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The funding round was spearheaded by Bessemer Venture Partners and Atomico, alongside the Scaleup Europe Fund, which is an EU fund overseen by the Swedish investment company EQT. Current TEC investors—Balderton, Plural, Cherry, and Red River West—also took part. Through this latest funding round, The Exploration Company has secured nearly $680 million in total funding since it started in 2021, as per Bloomberg's estimates.
The company's worth after the funding round was not revealed. In July, the Financial Times mentioned, referencing sources, that the startup sought to secure at least $300 million with a valuation surpassing $2 billion.
TEC aims to be a European competitor to Elon Musk's SpaceX. Aerospace engineer Hélène Huby founded the company and currently holds the position of CEO.
The Nyx series of spacecraft and the Storm rocket engine are among the advancements of The Exploration Company. Nyx is viewed as a rival to SpaceX’s Dragon capsule; it is intended to deliver cargo to the International Space Station (ISS) and, ultimately, to transport humans. Huby stated that the contracts held by The Exploration Company in this sector are valued at roughly $2 billion.
Huby indicated that most of the money collected will be allocated for the development of the Storm engine. She mentioned that the funding would allow the firm to carry out engine testing from late 2024 until 2028. "My current approach is to concentrate on the rocket engine, as a rocket cannot exist without one. It is the most intricate and lengthy aspect of the project," Huby stated.
TEC secured funding earlier in 2024. During that period, the firm secured around $160 million from backers and chose not to reveal its valuation.
source: bloomberg.com
The company's worth after the funding round was not revealed. In July, the Financial Times mentioned, referencing sources, that the startup sought to secure at least $300 million with a valuation surpassing $2 billion.
TEC aims to be a European competitor to Elon Musk's SpaceX. Aerospace engineer Hélène Huby founded the company and currently holds the position of CEO.
The Nyx series of spacecraft and the Storm rocket engine are among the advancements of The Exploration Company. Nyx is viewed as a rival to SpaceX’s Dragon capsule; it is intended to deliver cargo to the International Space Station (ISS) and, ultimately, to transport humans. Huby stated that the contracts held by The Exploration Company in this sector are valued at roughly $2 billion.
Huby indicated that most of the money collected will be allocated for the development of the Storm engine. She mentioned that the funding would allow the firm to carry out engine testing from late 2024 until 2028. "My current approach is to concentrate on the rocket engine, as a rocket cannot exist without one. It is the most intricate and lengthy aspect of the project," Huby stated.
TEC secured funding earlier in 2024. During that period, the firm secured around $160 million from backers and chose not to reveal its valuation.
source: bloomberg.com
