Space Defence Investment Manifesto Space is not just a resource—it is the frontier of global defence. As nations and societies increasingly rely on space for communications, navigation, surveillance, and national security, we recognise space as the next battlefield, the heart of technological advancement, and the backbone of global stability. We Affirm The Strategic Imperative of Space Defence Space is no longer a passive enabler of economic or technological activity. It is the core of modern defence. From satellite communications to missile defence, space-based technologies are critical to national security. As investors, we acknowledge that space is central to the defence infrastructures of governments, multinational organisations, and sovereign nations. The militarisation of space is a reality—and it is our responsibility to ensure its security, resilience, and accessibility for future generations. The Urgency of Action The global space environment is becoming increasingly contested. The weaponisation of space, rising geopolitical tensions, and space debris pose a direct threat to the security of all space assets. As investors in the defence sector, we recognise the urgent need to fund and support technologies that protect against threats like anti-satellite weapons (ASATs), cyberattacks, and orbital collisions. The long-term stability of space-based infrastructure depends on immediate and decisive investment in defence-focused space technologies. The Power of Public-Private Partnership Governments alone cannot secure the future of space. The space industry must unite through public-private partnerships (PPPs) to foster innovation, resilience, and sovereign autonomy. We commit to aligning our investments with government priorities, including EU and NATO defence frameworks, while empowering space startups and dual-use technologies that provide both commercial and defence capabilities. We recognise that collaboration between the private sector and defence agencies is essential to meet the ever-growing demands of space security and to keep pace with emerging threats. The Role of Investment in Resilience and Sovereignty Our investment strategy must focus on space resilience, including resilient satellite infrastructure, space domain awareness (SDA), debris mitigation, and space cyber defences. We will support the development of autonomous space capabilities to ensure that no nation is vulnerable to malicious interference. By funding technologies that enhance strategic autonomy, we help guarantee sovereign defence in space and support national and European objectives for security and self-sufficiency. The Commitment to Ethical Investment and Governance As investors, we uphold the principles of responsible governance in space, ensuring that investments adhere to ethical standards and align with international law. We call on all space operators to adopt guidelines that protect the peaceful use of space, following frameworks such as the United Nations Outer Space Treaty, the European Space Strategy for Security and Defence, and the EU’s Space Programme. We will ensure our investments contribute to equitable access to space, secure and sustainable operations, and the prevention of harmful space activities. The Imperative of Geostrategic Stability Space is not just a commercial frontier—it is a geostrategic asset. The future of international stability and peace hinges on the ability to secure space. We, as investors, understand that space security is a core pillar of national security, and we are committed to driving investments that contribute to global peace and geostrategic stability. Our Vision for the Future of Space Defence We envision a future where space is: A secure and resilient domain free from aggression and disruption. A cooperative arena for nations and companies, underpinned by shared principles of security, sovereignty, and peace. A space of innovation, where technologies like AI, quantum encryption, space-based defence systems, and space situational awareness create new possibilities for defence and security. Our Call to Action We, the investors, commit to: Funding resilient, secure, and innovative space technologies that protect space-based infrastructure and national security. Aligning with global defence strategies, including the EU Space Strategy, NATO’s Space Policy, and international frameworks for space security. Ensuring that all investments contribute to the responsible use of space, in line with the United Nations Declaration of Human Rights and Space Law. Collaborating with governments, space agencies, and defence organisations to build a space defence ecosystem that is sustainable, autonomous, and secure. Space is the next frontier of defence. We must act now to secure it. Let’s invest in space defence today—so that peace, security, and prosperity in space can be a reality for all.

