French small satellite maker U-Space raises €24 million

French small satellite manufacturer U-Space has announced a new EUR 24 million Series A round led by Blast, the French Ministry of Armed Forces’ Definvest fund managed by Bpifrance, and Expansion, alongside Primo Capital through its investment fund Primo Space, Karot Capital, ARIS, and Vertech Finance.

This follows an initial EUR 7 million funding round in 2022. 

With three satellites already in orbit, around ten more to be produced and delivered over the year ahead, and major contracts signed with leading players such as CNES and Safran, U-Space has made a name for itself in the small satellite manufacturing market, the French startup said in a press release.

“Through its excellence and the quality of its teams, U-Space actively contributes to France’s sovereign ambitions in the space sector,” said François Charbonnier, Investment Director at Bpifrance. “With its initial successes paving the way for many more to come, it was only natural for Definvest to renew its support.” 

“With several satellites launched, including the first European space-based SSA satellite, U-Space has already demonstrated a strong space heritage and the high reliability of its in-orbit systems,” said Charles Beigbeder, founder of Expansion. “With several satellites launched, including the first European space-based SSA satellite, U-Space has already demonstrated a strong space heritage and the high reliability of its in-orbit systems.” 

“Over the past few years, U-Space has demonstrated its ability to build a strong team and implement robust industrial processes,” said Alexis Bès de Berc, Investment Manager (VC) at Blast. “This new phase marks a strategic turning point, with the scaling up of production and expansion into international markets.”  

Following its recent commercial success with the United Arab Emirates’ National Space Science and Technology Center (NSSTC), U-Space is now turning to global markets, particularly Asia-Pacific and the Middle East. 

“These regions demonstrate remarkable technological dynamism and a strong will to develop their space economies,” said Fabien Apper, President and Co-founder of U-Space. “They are strategic markets where we can contribute, both on governmental and commercial programs. This is an opportunity to demonstrate our ability to support global space ambitions, and this funding will allow us to do so.”