The Exploration Company (TEC) has secured €150 million ($160 million) in Series B funding to develop the continent's first reusable space capsule, a significant step for Europe's private space industry that has been lagging behind global rivals.
The funding round, co-led by Balderton Capital and Plural, marks the largest Series B ever raised by a European "New Space" company and brings TEC's total funding to €216 million ($230 million).
Founded in 2021 by Hélène Huby, former vice president of Orion-ESM at Airbus, TEC aims to revolutionize space logistics with its reusable and refuelable spacecraft, Nyx. The company's progress is crucial as Europe hopes to maintain independence in space transportation, a sector currently dominated by American and Asian players.
The company, which operates across Germany, France, and Italy, envisions a more collaborative and accessible approach to space exploration.
The funding round notably includes participation from two European sovereign funds - French Tech Souveraineté and DeepTech & Climate Fonds (DTCF) - marking their first joint investment. Other participants include Bessemer Venture Partners, NGP Capital, and returning investors EQT Ventures, Red River West, Cherry Ventures, Promus Ventures, and Omnes Real Tech Fund. Following this round, 98% of shareholders are European, the company disclosed.
Breaking New Ground in Space
TEC's flagship project, the Nyx spacecraft, is designed to transport up to 3,000 kg of cargo to and from space stations - the largest return capacity currently available worldwide.