THE ESA Investor Network supporting space startups – the story of SPAICE THE ESA Investor Network supporting space startups – the story of SPAICE For the European space industry, maintaining strong investor relationships is essential for expansion, establishing connections and recommendations. Community building, credibility, knowledge exchange, and effective communication are crucial, particularly in an industry where word-of-mouth plays a significant role in attracting capital. To address this need, the European Space Agency (ESA) established the ESA Investor Network, facilitating connections among startups, investors, and ESA programmes. The network now comprises more than 50 members, ranging from Venture Capital funds to banks, including institutional and corporate investors. The Investor Network aims to support investors in investing in the space sector. Members receive valuable advice and support on various matters, including information on space market assessments. It also offers strategic and technical due diligence, as well as access to a monthly deal flow curated by the Ventures and Financing Office. Additionally, the network provides access to ESA’s strategic activities such as SpaceTech platform and Helios Space Index. Recently, SPAICE, a UK startup from the ESA Business Incubators, started its financing journey with the network’s support. SPAICE has developed a suite of AI-powered solutions to bring autonomy to space logistics, enabling in-orbit satellite life extension services. Their scalable, data-driven technology is applicable to terrestrial, underwater, and aerial dual-use applications. SPAICE solutions offer significant advantages over current servicing technology, which is limited by manual operations and prohibitive costs. Their solutions can enhance satellite lifespans by 50%, boost revenue generation by 50%, and reduce collision risks by 20% at competitive prices, democratizing logistics services for satellites in any orbit. Their universal AI-powered solution is agnostic to any target satellite and capable of performing various robotic operations, including upgrading, maintaining, and inspecting satellites, cargo transportation, assembling space structures, and actively removing debris. SPAICE’s technology can scale to other verticals where autonomous navigation and robotics capabilities are crucial, including lunar landing and rover navigation, underwater inspection, and maintenance operations. SPAICE plans its first in-orbit demonstration in Q4 2025/Q1 2026, positioning them as the first company to deploy a general intelligent space solution, overcoming significant barriers related to AI use in space. The startup is currently closing SAFEs up to £1M, as well as securing contracts and grants, with plans to close a £2.5M equity round later on. In 2024, with the assistance of the ESA Investor Network, SPAICE initiated discussions with numerous interested investors, including Primo Ventures and OTB Ventures. By bridging connections among startups, investors, and ESA programs, the ESA Investor Network fuels innovation, fosters growth, and drives the future of space technology. Success stories like SPAICE highlight the network’s central role in shaping the space economy. Discover more about the ESA investor network and its contribution to space exploration and technology. 🚀If you are a SpaceTech Company looking for funding you can apply for investment grants and other support here: https://esacontact.esa.int/EsaStartup/ 💰If you are an investor interested in joining the ESA investor network you can register here: https://esacontact.esa.int/EsaInvestor/  

The European space sector benefits from being diverse, robust, and enjoying rapid growth in recent years. European nations have a long history of cooperation in space research, technology development, and satellite deployment and the European space sector encompasses a wide range of activities, including satellite manufacturing, launch services, Earth Observation (EO) applications, broadcasting satellite services, global navigation solutions, and space exploration ventures. In this handbook, we will explore the key players, trends, risks, and opportunities to provide Business Angels, who are not yet operating in the sector, with the basic information to assess and explore investment opportunities in the space sector.

