The Exploration Company raises $160M Series B for reusable spacecraft development

European spacetech The Exploration Company (TEC) has raised $160 million in Series B funding, bringing total funding to nearly $230 million.

Founded in 2021 by Hélène Huby, former VP Orion-ESM at Airbus, and an experienced team from Airbus and ArianeGroup, TEC develops, manufactures, and operates spaceships to serve the logistical needs of space stations and space exploration. 

With a focus on reusable and refillable spacecraft, TEC aims to make space exploration affordable, modular, and sustainable.

The company is developing Nyx, a reusable and in-orbit refillable spacecraft that can be launched from any heavy launcher and fly to any space station. 

It will be able to return to Earth with up to 3,000 kg of cargo - the largest down-mass available worldwide - and subsequently refurbished for its next mission. The cost of this service will be 25 per cent to 50 per cent less than other vehicles. 

TEC is the first European company to sign a Space Act Agreement with NASA. 

It 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. 

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. 

Hélène Huby, co-founder and CEO of The Exploration Company, ses the raise as a reflection that building global companies with European roots can only be done through fostering trust and cooperation between European countries:

"98 per cent 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.”

Balderton Capital and Plural co-led the round, with participation from Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds (DTCF) and Bayern Kapital. 

The round also included significant follow-on investment from historical investors, including EQT Ventures, Red River West, Cherry Ventures, Promus Ventures and Omnes Real Tech Fund. 

David Thévenon, Partner at Balderton Capital, said: 

“The Exploration Company is poised to redefine European leadership in space exploration. Their mission to make space exploration more accessible and sustainable promises to unlock unprecedented opportunities not just for Europe, but for humanity's future in space.”

Khaled Helioui, Partner at Plural, considers TEC to be “sitting on the kind of tinder box that you don’t see often as an investor.” 

“Demand for launches and delivering cargo dramatically outstrips supply, in a region which has received decades-worth of institutional investment, in a political climate where policy-makers know they need to take urgent action if they want to safeguard our critical assets. 

When you add in a founder who you believe can emulate the kind of value creation we’ve seen in commercialising space in the US, you have a near-perfect set of ingredients for success.” 

The funding will be used to develop and test Nyx, expand the 200-strong team, and scale capacity.

Lead image: The Exploration Company.