The Exploration Company (TEC) has secured $450 million in a Series C funding round. The investment was co-led by Bessemer Venture Partners, Atomico, and the Scaleup Europe Fund, managed by EQT. Existing investors, including Balderton, Plural, Cherry, and Red River West, also participated in the round.
The capital will support the development of the Nyx capsule, which is designed to transport cargo to the International Space Station and return it to Earth. Additionally, funds are allocated to accelerate the Storm project, a reusable high-thrust rocket engine utilizing a full-flow staged combustion cycle with oxygen and methane.
The Storm engine is intended to serve as the propulsion foundation for a future European super-heavy launcher. The company aims to develop a vehicle capable of placing up to 40 tons into low Earth orbit in a reusable configuration. Testing plans include subscale chamber tests, power pack trials, and workhorse engine tests.
The financing will facilitate industrial scale-up and hiring across engineering, manufacturing, and mission operations. This Series C round is noted as the largest raised by a European space company to date. The deal remains subject to standard regulatory approvals.
