Hello Sifted reader,

Gen AI isn’t the only sector having a moment. We think spacetech is looking pretty spicy too.

Today, French satellite propulsion system startup Exotrail is announcing a $58m Series B. Last week, German reusable rocket maker The Exploration Company announced a record €40m Series A. In January, Swiss space debris removal startup ClearSpace raised a €26.7m Series A.

Those aren’t insignificant rounds for companies working on complex hardware, at a time when investors are obsessed with profitability and funding heading into Series A and B startups continues to drop.

Perhaps it’s the Musk effect, as spacetech is now no longer just the reserve of defence ministries.

Commercial satellites are being used for everything from climate change monitoring and assessing the energy efficiency of buildings to providing high-speed internet for self-driving cars. Europe has numerous VC firms focused just on spacetech, and huge European corporates — like Airbus and BMW — are paying close attention.

The intergovernmental European Space Agency, meanwhile, has the afterburners on, committing nearly €17bn to various space missions over the next three years. The continent has a gap to close: the US and China invest considerably more in their space agencies, and the VC money available to American spacetech dwarfs what European startups can get their hands on.

Innovative technology designed for space is also often pretty useful planetside. In the words of Welsh spacetech startup Space Forge: “The next industrial revolution isn’t on Earth.”

For more on what’s going on in a galaxy not at all far away, read our in-depth report on European spacetech.

— Amy Lewin

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💰 Series B+

Exotrail, which makes propulsion systems for satellites, has raised $58m of debt and equity in a Series B round led by Bpifrance.
Byborre, which digitises fashion design and production to increase sustainability in the textiles supply chain, raised a €16.9m Series B.

💰 Series A

Finnish boat sharing and rental platform Skipperi has raised €7m.
Build38, which provides security protection for mobile apps, has raised €13m.
HowNow, a learning experience platform that helps companies onboard, upskill and support employees, has raised a $5m Series A from Mercia Asset Management and Pearson Ventures.

💰 Pre-seed + seed

Vev, which gives budding entrepreneurs pre-made software and payments systems tailored to different business types, has raised €5m from Notion Capital and Point Nine Capital.
Politecnico di Milano spinout Approxima has raised €1.6m in seed money for its minimally invasive heart damage repair technology.
German healthtech Memodio has secured €400k in seed funding to develop digital health applications for the treatment and prevention of dementia.
Snab, a Spanish B2B payments and cash management startup, has raised €1.1m in a pre-seed funding round led by Y Combinator.
Darksquare, which makes private asset investment classes accessible for retail investors, has raised £260k through crowdfunding platform Seedrs, supported by retail and angel investors.

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