The Exploration Company
The newspaper reported that the firm is in talks to secure a minimum of $300 million, which could potentially raise the startup's valuation beyond $2 billion.
A potential initial investor might be the Scaleup Europe Fund, an investment fund overseen by the Swedish investment firm EQT and backed by the European Commission. FT sources highlighted that negotiations are continuing and the conditions of the agreement may evolve. TEC and EQT chose not to provide any remarks.
TEC ranks among the leading European startups aiming to compete with the supremacy of American space companies, as reported by the FT. Aerospace engineer Hélène Huby founded the company and is the CEO of TEC. A few years back, this startup secured financial support from the European Space Agency to create a payload delivery system for low-Earth orbit by 2028. TEC's innovations encompass the Nyx series of spacecraft and the Storm rocket engine.
TEC's most recent fundraising round occurred in 2024, securing about $160 million from backers while keeping its valuation undisclosed.
The Scaleup Europe Fund was established to invest in promising European businesses within competitive fields like artificial intelligence, quantum technologies, and semiconductors, as reported by the FT.
source: ft.com
A potential initial investor might be the Scaleup Europe Fund, an investment fund overseen by the Swedish investment firm EQT and backed by the European Commission. FT sources highlighted that negotiations are continuing and the conditions of the agreement may evolve. TEC and EQT chose not to provide any remarks.
TEC ranks among the leading European startups aiming to compete with the supremacy of American space companies, as reported by the FT. Aerospace engineer Hélène Huby founded the company and is the CEO of TEC. A few years back, this startup secured financial support from the European Space Agency to create a payload delivery system for low-Earth orbit by 2028. TEC's innovations encompass the Nyx series of spacecraft and the Storm rocket engine.
TEC's most recent fundraising round occurred in 2024, securing about $160 million from backers while keeping its valuation undisclosed.
The Scaleup Europe Fund was established to invest in promising European businesses within competitive fields like artificial intelligence, quantum technologies, and semiconductors, as reported by the FT.
source: ft.com