Europe’s SpaceX rival lands $160M in fresh funding

The Exploration Company, a German space logistics startup, has secured a $160 million Series B co-led by Balderton Capital and Plural as VC investment in European space-tech nearly doubles to rocket above €1 billion.

The new funds will accelerate the development of TEC’s flagship spacecraft, Nyx.

The deal is part of a broader increase in VC investment in Europe’s space-tech vertical. PitchBook data shows that despite the tougher fundraising environment for startups, European space startups have attracted over €1 billion across 64 deals in 2024, almost doubling the €545 million (about $577.2 million) raised in 2023. This growth indicates that investors continue to see strong potential in Europe’s burgeoning space industry, particularly in areas like space logistics, satellite services and exploration technologies.

Technological advances making space more accessible—and increasing government support—have helped drive investor appetite. The launch of EU’s first space strategy for security and defense in 2023 further fueled interest in the sector.

EU backing has been particularly important for startups like TEC as European-led alternatives to the dominant US, Chinese and Russian players.

TEC positioned itself to lead the way in reusable space transportation, aiming to capture a share of the $300 billion space logistics market in low Earth orbit and lunar operations over the next decade. Its Nyx spacecraft is designed to be a reusable and in-orbit-refillable vehicle capable of launching from any heavy-lift rocket and docking with different space stations. Nyx can also return to Earth carrying up to 3,000 kilograms of cargo and be refurbished for its next mission.

TEC plans Nyx’s maiden flight in 2028, when it will deliver cargo to the International Space Station for the European Space Agency.

In the near term, TEC is preparing to launch its Mission Possible capsule in 2025, designed to carry 300 kilograms of customer payloads to space. This midsized capsule will help TEC establish itself in the commercial space logistics market while scaling up its operations for future missions.