European space startup raises $160m to develop reusable cargo spacecraft

A European space technology company has secured $160 million in Series B funding to develop the continent’s first reusable spacecraft capable of delivering cargo to and from the International Space Station (ISS).

The Exploration Company (TEC), which operates across Germany, France and Italy, will use the funding to continue development of its Nyx spacecraft, designed to carry up to 3,000 kilograms of cargo. The latest investment brings the company’s total funding to over $208 million.

The funding round was co-led by Balderton Capital and Plural, with participation from Bessemer Venture Partners, NGP Capital, and two sovereign European funds – French Tech Souveraineté and DeepTech & Climate Fonds.

“We’ve been able to deliver on promises in the past three years,” said Hélène Huby, co-founder and chief executive officer of TEC. “The investors could see that we basically can deliver on time, on cost, on quality.”

The company has made significant progress with the European Space Agency (ESA), securing a study contract worth approximately €25 million to develop cargo return services. TEC was ranked first in the European space capsule competition, positioning it to potentially conduct Nyx’s maiden flight to the ISS in 2028.

David Thévenon, partner at Balderton Capital, expressed confidence in the venture: “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.”

The company has already secured a substantial contract backlog worth $770 million, with 90 per cent coming from private station developers including Vast, Axiom Space, and Starlab. TEC’s next milestone will be the launch of its Mission Possible demonstrator on a SpaceX Falcon 9 in 2025, carrying 300kg of customer payloads.

The funding will also support the expansion of TEC’s 200-strong team and scale its operational capacity.