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E2MC Update On Space-Financing Rounds in January 2021

by Raphael Roettgen

Photo by NASA on Unsplash.

2021 started with a strong headline number of around US$480 million of space financing rounds in January … substantially thanks to an old acquaintance having come back to the market: satellite communications provider OneWeb captured US$400 million.

The month also saw a few other rounds, across space industry subsectors, mostly in the U.S. but with Europe also represented, by Italian ground station operator Leaf Space and German maker of launch lock devices DCubeD.

2021 feels promising for record-breaking space financings, with a few transactions already visible on the horizon. For example, we already know from their 2020 announcements that both in-space transportation company Momentus and space mobile company AST&Science intend to list via merging with SPACs; launch company Firefly mentioned a few days ago that it is seeking US$350 million of financing; and SpaceX is expected to come back to the market soon, at a valuation of at least US$60 billion.

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
OneWeb 400.0 UK Satcomm

 

Hughes Network Systems, SoftBank Capital

 

Umbra 32.4 US Remote sensing (SAR) John Burbank (Passport Capital), CrossCut Ventures, Starbridge Ventures, Hemisphere Ventures, PonValley, and others

 

Ursa Major Technologies 15.0 US Spacecraft components (propulsion)

 

N/A

 

Orbital Sidekick 14.5 US Remote sensing (hyperspectral)

 

N/A

 

Leaf Space 6.1 Italy Satcomm (ground stations)

 

Primo, Whysol, RedSeed, others
Unfolded 6.0 US Remote sensing – downstream (geospatial data analysis)

 

Fontinalis Partners, S28 Capital
Kubos 2.9 US Other (mission control software)

 

N/A
Phantom Space 2.1 US Diversified (launch, propulsion, satellites)

 

N/A
EXOS Aerospace 1.7 US Launch / propulsion N/A

 

Nebula Space Enterprise

 

0.6 US N/A (Stealth) N/A
Latitudo40

 

0.1 Italy Remote sensing – downstream

 

Techstars Mobility Accelerator
DCubeD

 

N/A Germany Spacecraft components

 

High-Tech Grunderfonds, Interlink Ventures

 

Care Weather

 

N/A U.S. Remote sensing (weather)

 

Campus Founders Fund
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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