Brussels, 31st August 2023   BAE System and  EBAN Space Innovation Day bring together cutting-edge new space firms at BAE Systems AI Labs, the historic former home of the Marconi Research Centre. AIKO, Aquark, Lumi Space, Remos Space, ReOrbit, and SmartIR were selected to present their technologies, respectively, in unique analytics and data fusion capability, Quantum, Laser-based Space Situational Awareness, Software-defined Ground Systems and Satellite manufacturing, and infrared thermal radiation control for space and defence applications. 05 July, Chelmsford UK / Brussels Belgium:   BAE Systems, UK’s leading aerospace and defence company, joined together with EBAN Space, Europe’s largest gathering of private angel and early-stage investors in space and space-tech on 21 June to bring together some of Europe’s most promising Space and SpaceTech firms with BAE Systems Space business.  The day delivered in-depth exchanges on the state of deep-tech topics, including quantum, space-situational awareness, optical communications and more, as they relate to the Next Generation of Space technology that BAE Systems is building. Richly productive Snapshot of New Space Paradigm: The six firms were selected out of 24 companies presented to BAE Systems by EBAN Space’s members, including Seraphim Space, ESA, and EUSPA, as well as its cadre of serial space entrepreneurs and angel investors.  As such, it brought together an entire eco-system of entrepreneurs, incubators and accelerators, private investors and corporations for a unique and richly productive snapshot of not only what individual entrepreneurial companies are doing but also a picture of the totally new paradigm emerging for space and space-related industries and services in the world as well. “This Space Innovation Day gave us the opportunity to meet with dynamic space entrepreneurs from around Europe in informal, one-on-one discussions to freely exchange with them about what we at BAE Systems are looking for to complete our product range and what they can bring us,” commented Elizabeth Seward , Head of Space Strategy & Future Business at BAE Systems.  “At the same time, we also identified some areas where we can help these young companies advance quicker and better by offering them some of our technologies and services.” said John Young, Head of International Business Development – Space at BAE Systems.  “This is true ‘Open Innovation’ at its best,” concluded Seward. “The fact that the companies presented had been not only through world class incubators and accelerators as the ESA BICs and Seraphim Space Camp, but had also been invested in by members of the EBAN Space Community, thus showing market traction with real clients, revenues, and a potential for return on investment was reflected in the maturity of the individual companies and was a huge validation for us, making it a very worthwhile event”, commented Nick Appleyard, ESA Head of Applications and Solutions Department CIC-A. All of the six entrepreneurial companies noted that “the direct and in-depth conversations with BAE Systems senior-level technical and business executives gave us a real insight into what large corporations are specifically looking for in their potential cooperation with New Space entrepreneurs and how this can concretely translate into a win-win situation as well as how they can potentially help us achieve our goals quicker, easier, and cheaper in collaboration with them”.  The “space entrepreneurs” also commented on the “valuable exchanges with the other New Space companies within the Innovation Showcase, where they identified and discovered possible synergies among themselves”. “The private investor members of EBAN Space, be they Angel Groups such as UK Space Tech Angels, Rymdkapital, EstBAN (EE), DNA Cascais (PT), Cobin Angels (PL), Sophia Business Angels (FR), Angelus Funding (USA); be they Early Stage Venture Capitalists such as Seraphim Space Capital, SpaceTec Capital, Triangle Ventures— who have come together to invest in the new emerging space sector are pleased to see their portfolio companies inciting interest at the corporate level,” commented Ted Elvhage, EBAN Space Chair,   “The BAE Systems/EBAN Space Innovation Day shows that real benefit can be drawn from providing an information exchange platform at an early stage which may then lead to transformational deals for all stakeholders”.   The names and websites of the six companies chosen to present at this first Innovation Showcase are: AIKO – AIKO Space is a Deep-Tech Software company developing pioneering AI Technology for the Automation of Space Missions. Aquark – The company specialises in miniaturised systems for quantum technology and is building the world’s smallest cold atom system. Lumi Space – Commercial satellite laser ranging for the highest precision orbit determination available. Remos Space – Remos delivers software-defined baseband solutions for satellite ground operations (FI) ReOrbit – Manufacturer of autonomous & inter-networking satellites for data flow needs in space. SmartIR – Multispectral radiation control for space and defence applications.   For more information, please contact: Abel Fernandez abel@eban.org  

Brussels, 26th July 2023 The partnership between EIT Digital and EBAN signifies a powerful collaboration to foster innovation and drive growth within Europe’s tech ecosystem. By combining the strengths of EIT Digital’s expertise in digital innovation and open-innovation ecosystem with EBAN’s extensive network and representation of the early-stage investor community, the partnership aims to accelerate early-stage investments in startups and share best practices. By nurturing digital ventures, supporting technology scale-up, and providing growth support, the partnership aspires to bolster Europe’s competitiveness on a global scale, creating wealth and jobs and further establishing Europe as a competitive, inclusive, and sustainable force in the digital era. “The partnership between EBAN and EIT Digital is a testament to the commitment of both organisations to nurture and grow the tech ecosystem in Europe, accelerating early-stage investments in startups and sharing best practices. Our combined strengths will allow us to have a significant impact on the European deep tech and digital entrepreneurial landscape and go as far as bolstering Europe’s competitiveness on a global scale.” said Diva Tommei, Chief Innovation, Education and Marketing Officer.  “EIT Digital is a catalyst for digital innovation and entrepreneurship in Europe, forging collaborations and driving meaningful change. Their integrated approach to education, research, and business equips individuals with the skills to shape the future. By addressing societal challenges and fostering innovation, EIT Digital is a vital force for economic growth and progress in Europe.” said Jacopo Losso, EBAN General Director. EBAN, the European Business Angels Network, is the pan-European representative for the early-stage investor community gathering over 100 member organisations in more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest 11.4 billion Euros a year and play a vital role in Europe’s future, notably in the funding of SMEs. EBAN fuels Europe’s growth through the creation of wealth and jobs. EIT Digital is working for a competitive digital Europe that is inclusive, fair and sustainable. EIT Digital embodies the future of innovation by mobilizing a pan-European multi-stakeholder open-innovation ecosystem of top European corporations, SMEs, startups, universities and research institutes, where students, researchers, engineers, business developers and investors address the technology, talent, skills, business and capital needs of digital entrepreneurship. They build the next generation of digital ventures, digital products and services and breed digital entrepreneurial talent, helping businesses and entrepreneurs to be at the frontier of digital innovation by providing them with technology, talent, and growth support. EIT Digital answers specific innovation needs by, for example, finding the right partners to bring technology to the market, supporting the scale-up of digital technology ventures, attracting talent and developing their digital knowledge and skills.

