ISU - Summer 2024

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

by Raphael Roettgen

Photo by NASA on Unsplash.

SPAC mergers with space companies made a comeback, with Planet’s and Satellogic’s announced transactions raising almost US$900 million*.

Purely private rounds added another US$366 million.

Also noteworthy were two public listings in the sector: (1) Seraphim Space Investment Trust raising GBP178.4 million for acquiring stakes held by Seraphim Capital in 15 space companies; and (2) Abu Dhabi investment fund Mubadala raising US$731m by selling shares in satcomm operator Yahsat.

Close to home, E2MC Ventures was happy to participate in Space Forge’s round.

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.

* Sum of cash in trust plus PIPE proceeds, assuming no redemptions


Company US$m Country Subsector Investors
Planet 545.0 (SPAC) U.S. Remote sensing BlackRock, Koch Strategic Platforms, Marc Benioff TIME Ventures, Google


Satellogic 350.0 (SPAC) Argentina Remote sensing Softbank, Cantor Fitzgerald, others


Isar Aerospace 75.0 Germany Launch Apeiron Investment Group, Earlybird Venture Capital, HV Capital, Lakestar, Lombard Odier, Porsche Automobil Holding, Unternehmertum Venture Capital Partners, Vsquared Ventures


SpaceIL 70.0 Israel Lunar mission (non-for-profit) Khan Foundation, Patrick and Lina Drahi Foundation, Moshal Space Foundation, Entrée Capital


GHGSat 45.0 Canada Remote sensing OGCI Climate Investments, Space Capital


Cape Analytics 44.0 U.S. Remote sensing – downstream Aquiline Technology Growth, Brewer Lane Ventures, Formation 8, HSCM Bermuda, Pivot Investment Partners, State Auto Labs, State Farm Ventures, The Cincinnati Insurance Companies, The Hartford


Accion Systems 42.0 U.S. Spacecraft components Tracker Capital Management


Varda 42.0 U.S. In-space manufacturing Khosla Ventures, Caffeinated Capital, Lux Capital, General Catalyst, Founders Fund


Space Pioneer / Beijing Tianbing Technology Co. 30.0 China Launch Zhangjiagang city investment fund, Jundu Investment, Zijin Investment


Reaction Engines 5.4 UK Launch UK Space Agency (grant)


R3-IoT 4.3 UK Satcomm (IoT) Space Capital, Ryan Johnson, Nathan Kundtz, Loren Padelford


Q-CRTL 3.3 Australia Remote sensing (quantum) Australian federal government (grant)


Digantara 2.5 India SSA Kalaari Capital


Agile Space Industries 1.8 (debt) U.S. Spacecraft components


Greenline Ventures
3D Planeta 1.0 Canada Remote sensing – downstream


Concrete Ventures, New Brunswick Innovation Foundation


CILAS NA France Spacecraft components




Space Forge NA UK In-space manufacturing


Aaron Schildkrout, Bristol Private Equity Club, Development Bank of Wales, Dylan Taylor, E2MC Ventures, George T Whitesides, Helios Capital, Newable Ventures, SpaceFund, Type One Ventures



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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