Scale-up Direct: KfW Capital invests in The Exploration Company alongside Cherry Ventures

KfW Capital is investing in The Exploration Company alongside its portfolio partner Cherry Ventures through the Scale-up Direct programme. The investment is being made as part of the venture capital pillar of the Deutschlandfonds and represents a further direct investment by KfW Capital via the new co-investment programme.

European space company

The Exploration Company (TEC), a European space company scaling globally, announced on september 8., a $450 million Series C financing, the largest-ever Series C announced by a European space company. It also marks the largest funding round ever secured by an EU-headquartered company led by a female founder and CEO. The round is co-led by severeal investors alongside Cherry Ventures.

Through this investment, KfW Capital, together with Cherry Ventures, is supporting the company’s further scaling up.

Christina Koch, Investment Manager at KfW Capital, says:

“Domestic space infrastructure has become a critical component of Europe’s sovereignty and competitive edge. We see TEC well positioned to become a premier infrastructure-provider, given the technological and financial milestones Nyx hit at impressive speed. This structured co-investment alongside our longstanding portfolio-GP Cherry Ventures provides the necessary financial foundation to anchor profound technological innovation in Germany and Europe.”

Hélène Huby, Founder & CEO at The Exploration Company:

“Everyone on Earth depends on infrastructure in space, yet the ability to reach, supply and return from orbit remains rare. This financing will allow us to execute with urgency: to bring Nyx to the International Space Station and safely back to Earth, while accelerating Storm, the high-thrust propulsion capability Europe needs for its future reusable heavy launcher. We are scaling from Europe with talent, customers and partners from around the world because the next generation of space transportation must be built to serve more nations, industries and people – and because our mission is to contribute to build a more collaborative and peaceful future in space.”

The investment is being made jointly with Cherry Ventures, a long-standing fund manager in KfW Capital’s portfolio. Filip Felician Dames, Founding Partner Cherry Ventures:

“We partnered with Hélène Huby and the TEC team at pre-seed in October 2021 and have invested in every round since. Space transportation is one of the few markets large enough to produce Europe's first trillion-dollar company, and TEC now has the contracts, the partners and the capital to compete for it. The next steps are fully in motion and the capability is being built here, now, and we are so proud to be backing Hélène while she builds it.”

Scale-up Direct strengthens Europe’s technology leaders

The investment is being made through the Scale-up Direct programme, which forms part of the venture capital pillar of the Deutschlandfonds. The Deutschlandfonds mobilises private capital to strengthen Germany’s competitiveness and future viability. Scale-up Direct supports innovative, high-growth technology companies in strategically important future-oriented sectors in successfully financing their next phase of growth.

With its investment in The Exploration Company, KfW Capital is continuing to focus on companies that, through scientific excellence and technological innovation, contribute to the space and rocket engine of the future as well as to Europe’s technological sovereignty and competitiveness.

Sonja Höpfner
Spokeswoman and communications manager

Tel: +49 69 7431 4396