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E2MC Update On Space Financing Rounds in March 2020

Photo by NASA on Unsplash.

By Raphael Roettgen

US$158 million of announced space-related financing rounds in March 2020 bring the total for the first quarter of 2020 to approximately US$550 million. The March number is the lowest monthly number so far, but it is worth noting that it does not include SpaceX’s ongoing funding round, for which approximately US$221 million have already been raised according to filings – of a total of US$250 million (and potentially up to US$500 million, according to some reports).

It is too early to try to detect any impact of COVID-19 in announced capital raises, as deals announced recently have almost certainly been in the works for many months. COVID has, however, shown its impact via its likely, at least, partial role in the Chapter 11 filing of satellite communications company OneWeb and the closure of space station module developer Bigelow Aerospace.

Join us for our Space Café WebTalk on April 7th, where we will discuss space financing activity and the current environment in more detail.

Company US$m Country Subsector Investors
AST&Science 110.0 U.S. Satcom Vodafone, Samsung Next, Rakuten, Cisneros, American Tower, others
Predasar 25.0 U.S. Remote Sensing (SAR) Rokk3R Fuel EXO
Mino Space 14.0 China Spacecraft Components Billionhome Capital
Agnikul Cosmos 3.1 India Launch Artha India Ventures, CIIE, Globevestor, LetsVenture, LionRock Capital, Pi Ventures, Speciale Invest
Sateliot 1.5 Spain Satcom (IoT) Capitana Venture Partners
Slingshot Aerospace 1.5 U.S. Remote Sensing (downstream) ATX Venture Partners, Rise of the Rest
Slingshot Aerospace 1.5 U.S. Remote Sensing (downstream) (USAF grant)
CollectiveCrunch 0.6 Finland Remote Sensing (downstream) (ESA grant)
Orbitfab 0.3 U.S. Orbital Services (refueling) (NSF grant)
ClearSpace 0.1 Switzerland Orbital Services (debris removal) Foundation for Technological Innovation (FIT)
Astrocast N/A Switzerland Satcom (IoT Marine Instruments
Hiber N/A Netherlands Satcom (IoT) (European Innovation Council Accelerator grant)
NewSpace Systems N/A South Africa Spacecraft Components Schauenburg Ventures
Utvate N/A U.S. Satcom (receivers) Soma Capital

Raphael Roettgen provides financial advice to and invests proprietary capital in space companies as a managing director and founder of E2MC. He also advises institutional investors and governments on space. Previously, Raphael has held senior roles at global investment banks and hedge funds and was also a fintech entrepreneur in Brazil. He holds degrees in finance from Wharton, machine learning from PUC-Rio and space studies from the International Space University, as well as the CFA and FRM charters.

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