🏆 Deal of the Month · November 2024
The Exploration Company raised EUR 150 million in a Series B round at a valuation of EUR 300 million, closed in November 2024. The round drew participation from a broad syndicate of European and international venture investors, with no single lead disclosed. This funding round was recognised as Venionaire DealMatrix Deal of the Month for November 2024.
The Exploration Company — key deal facts
| Company | The Exploration Company |
| Founded | 2021 |
| Headquarters | Munich, Germany |
| Amount raised | EUR 150m |
| Valuation | EUR 300m |
| Round | Series B |
| Investors | Balderton Capital, Bayern Kapital, Bessemer Venture Partners, Bpifrance, Cherry Ventures, DeepTech & Climate Fonds, EQT Ventures, NGP Capital, Omnes Capital, Plural Platform, Promus Ventures, Red River West |
| Sectors | Aerospace |
Who invested in The Exploration Company?
The Series B was backed by twelve investors: Balderton Capital, Bayern Kapital, Bessemer Venture Partners, Bpifrance, Cherry Ventures, DeepTech & Climate Fonds, EQT Ventures, NGP Capital, Omnes Capital, Plural Platform, Promus Ventures, and Red River West. The syndicate is notable for combining transatlantic tier-one venture firms with European deep-tech-focused and government-backed investors, reflecting strong institutional confidence in European commercial space infrastructure. The presence of Bpifrance and Bayern Kapital alongside private funds signals strategic alignment with both French and German national space agendas.
What does The Exploration Company do?
The Exploration Company is a Munich-based aerospace manufacturer founded in 2021 by CEO Hélène Huby and a team of aerospace veterans. The company develops reusable space vehicles, with its flagship product being the Nyx capsule — a reusable spacecraft designed to dock with space stations in low-Earth orbit and deliver cargo. It is also developing Storm, a high-thrust staged combustion rocket engine intended to underpin a full-stack space transportation platform. The company maintains operational offices in Bordeaux, France, and additional sites across Europe and the United States.
The Exploration Company valuation & multiples
No existing multiples analysis was provided for this deal. Once revenue benchmarks are disclosed, the valuation of EUR 300 million can be contextualised against prevailing EV/Sales and EV/EBITDA ranges for the aerospace and space-technology sector. Readers seeking current sector valuation benchmarks are encouraged to consult the Venionaire DealMatrix aerospace sector multiples pages.
Explore the benchmarks: Series B.
Frequently asked questions
How much did The Exploration Company raise in its Series B?
The Exploration Company raised EUR 150 million in its Series B round in November 2024.
What is The Exploration Company's valuation?
The Exploration Company was valued at EUR 300 million at the time of its Series B closing.
Who invested in The Exploration Company?
The Series B was backed by Balderton Capital, Bayern Kapital, Bessemer Venture Partners, Bpifrance, Cherry Ventures, DeepTech & Climate Fonds, EQT Ventures, NGP Capital, Omnes Capital, Plural Platform, Promus Ventures, and Red River West.
When was The Exploration Company founded and where is it based?
The Exploration Company was founded in 2021 and is headquartered in Munich, Germany.
Source: original announcement — read the full report.