European Startup TEC Plans to Raise $300 Million in Investments

The European space startup The Exploration Company (TEC) is negotiating to raise at least $300 million in investments, which could increase the company's valuation to over $2 billion. One of the key investors may be the Scaleup Europe Fund, managed by the Swedish group EQT. Negotiations are ongoing, and the final amounts and terms of the agreement may change. Founded in 2021 by CEO Helen Yubi, TEC is developing Europe's first reusable capsule for transporting cargo and people to the International Space Station. The main model of TEC's spacecraft is called Nyx, and the company is also developing a rocket engine named Storm. TEC received initial funding from the European Space Agency (ESA) to create a commercial delivery service to low Earth orbit by 2028. The startup has offices in Germany, France, Luxembourg, Spain, Italy, the USA, and the UAE. Previously, TEC raised about $160 million from funds such as Balderton, Bessemer, EQT Ventures, Plural, Partech, and Vsquared.

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