CASSINI Business Accelerator is a six-month acceleration programme offering top-level business and investment coaching, training, events, and more that brings together 20 of the top space startups in Europe. The accelerator is tailored to meet the needs of space companies in their growth stage that already have a product on the market and have achieved sales or pre-commercial success, and that want to sustain their commercial growth by developing new market opportunities. Apply Now Looking For: European startups and scaleups Highly-ambitious and versatile founding teams Proven commercial traction and product-market-fit Looking to increase sales The Programme Benefits International growth oriented, focus on sales, and investment Access to key stakeholders across Europe Unique collaboration between 58 pan-european accelerator locations Highly-qualified mentors for dedicated 1:1 sessions Cross-industry synergies between space and non-space industries E-learning training and peer-learning. Monthly deep dive sessions & expert webinars. Fundraising support and a 75,000€ voucher for startups who successfully complete the programme The Programme Timeline Open Call February 1 – March 31 Applications for the first batch, from May-November, are open now. Apply before March 31, 2023. Startup Selection April The programme team will assess all applications and select 20 participating companies per batch. Batch Kick-off May In person batch meetup to kickoff the programme activities. All participating companies, lead coaches and accelerator teams will participate. 6 month programme May – November Focus on business and investment coaching, training, events & more. An accelerator tailored to meet the needs of your company. Demo Day – Programme end November Marks the end of the programme, graduation of batch startups, through a networking event with investors. CASSINI Business Accelerator The CASSINI Space Entrepreneurship Initiative is a European Commission entrepreneurial support mechanism that cuts across all components of EU Space Programme. It offers actions targeted at the full entrepreneurial lifecycle – from idea generation to market entry and growth – and covers both the upstream and downstream sectors. The CASSINI Business Accelerator is part of the CASSINI initiative. Launched in January 2023, the CASSINI Business Accelerator is the biggest space startup accelerator in Europe. CASSINI includes a seed and growth fund, as well as hackathons and mentoring, prizes, a business accelerator, partnering and matchmaking. Launched in January 2023, the CASSINI Business Accelerator is the biggest space startup accelerator in Europe.  

Orginisally published here Innovative go-getters are asked to develop concepts, products, or services to strengthen the EU defence industry and security capabilities. The global security environment is becoming more contested, complex, and interconnected. As armed conflicts and civil wars re-emerge in the EU’s neighbourhood, new and unconventional security threats have emerged or grown stronger, in an increasingly interconnected world. In the face of increased global instability, the EU needs to take more responsibility for its security and increase its capacity to act autonomously. In the 5th edition of the CASSINI Hackathons, innovative go-getters are invited to develop new concepts, products, or services that positively impact the European defence and security sector. Space data, information, and signals can enable novel and unique solutions for cross-terrain mobility and logistics, maritime threat intelligence, and infrastructure network resiliency. We challenge participants to innovate with earth observation data from Copernicus and satellite positioning and navigation services from Galileo & EGNOS. On top of that, we encourage participants to develop solutions with cybersecurity in mind from the start. #EUSpace to strengthen Europe’s defence and security Cross-Terrain mobility This challenge is looking for trailblazers to develop innovative concepts or design new products and services that enable cross-terrain mobility for defence forces, emergency response team and humanitarian aid forces in a variety of weather conditions. Making the seas more secure Tomorrow’s innovators are tasked with developing innovative concepts and designing new products or services to strengthen maritime intelligence against direct security threats and organised and environmental crime. Watch this: EU Space Programme synergies for maritime emergencies Protecting our critical infrastructure This challenge calls on participants to develop novel solutions that assess the risk of disruption to critical infrastructure and plan mitigation and recovery scenarios. It’s time to show off your originality by developing viable solutions that will enhance the competencies of the EU’s defence and security. The hackathon is open to anyone interested in entrepreneurship, the defence industry, and EU Space technologies. The 5th CASSINI Hackathon will take place simultaneously across 10 different locations on 24-26 March 2023. Click here for more information. Media note: This feature can be republished without charge provided the European Union Agency for the Space Programme (EUSPA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the EUSPA website (http://www.euspa.europa.eu).

