over the coming years to strengthen the European technology ecosystem. www.dtcf.de
Press Contacts
The Exploration Company
Dana Baki, Chief Commercial Officer
dana@exploration.space
DeepTech & Climate Fonds
Stephanie Stein, Head of Communications
s.stein@dtcf.de
Material
Official Press Release (PDF) (WEB)
Images
