In 2024, the global space economy was valued at approximately $418 billion, with projections indicating a compound annual growth rate (CAGR) of 6.7% from 2025 to 2034. This growth is driven by increased international collaborations and substantial investments in space technologies.
Especially, the European spacetech sector is at a critical juncture, with significant investments fueling innovation, yet challenges testing the resilience of key players. In 2024, the industry saw a surge in venture capital funding reinforcing investor confidence in Europe’s growing launch capabilities. To boost the spacetech startups, Alpine Space Ventures, a German VC closed a €170 million fund last year.
As Europe’s space ambitions remain strong, The European Space Agency reported a sharp rise in new orders, signaling increased demand for satellite services and exploration technologies. As strategic investments pour in and new startups emerge, the region’s space industry is far from slowing down.
With that, here are the European and UK spacetech startups pushing the boundaries of innovation.
The Exploration Company (Germany)
Founders: Hélène Huby
Founded year: 2021
Total funding: $215M million
Space logistics company The Exploration Company (TEC) specialises in developing, manufacturing, and operating Nyx, a modular, reusable spacecraft. It is designed to serve space stations orbiting Earth and the Moon. TEC’s mission is to make space exploration affordable, sustainable, and accessible by offering versatile vehicles that can be refueled in orbit and eventually transport both cargo and humans.
With a strong emphasis on green propellants and open-source systems, TEC aims to reduce costs and broaden participation in space endeavors, positioning itself as a key player in Europe’s quest for space independence and innovation.
In late 2024, the SpaceX rival secured $160 million in a Series B funding round, co-led by Balderton Capital and Plural, with participation from Bessemer Venture Partners, NGP Capital, and others, including existing investors like EQT Ventures.
Isar Aerospace (Germany)
Founder/s: Daniel Metzler, Josef Fleischmann, Markus Brandl
Founded year: 2018
Total funding: $451M
Isar Aerospace develops and builds launch vehicles for transporting small and medium-sized satellites as well as satellite constellations into Earth’s orbit. The German company has signed contracts with customers globally, including major commercial players, New Space companies, and government institutions. Isar Aerospace started the production of the maiden flight vehicle while entering the qualification stages for its vehicle systems.
Last year, the company announced the extension of its Series C round by over €65 million. The extension received a strong commitment from NATO Innovation Fund (NIF). Other new investors in the extension round included the European family office G3T, 10x Group, Besant Capital, Finadvice Med HOLDINGS, and LP&E. Existing investors Lakestar, Earlybird, Airbus Ventures, Bayern Kapital, and UVC Partners also participated in the extension round.
PLD Space (Spain)
Founder/s: Raúl Torres, Raúl Verdú
Founded year: 2011
Total funding: $162M
Spanish aerospace startup PLD Space revolutionises access to space by developing reusable launch vehicles for small payloads. The company focuses on suborbital and orbital launch services with its MIURA 1 and MIURA 5 rockets. MIURA 1, a suborbital rocket, successfully launched in 2023, marking Europe’s first private rocket to reach space. Meanwhile, MIURA 5, an orbital micro-launcher, aims to deliver small satellites (up to 540 kg) into orbit, with plans for over 30 launches annually by 2030.
PLD Space’s mission is to provide cost-effective, reliable space access, positioning Spain as a key player in the global space industry.
Late last year, PLD Space secured its most recent funding, a $11.55 million loan from COFIDES. This follows a strong financial trajectory, including a $78 million investment in April the same year.
Skyrora (UK)
Founder/s: Volodymyr Levykin
Founded year: 2017
Total funding: $52.7M
Headquartered in the UK, Skyrora designs, manufactures, and launches rockets to deliver small satellites into orbit. The company aims to provide flexible, eco-friendly, and cost-effective launch services, supporting the UK’s ambition to grow its space sector. Its flagship project, the Skyrora XL, is a three-stage orbital vehicle capable of carrying 315 kg to 500 km altitudes, drawing inspiration from UK space heritage like the Black Arrow program.
The company emphasises sustainability, using innovative fuels like Ecosene, made from unrecyclable plastic waste, to reduce environmental impact.
In 2021, Skyrora secured a €3 million grant from the European Space Agency (ESA) through its Boost! program.
ICEYE (Finland)
Founder/s: Rafal Modrzewski, Pekka Laurila
Founded year: 2012
Total funding: $427M
ICEYE operates one of the world’s largest constellations of synthetic aperture radar (SAR) satellites, delivering near real-time Earth observation data. Using microsatellites equipped with advanced radar imaging, ICEYE provides actionable insights to governments and industries such as insurance, disaster response, maritime monitoring, and finance.
Unlike traditional optical satellites, its SAR technology captures high-resolution images day or night, through clouds and darkness, enabling rapid detection of changes on Earth’s surface. This capability supports applications like natural catastrophe monitoring, security, and climate change analysis, empowering data-driven decision-making globally.
Late last year, ICEYE raised $65 million in a Series D extension round. The investment came from BlackRock and Solidium to accelerate the expansion of its SAR satellite constellation and enhance its data analytics offerings.