Ladies and gentlemen, the Galactica Final Event and EBAN Impact Summit have officially concluded with a bang! The energy was palpable at the stunning World Trade Center in Barcelona, Spain, where a two-in-one event took place on February 16-17. With attendees from over 30 countries, the #Networking buzzword truly describes this international gathering of European angels and VCs dedicated to impact investing. 16th February Kicking off the day was an information session about Galactica’s impact, best practices, and funding opportunities across various industries. The event boasted a lineup of brilliant speakers, such as Josep Casamada Ribot, Océane Le Bot, Giulia Francioni, Virginie Perron, Julia Vercher Alemany and specifically focused on the Aerospace Sector, Javier Leiva Rojo, Árisz Kecskés, Mario Vesco and Fabrice Testa. But the excitement didn’t stop there! The event followed with keynote speeches that delved into fascinating topics such as investing in DeepTech, the intersection of sectors in innovation, and building the world we love with SpaceTech. After a networking break, the five selected orbital projects took the stage, presenting their pitches and answering questions from the jury members Fabrice Testa, Annukka Mickelsson and  Albert Colomer I Espinet. The projects- Ampere (Dr Sara Correyero Plaza); Iroony (Anne Reboux); MVRPT (Vasilapostolos Ouranis), NOC-STRUT (Matthias Krödel) and SolarCybe (Alessia Gloder) – had the potential to shape the future and were a part of the first Galactica beneficiaries batch. After lunch, Lluís Juncà, the Director General for Innovation, Digital Economy and Entrepreneurship at Generalitat de Catalunya explained how the Catalonia region drives impact entrepreneurship and investment.   In the afternoon, Lutz Walter (ETP)  presented about Innovation trends in the textile industry and participated in a round table of 5 textile experts around Sustainability and circularity in the textile industry. To cap off the day, the five selected Pioneer projects –  ABEP Kreios Space (Adrián Senar Tejedor); BiomX (Karin Fleck); CertBLOC (Frank Kottler); Impact protection using green composites (Nélson Oliveira) and RCF (Marina G) – presented their pitches, with the jury team composed of Fabrice Testa, Annukka Mickelsson and Marco Nannini. But what about the awards, you ask? GALACTICA distributed €74k in prizes for the best pitches and posters presented at the final event. The EBAN team congratulates the projects for their excellent work:  Poster runner up aerospace: IDD (Pedro C.);  Poster runner up textile: Circular Functional Cleantech Textiles (Jo-Anne Godden);  Poster winner: Robocork (Ramon Escobar Galindo);  Pioneer pitch runner up aerospace: ABEP Kreios Space (Adrián Senar Tejedor);  Pioneer pitch runner up textile: rCF (Marina G.).;  Pioneer pitch winner: Impact protection using green composites (Nélson Oliveira);  Orbital pitch runner up aerospace: Ampere (Dr Sara Correyero Plaza);  Orbital pitch runner up textile: Iroony (Anne Reboux) and  Orbital pitch winner: SolarCube (Alessia Gloder). To wrap up this first day in style, the CEO of Tech Barcelona, Miquel Marti, extended a warm welcome to EBAN’s team for an unforgettable and electrifying cocktail party at Pier 01 Barcelona Tech City!     17th February We kicked off Day 2 with some inspiring welcome speeches from Michael Donaldson and Juan Alvarez de Lara. But that was just the beginning – the theme for the day was “Impact Investing in Europe, the Business Angels perspective”, and the speakers lineup was nothing short of amazing! Lisa Hehenberger, Annukka Mickelsson, Marco Nannini, Alex Farcet took the stage, moderated by Juan Alvarez de Lara himself, to discuss the ins and outs of impact investing in Europe. And if that wasn’t enough, we were treated to an enlightening talk by the Former Minister of the Environment of Finland, Sirpa Pietikainen, on how the new taxonomy is changing green finance.  After a refreshing networking break, we dove into the world of “Impact Investing: VC in Europe” with some fantastic speakers, including Jaume Iglesies, Vera Elizabeth, Elena Rico, Teresa Guardans, and moderator Eva Hernandez. We learned that Europe still has some work to do to build a strong impact on the investor-VC community, but progress is being made. Increasing the number of impact-VCs will also encourage more business angels to invest in impact startups. But wait, there’s more!  We also had a “Corporates committed with Impact Investing” session featuring Clara Navarro, Marta Oller, and Ramón Lopez Roldan. This session delivered an important message that corporations are ready and willing to innovate their products, services, and business models by partnering with impact startups. However, there’s still a need for more education on how to make these collaborations work for everyone involved. To top it all off, we were honoured to have Sir Ronald Cohen grace the stage with his speech on “Impact trends: future of sustainable finance after cop27”. It was the perfect conclusion to an unforgettable day filled with insights, ideas, and inspiration. The EBAN events are a must-attend for anyone interested in the content, networking, and top-notch knowledge sharing. Don’t miss out on the next EBAN event – pre-register today here and join us in shaping the future! The above video was produced and edited by our project partner POLE EMC2. Event partners:  ACCIÓ  Seed&Click Project Partners: ASSOCIACIO AGRUPACIO D’EMPRESES INNOVADORES TEXTILS ASOCIACION DE EMPRESARIOS TEXTILES DE LA REGION VALENCIANA NEXT TECHNOLOGY TECNOTESSILE SOCIETA NAZIONALE DI RICERCA WACHSTUMSINITIATIVE SUDERELBE AKTIENGESELLSCHAFT Corallia POLE EMC2 FUNDACION CORPORACION TECNOLOGICA DE ANDALUCIA European Business Angel Network  Science Park Graz GmbH PRODUTECH-ASSOCIACAO PARA AS TECNOLOGIAS DE PRODUCAO   About GALACTICA GALACTICA stimulates the creation of new industrial value chains across the advanced manufacturing, textile and aerospace industries. Entrepreneurs will learn about the opportunities and innovation potential of cross-fertilization and win a total of €4 000 000 in grant capital. This project has received funding from the  European Commission under grant agreement No 872336. More information about the project can be found here: Galactica | Project (galacticaproject.eu)  

