The Exploration Company (TEC), a 2021-founded EU space startup with operations in Germany, France, and Italy, has raised more than €150 million in Series B funding led by Balderton Capital and Plural. Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds (DTCF), and Bayern Kapital have also contributed to the initiative, which aims to develop their reusable spacecraft Nyx.
“The Exploration Company has the potential to reshape European space exploration leadership.” David Thévenon, a partner at Balderton Capital, stated, “Their goal of making space exploration more sustainable and accessible promises to open up previously unheard-of opportunities for not only Europe but also for humanity’s future in space.”
“In a region that has received decades of institutional investment, demand for launches and delivering cargo dramatically outstrips supply, in a political climate where policy-makers know they need to take urgent action if they want to safeguard our critical assets,” said Khaled Helioui, Partner at Plural. “You have a near-perfect set of ingredients for success when you add in a founder who you believe can emulate the kind of value creation we’ve seen in commercializing space in the US,” the statement goes on.
The creation of TEC’s spacecraft, Nyx, which is intended to be reusable and refillable in orbit, lies at the center of both its funding and mission. Nyx can carry up to 3,000 kg of cargo back to Earth after being launched several times from any heavy launcher. With prices between 25% and 50% lower than other spacecraft on the market, this is the largest down-mass currently available globally, providing a sustainable and affordable substitute for SpaceX’s Dragon Capsule and other existing offers.
“We are the first company in the world where this is for the first time mainly funded by private investors,” stated Hélène Huby, co-founder and CEO of TEC. In contrast, SpaceX’s Dragon Capsule is “mainly funded by NASA.”
Huby is also committed to creating a space business with a European foundation. In addition to becoming the first European business to sign a Space Act Agreement with NASA, TEC was given a study contract worth around €25 million by the European Space Agency (ESA) to develop cargo return services.
“The future of humanity will be greatly influenced by space, and I want to help create a peaceful, cooperative future, and our European DNA fits perfectly with this mission,” Huby continued. As TEC moves closer to their next significant milestone—a projected crewless voyage to and from the International Space Station (ISS) in 2028—this fund marks a turning point.