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

by Raphael Roettgen

Photo by NASA on Unsplash.

September did not bring us any SPAC merger announcements nor blockbuster triple-digit private financing rounds. On the SPAC front, though, it is worth noting that several previously announced mergers (ArQit, BlackSky, Redwire) secured shareholder approval.

On the M&A side, we saw deals like BAE Systems acquiring In-Space Missions in the UK and Spire Global acquiring Canadian exactEarth. The latter is another example, following Astra’s acquisition of Apollo Fusion, of a newly SPAC cash-enriched space company using part of that cash for an add-on acquisition.

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 happen to speak German!) you may be interested in my book I recently published with Spacewatch.Global – you can check it out here.

Company US$m Country Subsector Investors
Isotropic Systems 37.0 UK satcomm (terminals) AE Industrial Partners, Orbital Ventures, Seraphim Capital, The Firmament Group


HySpecIQ 20.0 U.S. remote sensing (hyperspectral)


Peter Thiel
Near Space Labs 13.0 U.S. remote sensing (stratospheric) Crosslink Capital, Leadout Capital, Toyota Ventures, Wireframe Ventures
Earth Observant 11.1 U.S. remote sensing




Orbit Fab 10.0 U.S. orbit services (refueling)


Asymmetry Ventures, Good Growth Capital, Jackson Moses, Lockheed Martin Ventures, Marubeni, Northrop Grumman, SpaceFund, Type One Ventures


Kleos Space 9.2 Australia remote sensing (RF)


Perennial Value Mgmt., Thornyey Group, others


Cambium Biomaterials 8.0 U.S. other (materials) N/A
Xona Space Systems 8.0 U.S. GNSS Seraphim Capital, Toyota Ventures, Daniel Ammann, Ryan Johnson, 1517 Fund, Stellar Solutions


Starfish Space 7.0 U.S. orbit services (space tugs) Boost VC, Hypothesis, Liquid 2 Ventures, MaC Venture Capital, NFX, PSL Ventures


Astrome Technologies 3.4 India satcomm ArtPark, IAN Fund, Impact Collective, Lakshmi Narayanan, Urania Ventures


Psionic 2.4 U.S. spacecraft components (navigation) Ridgeline, others


Payload Aerospace 2.2 Spain launch CDTI, Stornoway Portfolio Management


Aurora Propulsion Technologies 2.0 Finland spacecraft components


Practica Capital, Tesi, The Flying Object
Space Craft Beer 0.8 China other (beer)


Payload 0.7 U.S. other (media)


Winklevoss Capital,  Andy Weissman, Sam McIngvale
Juniper Unmanned 0.4 U.S. remote sensing – downstream


Turion Space N/A U.S. orbit services (space debris) FAST, GETTYLAB, Y Combinator



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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