The space economy hit a remarkable $418 billion in 2024, with forecasts suggesting a robust 6.7% annual growth rate through 2034. This expansion is fueled by a surge in international partnerships and growing investments in space technologies. While the global space industry accelerates, Europe’s spacetech sector finds itself at a pivotal moment, with high hopes and significant challenges in equal measure. In 2024, venture capital in European space ventures surged, bolstering the continent’s capabilities, especially in satellite technology and launch services.
Amidst this momentum, Alpine Space Ventures, a German venture firm, closed a €170 million fund to support the next generation of spacetech innovators. Meanwhile, the European Space Agency reported a sharp uptick in orders, underscoring the increasing demand for satellite services and exploration technologies. As investments flood in and new players emerge, Europe’s space sector is poised for explosive growth.
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Here’s a look at some of the most exciting UK and European spacetech startups that are pushing the boundaries of space exploration and commercialization.
The Exploration Company (Germany)
Founders: Hélène Huby
Founded: 2021
Total Funding: $215M
The Exploration Company (TEC) is revolutionizing space logistics with its Nyx spacecraft—modular, reusable vehicles designed for missions to both Earth and lunar orbiting stations. TEC’s mission? To make space exploration more affordable and sustainable through versatile spacecraft that can be refueled in orbit, enabling both cargo and human transport.
With a green focus on using propellants and open-source systems, TEC is committed to reducing costs and expanding space exploration. In late 2024, the company secured $160 million in Series B funding, co-led by Balderton Capital and Plural, with participation from investors like Bessemer Venture Partners and EQT Ventures.
Isar Aerospace (Germany)
Founders: Daniel Metzler, Josef Fleischmann, Markus Brandl
Founded: 2018
Total Funding: $451M
Isar Aerospace is shaking up the satellite launch market with its small- and medium-lift rockets. This German startup has already signed contracts with a broad range of global customers, from commercial companies to governmental agencies. With an eye on the future, Isar is ramping up production of its first flight vehicle and securing key qualifications for its launch systems.
In 2024, Isar raised an additional €65 million in an extended Series C round, with strong backing from the NATO Innovation Fund and a fresh wave of investors, including G3T and 10x Group.
PLD Space (Spain)
Founders: Raúl Torres, Raúl Verdú
Founded: 2011
Total Funding: $162M
PLD Space is reimagining space access with its reusable launchers for small payloads. Their MIURA rockets have already made history: MIURA 1 became the first private European rocket to reach space in 2023. The company’s next big goal? MIURA 5, an orbital micro-launcher set to deliver satellites into orbit at a rate of over 30 launches annually by 2030.
PLD Space is positioning Spain as a formidable contender in the space industry. Last year, the company secured a €78 million investment, along with a $11.55 million loan from COFIDES to fuel its growth.
Skyrora (UK)
Founder: Volodymyr Levykin
Founded: 2017
Total Funding: $52.7M
Skyrora is driving the UK’s ambitions in space with its rocket technology aimed at launching small satellites into orbit. The company’s flagship project, Skyrora XL, draws inspiration from the UK’s Black Arrow program and is designed to carry payloads of up to 315kg. Skyrora is committed to sustainability, utilizing innovative fuels made from unrecyclable plastic waste.
In 2021, the company secured a €3 million grant from the European Space Agency (ESA), helping fund its ongoing development efforts.
ICEYE (Finland)
Founders: Rafal Modrzewski, Pekka Laurila
Founded: 2012
Total Funding: $427M
ICEYE operates one of the largest constellations of synthetic aperture radar (SAR) satellites, providing vital Earth observation data for industries like disaster response, insurance, and maritime monitoring. Unlike optical satellites, SAR satellites can capture high-resolution images in any weather, day or night, enabling rapid detection of Earth’s surface changes.
In 2024, ICEYE raised $65 million in a Series D extension round to accelerate the expansion of its satellite constellation and enhance its analytics offerings.
Open Cosmos (UK)
Founders: Rafel Jorda Siquier, Aleix Megias Homar, Jordi Barrera Ars
Founded: 2015
Total Funding: $63M
Open Cosmos specializes in simplifying space access through its low Earth orbit (LEO) satellites. With a focus on sustainability, Open Cosmos provides satellite mission management and AI-powered data analytics, targeting climate monitoring, energy transition, and geospatial insights.
In 2023, the company secured $50 million in Series B funding to expand its mission management capabilities and satellite-based solutions.
ATMOS Space Cargo (Germany)
Founders: Sebastian Klaus, Marta Oliveira, Jeffrey Hendrikse, Christian Grimm
Founded: 2021
Total Funding: $20M
ATMOS Space Cargo is pioneering sustainable space logistics with its Phoenix capsule, which aims to return cargo from orbit. The company is positioning itself as a leader in microgravity-on-demand solutions, supporting industries like biotechnology and manufacturing. Its recent €13.1 million funding from the European Innovation Council (EIC) Accelerator will accelerate the development of its next-generation space capsule.
Infinite Orbits (France)
Founders: Akshay Gulati, Manos Koumandakis
Founded: 2017
Total Funding: NA
Infinite Orbits is revolutionizing satellite life extension with its innovative Endurance satellite, designed to optimize fleet management and extend the lifespan of satellites in orbit. The company’s AI-based systems also offer advanced services like close inspections and in-orbit refueling. With a recent €12 million funding round, Infinite Orbits is targeting a 2026 mission launch for its Endurance satellite.
Orbex (UK)
Founders: Chris Larmour, Kristian von Bengtson
Founded: 2015
Total Funding: $203M
Orbex is focused on developing the Prime rocket—a small commercial vehicle designed to launch nano- and microsatellites into low Earth orbit. The UK-based startup stands out with its use of bio-propane fuel, reducing carbon emissions by up to 96% compared to traditional rockets. With a £23 million Series D round in early 2025, Orbex is on track for a major launch later this year.
ClearSpace (Switzerland)
Founders: Luc Piguet, Muriel Richard-Noca
Founded: 2018
Total Funding: $37.3M
ClearSpace is tackling the growing problem of space debris with its innovative robotic technology. Specializing in satellite debris removal, ClearSpace is set to conduct the first-ever active debris removal mission in 2026. The company’s recent €26.7 million funding round will support the development of the ClearSpace-1 mission, ensuring a cleaner and more sustainable space environment.
Space Dots (UK)
Founders: Bianca Cefalo, James Sheppard-Alden
Founded: 2021
Total Funding: $1.6M
Space Dots is transforming the space industry with miniaturized research systems like the Barnacle DOT, which offers real-time environmental and materials intelligence from space. The company’s systems are designed to optimize spacecraft design, reduce failure rates, and lower costs for future space missions.
Securing $1.5 million in pre-seed funding, Space Dots is primed to accelerate its mission and contribute to a more sustainable space economy.
Conclusion
As Europe’s space sector enters a new era of innovation, these startups are leading the charge. With breakthrough technologies and ambitious goals, they are positioning themselves as key players in the next wave of space exploration—one that is more sustainable, more accessible, and more connected than ever before.
