When Cherry Ventures first partnered with The Exploration Company (TEC) at pre-seed in October 2021, we saw not only a bold vision but the foundation of a groundbreaking platform for space logistics. The mission centres on NYX, a reusable space capsule for both low-Earth orbit and lunar missions. TEC is redefining the future of reusable, modular space capsules that will serve both low-Earth orbit and lunar missions, making space more accessible and sustainable. Under the exceptional leadership of Hélène Huby and her team, TEC has rapidly progressed from concept to contracts with major institutions, signing agreements that are crucial for Europe’s path to autonomy in space. TEC’s track record and outstanding team, built over just a few short years, places it on a trajectory that could soon parallel SpaceX’s early milestones.

This $160M Series B by Plural, Balderton, Bessemer, EQT, us at Cherry Ventures, and others marks the largest-ever European space tech funding round. The predominantly European investor base demonstrates our continent's commitment to pioneering innovation. We’re grateful to all our new and long-term partners who share TEC’s vision for a leading role in the space economy.

Why We Invested First: Leading Europe’s Journey into Space

Our partnership with TEC reflects our conviction that Europe needs a powerful leader in space technology. From our first conversation with Hélène it was clear that it wasn’t just another space tech company. The company's development journey of NYX began with "Bikini," their 60-centimetre inaugural capsule that reached space aboard Ariane 6. This first step, though modest in size, validated their capsule design and thermal protection systems. Building on this foundation, TEC is now advancing their NYX series, pushing the boundaries of what is possible in space logistics, through its innovative focus on modularity, reusability, and compatibility across launch platforms - an ambitious path that Hélène is determined to lead with conviction. With the additional capital TEC can expand its operations from low-Earth orbit missions to groundbreaking lunar operations that cement Europe’s at the forefront of space exploration.

A Milestone in European Sovereignty

TEC’s groundbreaking ESA lower-Earth orbit cargo return contract signals a pivotal moment, comparable to the early transformative partnerships between NASA and SpaceX in the US space industry. This ESA partnership not only validates TEC’s technical mastery but also a critical step for Europe’s space sovereignty. As the only European company to sign a Space Act Agreement with NASA, TEC is blazing a path that strengthens our independence in space logistics and expands its presence in the global space economy. This momentum aligns with increasing political support, demonstrated by French President Emmanuel Macron's push for greater EU investment in home-grown spacetech and France's €1.5bn commitment to its space agency CNES through the France 2030 programme.

TEC demonstrates how European talent and resources can achieve impact on a global scale. Their pioneering model prioritises reusability, cost-effectiveness, and environmental responsibility—standards that will shape the future of space exploration and that are at the core of Europe’s beliefs.

This is Only Day Zero

This funding round is as much a milestone as it is a commitment to TEC’s ambitious vision. We are proud to support Hélène and her exceptional team as they gear up for their next launch of their already fully assembled capsule to expand the NYX series and build a robust space logistics ecosystem. Today is day zero for TEC’s new chapter, and Cherry Ventures is honoured to be a long-term partner on this journey to create a global leader rooted in Europe.

For more on The Exploration Company and current open positions in their team, visit website.