Bavaria-based The Exploration Company (TEC), a German space tech company, announced that it has raised $160M (approximately €151.72M) in a Series B round of funding.
The investment was co-led by Balderton Capital and Plural, with additional participation from Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds (DTCF), and Bayern Kapital.
Existing investors, including EQT Ventures, Red River West, Cherry Ventures, Promus Ventures, and Omnes Real Tech Fund also contributed.
Hélène Huby, co-founder and CEO of TEC, says, “This significant raise is a reflection of not only the talent and commitment of the team at TEC but also 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.”
Capital utilisation
The funding, which brings TEC’s total raised capital to nearly $230M, will support the development and testing of Nyx, the expansion of TEC’s 200-member team, and the scaling of its operations.
Co-founder and CEO, Huby, says, “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.”
“This new funding is the next step in scaling up our ambitions and I’m delighted to welcome Plural, Balderton Capital, NGP Capital and Bessemer to our journey, alongside our previous investors. Their support and ambition will be critical as we take another important step closer to our Nyx Earth launch and build a European space leader.”
Mission to democratise access to space
The Exploration Company aims to support future space exploration needs, with an estimated $300B market for space logistics in Low Earth Orbit and around the Moon over the next decade. Currently, most space transportation services come from the US, China, and Russia, making it important for Europe to develop its own capabilities.
The Exploration Company is helping Europe become more independent in space by developing reusable and refillable space vehicles. Its goal is to make space exploration more affordable, modular, and sustainable.
Founded in 2021 by Hélène Huby, former VP Orion-ESM at Airbus, and a team from Airbus and ArianeGroup, TEC develops, manufactures, and operates spacecraft designed to support space stations and exploration.
To achieve this, the company is developing Nyx, a reusable spacecraft that can be refuelled in space and carry up to 3,000 kg of cargo back to Earth, the largest capacity available worldwide. This service will be 25 per cent to 50 per cent cheaper than other options.
Nyx is designed to perform various missions, such as resupplying space stations around Earth and the Moon, flying around Earth, landing on the Moon, and returning safely to Earth. Initially, it will carry cargo but has the potential to transport humans in the future.
TEC’s recent developments include becoming the first European company to sign a Space Act Agreement with NASA and securing its first major contract with the European Space Agency (ESA) this year.
The company is set to launch its Mission Possible capsule in 2025, carrying 300 kg of payload, and Nyx is planned to make its first flight in 2028, delivering cargo to the International Space Station for ESA.
What do the investors have to say?
Speaking about the investment in TEC, David Thévenon, Partner at Balderton Capital, says, “The planets aligned for this investment and we’re delighted to be supporting Hélène and the team with this new funding round. With their unparalleled expertise and visionary approach, 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. We’re thrilled to fuel this journey toward a new era of European space leadership – one that will reshape our understanding of what’s possible beyond Earth.”
Balderton Capital is a multistage venture firm with over 20 years of experience supporting Europe’s top founders from Seed to IPO. The firm invests across the technology sector, including AI, fintech, B2B SaaS, digital health, mobility, gaming, and marketplaces.
Khaled Helioui, Partner at Plural, adds, “TEC is a company that I believe is sitting on the kind of tinder box that you don’t see often as an investor. It’s operating in a huge market where 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.”
Plural is an early-stage investment fund that supports “ambitious” founders using technology to change the world. Launched in June 2022, Plural aims to provide experienced investors to match the ambition of European founders.
With offices in Tallinn, Estonia, and London, UK, the firm’s mission is to have an impact on Europe’s economy, address global risks, and reduce the opportunity gap through the companies it supports.
01
These are the top UK-based PR agencies for startups and scale-ups in 2025