🏆 Deal of the Week · CW 47/2024
The Exploration Company raised EUR 150 million in a Series B round at a valuation of EUR 300 million, announced in November 2024. The round was backed by a broad syndicate of European and international investors led by prominent venture capital firms including Balderton Capital, Bessemer Venture Partners, and EQT Ventures. The capital will be used to advance the company's reusable spacecraft program targeting commercial and institutional space station logistics.
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 syndicate comprises 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 mix is notable for combining tier-one transatlantic venture funds with European public-sector and deep-tech mandates, reflecting both commercial confidence in the reusable-spacecraft market and strategic interest in European sovereign space capability.
What does The Exploration Company do?
The Exploration Company was founded in 2021 by Hélène Huby, a former Airbus engineer, with the mission of giving Europe an independent cargo and crew transport capability for space stations. The company is headquartered in Munich, Germany, with a secondary operational hub in Bordeaux, France, and additional offices in Luxembourg, Spain, Italy, the United States, and the UAE. Its flagship product is the Nyx reusable space capsule, designed to dock with any space station in low-Earth or lunar orbit. The company is also developing the Storm high-thrust staged combustion rocket engine, intended to power competitive commercial launchers.
The Exploration Company valuation & multiples
No verified multiples analysis is on file for this deal. Once sector-level EV/Sales and EV/EBITDA benchmarks are established, they will be presented here in line with comparable aerospace and new-space transactions. Readers can explore current private-market valuation multiples on 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, announced 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.