EUSI_Banner 2021 April

E2MC Update On Space-Financing Rounds in March 2021

by Raphael Roettgen

Photo by NASA on Unsplash.

March had another three announcements of mergers between space companies and SPACs, for a total of over US$1.5 billion of gross proceeds (we consider cash in trust plus PIPE, assuming no redemptions and before fees). It is probably widely expected that there will be further space-SPAC transactions and we at SPAC(e)watch.global will keep track of these!

Besides the SPACs, we saw a blockbuster Series B for U.S. small launch provider ABL and various other, smaller rounds across geographies and subsectors. Of note is also the EU supporting satellite IoT company Hiber via an investment out of its European Innovation Council (EIC) fund.

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
Rocket Lab

 

790

(SPAC)

U.S./NZ Launch

 

Vector Capital, BlackRock, Neuberger Berman, others

 

Spire

 

475

(SPAC)

 

U.S. Remote sensing

 

Tiger Global, BlackRock, Hedosophia, JAWS, Bloom Tree Partners, others

 

Redwire

 

266

(SPAC)

 

U.S. Diversified (space company roll-up)

 

Senvest, Crescent Park, others
ABL Space Systems 170 U.S. Launch Fidelity, T. Rowe Price, others

 

Hiber 30.5 Netherlands Satcom (IoT) European Innovation Council, Finch Capital, Netherlands Enterprise Agency, Hartenlust Group, Laurens Groenendijk

 

Gitai

 

17.1 Japan Spacecraft components (robotics)

 

Dai-ichi Life, Daiwa Corporate Investment, EP-GB, SPARX Innovation for the Future

 

Orbex 8.8 UK Launch European Space Agency
Pixxel 7.3 India

 

Remote sensing

 

Blume Ventures, growX ventures, Lightspeed Venture Partners, Omnivore, Ryan Johnson, Techstars

 

Utilis Inc. 6.0 Israel Remote sensing – downstream Beringea
Skyrora 3.5 UK Launch European Space Agency
Venus Aerospace 3.2 U.S. Hypersonic aircraft XFactor Ventures, Prime Movers Lab, Boost VC, Draper Associates, Saturn Five

 

Epsilon3 1.0 U.S. Software Stage Venture Partners, others

 

Esper Satellite Imagery

 

NA Australia Remote sensing NA
Hermeus NA U.S. Hypersonic aircraft NASA
Rural Farmers Hub NA Nigeria Remote sensing – downstream iNOVO
Spacechips NA

(debt)

UK Spacecraft components (chips) HSBC

 

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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