by Raphael Roettgen
2021 finished strong, with another SPAC merger with a space-related (albeit not originally a space) company (Tomorrow.io), more fundraising by SpaceX, a few major private rounds, a couple of investments by Virgin Orbit (and hence yet further examples of a de-SPAC’d company deploying part of its cash towards investments) and even a small IPO (Sidus).
E2MC Ventures was part of the financing round of Space Forge, an in-space manufacturing firm, and if you are interested in learning more about that exciting business model, you can check out episode #39 of the Space Business Podcast, featuring their CEO & co-founder.
Company | US$m | Country | Subsector | Investors |
Tomorrow.io | max. 420
(345 trust + 75 PIPE) |
U.S. | Remote sensing | Koch Strategic Platforms, National Grid Partners, JetBlue Technology Ventures, SB Energy Corp., SoftBank, Pine Technology Sponsor |
SpaceX | 337.4 | U.S. | Diversified | (35 investors) |
Loft Orbital | 140.0 | U.S. | Orbit services | BlackRock, CEAS Investments, Uncork Capital, Foundation Capital, Ubiquity VC, others
|
Ursa Major | 85.0 | U.S. | Spacecraft components | Alpha Edison, Alsop Louie Partners, BlackRock, Dolby Family Ventures, Explorer 1 Fund, Harpoon, Space Capital, XN
|
Stoke Space | 65.0 | U.S. | Launch | Alameda Research, Breakthrough Energy Ventures, Global Founders Capital, Liquid 2 Ventures, MaC Venture Capital, NFX, Point72 Ventures, Seven Seven Six, Spark Capital, Toyota Ventures
|
NorthStar | 45.0 | Canada / Luxembourg | SSA | Luxembourg Future Fund, Telesystem Space, others
|
iQPS | 33.9 | Japan | Remote sensing | JSat
|
hiSky | 30.0 | Israel | Spacecraft components | ST Engineering Ventures Fund, Strategic Development Fund
|
SatRevolution | 30.0 | Poland | Spacecraft components
|
Virgin Orbit |
PLD Space | 28.3 | Spain | Launch | Aciturri, Arcano, Centre for the Development of Industrial Technology (CDTI)
|
ICEYE | 25.2 | Finland
|
Remote sensing | Seraphim |
Sidus Space | 15.0 | U.S. | Spacecraft components & orbit services
|
(IPO) |
Space Forge | 10.2 | UK | Orbit services | Bristol Private Equity Club, Development Bank of Wales, Dylan Taylor, E2MC Ventures, FJ Labs,Helios Capital, Newable Ventures, Quiet Capital, SpaceFund, Starbridge, Type One, World Fund, others
|
Space BD | 9.2 | Japan | Orbit Services | ANNIVERSAIRE, Incubate Fund, Mizuho Capital, Pavilion Capital, SMBC Venture Capital
|
Teren | 4.0 | U.S. | Remote sensing – downstream | Allos Ventures, Ascent Energy Ventures
|
Kayhan Space | 3.7 | U.S. | SSA | Initialized Capital, Jacob Helberg, Overline VC, Root Ventures
|
Skykraft | 3.5 | Australia | Spacecraft components | Adcock Private Equity, Allan Moss, Lennoxgrove Capital
|
IBISA | 1.7 | Luxembourg | Remote sensing – downstream
|
Insurtech Gateway, Rockstart |
Psionic | 1.7 | U.S. | Spacecraft components
|
N/A |
Smallspark Space | 0.3 | UK | Launch | Deepbridge |
Hypersat | NA | U.S. | Remote sensing | Virgin Orbit |
Rocket Pi | NA | China | Launch | Hainan Qianyi |

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.