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#SpaceWatchGL Column: E2MC Update On Space-Financing Rounds in April 2021

by Raphael Roettgen

Photo by NASA on Unsplash.

The space SPAC market took a breather in April, with no announced transactions, but we did have a traditional IPO (remember those?) by MDA in Canada. SpaceX and OneWeb also helped pick up the slack and together raised more money than last month’s three SPAC transactions combined, without even counting Astranis’s US$250 million round.

Beyond the four blockbusters fundraises above, April was a very good month all around for space fundraising, with another 21 deals across countries and subsectors. The 25 rounds in total raised almost US$2.6 billion. I like to give a shoutout to thermal infrared remote sensing specialist Satellite Vu, where E2MC Ventures was part of the round, as well as our friends at space crowdfunding platform Spaced Ventures, where I serve as an advisor. Another one of the companies that raised in April, German satellite data analysis company LiveEO, is featured on the most recent episode of my Space Business Podcast.

April also saw several M&A transactions in the space sector, notably the acquisition of Orbcomm by private equity firm GI Partners.

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
SpaceX 1164 U.S. Diversified 99 investors

 

OneWeb 550 UK Satcomm Eutelsat
MDA (IPO) 317 Canada Diversified NA
Astranis 250 U.S. Satcomm ACE & Company, AME Cloud Ventures, Andreessen Horowitz, Baillie Gifford, BlackRock, Fidelity Management and Research Company, Fifty Years, Harpoon, Indicator Fund, Industry Ventures, Jaan Tallinn, Jeff Dean, Jude Gomila, Koch Industries, MONASHEE INVESTMENT, Refactor Capital, Rising Tide, Soma Capital, Uncorrelated Ventures, Venrock

 

Tomorrow.io (former Climacell)

 

77 U.S. Remote sensing (weather) Stonecourt Capital, Highland Capital Partners
Spire 70

(debt)

 

U.S. Remote sensing Francisco Partners
Hawkeye 360 55 U.S. Remote sensing (frequency mapping)

 

Adage Capital Management, Advance, Dorilton Capital, Esri, NightDragon Security, Razor’s Edge Ventures, Shield Capital Partners

 

Unseenlabs 24 France Remote sensing (frequency mapping)

 

360 Capital, Blue Oceans Partners, Breizh Up, Hemeria, Omnes Capital

 

Satlantis 17 Spain Remote sensing (payloads)

 

Enagas, Sepides
Orbital Sidekick 16 U.S. Remote sensing (hyperspectral)

 

emasek, Energy Innovation Capital, Allied Minds and 11.2 Capital, Syndicate 708

 

Albedo 10 U.S. Remote sensing Daniel Kan, Harsh Patel, Immad Akhund, Initialized Capital, James Park, Jetstream, Keith Masback, Kevin Mahaffey, Liquid 2 Ventures, Rebel Fund, Soma Capital, Tom Sheridan, TRAC

 

Hadrian 9.5 U.S. Aerospace manufacturing Construct Capital, Floodgate, Founders Fund, Lux Capital

 

LiveEO 6.3 Germany Remote sensing – downstream (infrastructure)

 

Andreas Kupke, btov Partners, DvH Ventures, Helen Ventures, Motu Ventures

 

Phantom Space 5.0 U.S. Diversified Chenel Capital
Satellite Vu 5.0 UK Remote sensing (infrared) Seraphim, A/O PropTech, Ridgeline Ventures, Earth Science Foundation, E2MC Ventures, Stellar Solutions

 

Warpspace 3.6 Japan Satcomm (optical relay)

 

Space Frontier Fund, KSK Angel Fund LLC.
RBC Signals 1.2 U.S. Satcomm (ground) NA
Cosmic Shielding Corporation

 

1.0 U.S. Spacecraft hardware (radiation protection) SpaceFund, Helios Capital, WorldQuant Ventures , Starbridge, others

 

Nitrexo 0.6 Ireland Other (engineering services)

 

ESA (grant)
Astrix Astronautics 0.5 New Zealand

 

Spacecraft hardware (power systems)

 

Outset Ventures, Icehouse Ventures, K1W1, Rocket Lab

 

Dynaspace 0.5 Norway Remote sensing – downstream (aquaculture)

 

Planet 9 Venture, others
Share my Space 0.3 France Space situational awareness

 

NA
Frontier Aerospace

 

NA U.S. Spacecraft hardware (propulsion) American Pacific
Gorilla Link NA Israel Satcomm (IoT PaaS) Techstars
Spaced Ventures NA U.S. Space venture capital (crowdfunding)

 

Morgan Brook, Helios, others
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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