Open Cosmos (UK)
Founder/s: Rafel Jorda Siquier, Aleix Megias Homar, Jordi Barrera Ars
Founded year: 2015
Total funding: $63M
Open Cosmos designs, builds, launches, and operates low-earth orbit (LEO) satellites to simplify access to space. Specialising in end-to-end satellite mission management, the company offers solutions like OpenOrbit for mission delivery and DataCosmos for AI-powered data analysis. Focused on sustainability, Open Cosmos targets applications in climate monitoring, energy transition, and geospatial insights, enabling organisations to address global challenges with actionable satellite data.
In 2023, Open Cosmos secured $50 million in a Series B funding round led by ETF Partners, Trill Impact, and A&G, with participation from Accenture Ventures and Banco Santander.
ATMOS Space Cargo (Germany)
Founder/s: Sebastian Klaus, Marta Oliveira, Jeffrey Hendrikse, Christian Grimm
Founded year: 2021
Total funding: $20M
Designing and manufacturing innovative space capsules to return cargo from orbit, Atmos Space Cargo specialises in microgravity-on-demand solutions. The company focuses on sustainable logistics for low Earth orbit, supporting life sciences research, commercial payloads, and spacecraft reusability with its Phoenix capsule. Its technology aims to make space accessible for industries like biotechnology and manufacturing.
Last month, the company secured €13.1 million from the European Innovation Council (EIC) Accelerator. This funding will accelerate the development of its Phoenix 2 capsule, targeting commercial deployment.
Infinite Orbits (France)
Founder/s: Akshay Gulati, Manos Koumandakis
Founded year: 2017
Total funding: NA
Infinite Orbits, a French startup based in Toulouse, is on in-orbit satellite services. Specialising in satellite life extension, the company develops innovative solutions like its Endurance project, a life extension satellite designed to optimise fleet management for operators by extending satellite lifespans. Its technology also supports advanced in-orbit services such as close inspection and refueling, leveraging AI-based systems to revolutionise space asset management.
In 2024, Infinite Orbits secured its most recent funding, raising €12 million in a round led by Newfund Capital, with participation from the EIC Fund, IRDI Capital Investissement, and Space Founders France, accelerating the development of its Endurance satellite for a 2026 mission.
Orbex (UK)
Founder/s: Chris Larmour, Kristian von Bengtson
Founded year: 2015
Total funding: $203M
UK-based startup Orbex focused on developing a small commercial orbital rocket called Prime. Headquartered in Scotland, the company specialises in providing launch services for nano- and microsatellites, particularly CubeSats, into low Earth orbits. Its innovative approach includes the use of renewable bio-propane fuel, reducing carbon emissions by up to 96% compared to similar rockets, and in-house development of rocket engines, avionics, and software, emphasising sustainability and reliability.
In January this year, Orbex secured £23 million in its Series D funding round, led by a £20 million investment from the UK government. Additional contributions came from Denmark’s EIFO, Octopus Ventures, and private investor Sohaib Abbasi, supporting Prime’s development and an anticipated launch in later this year.
ClearSpace (Switzerland)
Founder/s: Luc Piguet, Muriel Richard-Noca
Founded year: 2018
Total funding: $37.3M
Swiss company ClearSpace pioneers the field of in-orbit servicing and active space debris removal. The company focuses on developing advanced robotic technologies to capture and remove defunct satellites and debris from Earth’s orbit, promoting a sustainable space environment. Specialising in satellite proximity and rendezvous operations, ClearSpace aims to extend satellite lifespans, facilitate repairs, and mitigate the growing threat of space junk, ensuring safer and more circular space operations for future generations.
Back in 2023, the company raised €26.7 million in a Series A round led by led by OTB Ventures backed by the European Investment Fund under InvestEU programme and Swisscom Ventures, with participation from the Luxembourg Future Fund, Lakestar, In-Q-Tel, Happiness Capital and 600 T Space Investments. This capital is accelerating preparations for the ClearSpace-1 mission, the world’s first debris removal operation, set for 2026.
Space Dots (UK)
Founder/s: Bianca Cefalo, James Sheppard-Alden
Founded year: 2021
Total funding: $1.6M
While not many European female-led startups exist in this space, Space Dots is an exception. The company revolutionises the space industry by pioneering in-orbit research, development, and testing of advanced materials. The company develops miniaturised, smartphone-sized systems like the Barnacle DOT, which provide real-time environmental and materials intelligence from space. This data helps engineers optimize spacecraft design, reduce design margins by up to 20%, and lower failure rates by 10%, addressing the inefficiencies of traditional, costly, and time-consuming materials testing methods.
By offering scalable, rideshare-compatible solutions, Space DOTS enables faster, cheaper, and more sustainable qualification of materials for missions to Earth orbits, the Moon, Mars, and beyond, supporting a circular space economy and enhancing mission success rates.
In July 2023, Space DOTS secured $1.5 million in pre-seed funding to advance its mission. The round was backed by investors including Boost VC, Sie Ventures, 7Percent Ventures, Blue Wire Capital, and angel investors Elaine Lau and Alex Ionescu.
