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E2MC Update On Space-Financing Rounds in November 2020

by Raphael Roettgen

Photo by NASA on Unsplash.

November’s space financing activity was clearly dominated by the US$500 million round by American rocket company Relativity Space, known for its extensive use of 3D printing in its manufacturing process. The round, which was subscribed by existing and new investors, occurred at at an eye-watering (considering the company has not flown to orbit yet) post-money valuation of US$2.3 billion.

M&A continued with notable deals being Raytheon’s acquisition of Blue Canyon, Voyager’s of The Launch Company and Parson Corporation’s of Braxton Science & Technology Group.

Albeit we are nearing the end of 2020, the month of December looks promising: we are aware of several funding rounds about to be announced, in addition to other potential significant space newsflow that includes a likely test flight of SpaceX’s Starship and a second orbital attempt by VirginOrbit’s air-launched LauncherOne rocket.

Reminder: if you are following the new space sector and are looking for a concise introduction to its trends, main business activities, and possible outlook (and if you happen to speak German!) you may be interested in my new book I recently published with Spacewatch.Global – you can check it out here.


Company US$m Country Subsector Investors
Relativity Space 500.0 U.S. Launch 3L Capital, Allen & Company LLC, Baillie Gifford, Bond, Elad Gil, Fidelity, General Catalyst, ICONIQ Capital, Jared Leto, K5 Global, Lee Fixel, Mark Cuban, Playground Global, Senator Investment Group, Spencer Rascoff, Tiger Global Management, Tribe Capital, XN


Galaxy Space 29.9 China Launch, Satcomm 5Y Capital, CICC, Legend Capital, Nantong Intelligent Manufacturing Industrial Investment fund, Shunwei Capital, Source Code Capital


Ursa Major 25.3 U.S. Spacecraft components (engines)




Carbice Corp. 15.0 U.S. Materials (thermal management)


Downing LLP, others
Kleos Space 13.8 Luxembourg Remote sensing


Totum Labs 13.0 U.S. Satcomm (IoT)


Heroic Ventures, Space Capital, Qamcom, Andrew Viterbi


Emxys 2.4 Spain Spacecraft components


Mundi Ventures, CDTI
Satelligence 2.3 Netherlands Remote sensing – downstream (forestry/agri)


4impact, Horizon 2020
Firehawk Aerospace 2.0 U.S. Spacecraft components (engines)


Victorum Capital Club, Achieve Capital, Harlow Capital Management


HyImpulse 0.6 Germany Launch


Isar Aerospace 0.6 Germany Launch


RFA 0.6 Germany Launch


Astrogate Labs N/A India Satcomm (optical) Speciale Invest, Anicut Angel Fund,,


IBISA N/A Luxembourg Remote sensing – downstream (insurance)


Draper University Ventures


Picogrid N/A U.S. Satcomm (terminals) N/A


Raphael Roettgen; Photo courtesy of the author

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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