The Exploration Company raises $450M Series C to scale reusable space transport

European space company The Exploration Company (TEC) has raised $450 million in Series C funding to advance its reusable space transportation systems and expand its operations.

The round was co-led by Bessemer Venture Partners, Atomico and the Scaleup Europe Fund, managed by EQT, with participation from existing investors including Balderton, Plural, Cherry and Red River West. Bessemer's Alex Ferrara will join TEC's board of directors. The round brings the company's total funding to approximately $680 million.

Founded by Hélène Huby, TEC is developing reusable spacecraft and propulsion systems designed to transport cargo between Earth and orbit. The company is targeting growing demand for space-station logistics and in-orbit services as space infrastructure becomes increasingly important for communications, scientific research, security and other critical services.

TEC's near-term focus is Nyx, its reusable space capsule designed to transport cargo to current and future space stations and return it safely to Earth, with the potential to carry crew at a later stage. The company plans for Nyx to dock with the International Space Station (ISS) before returning to Earth, demonstrating an end-to-end reusable orbital transportation capability.

Hélène Huby, founder and CEO of The Exploration Company, said that while space infrastructure supports increasingly important services on Earth, the ability to reach orbit, supply missions and return from space remains limited.

This financing will allow us to execute with urgency: to bring Nyx to the International Space Station and safely back to Earth, while accelerating Storm, the high-thrust propulsion capability Europe needs for its future reusable heavy launcher.
We are scaling from Europe with talent, customers and partners from around the world because the next generation of space transportation must be built to serve more nations, industries and people – and because our mission is to contribute to build a more collaborative and peaceful future in space,

Huby said.

European Commission President Ursula von der Leyen said the financing demonstrates Europe's ability to combine technological development and ambition with growth capital. She also highlighted TEC's presence across several EU member states, the involvement of the Scaleup Europe Fund and the significance of female leadership in the technology sector.

According to TEC, the Series C is the largest funding round ever secured by an EU-headquartered company led by a female founder and CEO.

Part of the funding will go towards the development and testing of Storm, TEC's high-thrust rocket engine, which uses oxygen and methane as propellants. The engine is being developed for a future reusable European heavy-lift launcher designed to carry up to 40 tonnes into low Earth orbit. Planned development work includes tests of the engine's pre-burners and power system, followed by testing of a full engine prototype.

Alongside its technology development, TEC says it has secured more than $2 billion in contracts and commitments from public- and private-sector customers globally. These include work with the European Space Agency (ESA) and cargo logistics agreements with commercial space-station operators. The company has also signed a Space Act Agreement with NASA and is working with the agency on technical, safety and certification requirements for potential future missions to the ISS and commercial space stations.

Subject to regulatory approvals, the Series C will also support hiring and the expansion of TEC's engineering, manufacturing, mission operations, propulsion and programme delivery capabilities.