Aerospace
German-French Start-Up Sets Record for Space VC
The Exploration Company (TEC) recorded the largest financing round ever for a European new space company.
Nov 21, 2024
TEC, which is headquartered in Munich and Bourdeaux, landed USD 160 million (EUR 150 million) in series B financing from venture capital companies like Balderton Capital and Plural.
“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,” said CEO and co-founder Hélène Huby in a statement. “This new funding is the next step in scaling up our ambitions.”
TEC will use the money to develop and test its reusable and in-space refuelable Nix capsule, which can be used to transport people and cargo. The spacecraft is intended to compete with SpaceX’s Dragon.
Early this year the European Space Agency (ESA) awarded the company a contract worth EUR 25 million to develop cargo return services to and from space. TEC hopes to conduct Nix’s maiden flight to and from the International Space Station in 2028.
