European space startup The Exploration Company (TEC) has raised $450 million in a landmark Series C funding round—the largest Series C in European space industry history—co-led by Bessemer Venture Partners, Atomico, and EQT’s Scaleup Europe Fund.
The capital injection will accelerate development of TEC's reusable cargo spacecraft, Nyx, ahead of its planned maiden commercial cargo mission to the International Space Station in 2028. Additionally, the majority of the funding is directed toward developing Storm, a high-thrust, full-flow staged combustion engine burning liquid oxygen and biomethane. Designed to power a future European heavy-lift reusable launch vehicle, Storm positions TEC as a direct European sovereign challenger to SpaceX's orbital dominance, backed by strong political endorsement from the European Commission and French leadership.