The European space sector benefits from being diverse, robust, and enjoying rapid growth in recent years. European nations have a long history of cooperation in space research, technology development, and satellite deployment and the European space sector encompasses a wide range of activities, including satellite manufacturing, launch services, Earth Observation (EO) applications, broadcasting satellite services, global navigation solutions, and space exploration ventures. In this handbook, we will explore the key players, trends, risks, and opportunities to provide Business Angels, who are not yet operating in the sector, with the basic information to assess and explore investment opportunities in the space sector.

The space industry is in the midst of a radical transformation. When SpaceX started launching its rockets a decade ago–making it far easier for commercial space startups to enter the market–it triggered a wave of entrepreneurial innovation. Today, Space is a $400B market that touches every aspect of our lives, from location-based services to global finance. The next generation of space technology will be responsible for delivering global internet, fighting climate change, and taking humanity to Mars. To accomplish such audacious goals, the industry will require talent with diverse skills and backgrounds from every walk of life. We spoke with the most influential companies and leaders across entrepreneurial space, who were generous in sharing detailed practical advice, big-picture guidance, and the stories of their own careers. We’ve created this guide to give you concrete steps to start your journey towards a career in space now.

Europe boasts a strong space sector. This is largely the legacy of successful space programmes, particularly those on satellite navigation and Earth observation, mostly built on public support. However, the space sector is undergoing unprecedented transformation and development on a global scale. Major technology advancements, a new entrepreneurial spirit and a renewed policy focus have put the space sector under the spotlight on the global innovation stage. Such rapid and constant transformation calls for new approaches to funding and supporting space ventures. The global space economy grew by 6.7 % on average per year between 2005 and 2017, almost twice the 3.5 % average yearly growth of the global economy. One particular contribution to this growth has been the “NewSpace” phenomenon: a series of technological and business model innovations that have led to a significant reduction in costs and resulted in the provision of new products and services that have broadened the existing customer base.

The space industries, since their inception in the late 1940s, have been discrete, relatively niche sectors whereby political and military considerations superseded scientific and market rationales. This status quo is changing rapidly in recent years with increased commercialization of the sector and thus, poses the problem of access to finance, especially for small and medium space enterprises. To date there has not been a comprehensive study with statistically significant data of the economic and financial developments and requirements of the European space industries. There is an expressed need for industrywide investment research and publications on the subject. Without comprehensive and reliable aggregate economics, business cycle and financial metrics, commercial banks and private equity funds would continue to offer sub-optimal financial products. Ultimately, this results in forgone opportunities for European economies and society in general. Hence, this paper attempts to examine in a systematic way the access to finance challenges faced by European small and medium enterprises active in the space sector, particularly when expanding their business activities. The conducted research identified market inefficiencies and suboptimal financing conditions for European space SMEs. Significant improvement in the investors’ confidence in the sector along with moderate pace of public investments, mainly in the form of financial instruments, are both simultaneously needed to reduce the perceived market risk.