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In January 2024, startup and tech intelligence provider DealRoom released a report on the thriving European space startup ecosystem, where Team Tumbleweed is highlighted as one of three companies to watch in the space resource exploration field.
DealRoom’s Space Tech: Europe report, released in partnership with ESA, EUSPA, and Fondazione E. Amaldi, offers an overview of the European Space Tech ecosystem, deep diving into the latest trends, key segments, and outlook.
Below, we highlight three trends that anticipate a bright future for Team Tumbleweed, a challenge and an opportunity for the European Space sector.
While this is certainly not news, the space sector continues to become increasingly relevant for the private capital, after decades of government dominance. The sector continues to see a massive growth of private investors, companies and startups in what is now called the “New Space Economy.”
From 2005 to 2021, the global space sector has grown 2.5x, from $180B to $469. This growth is projected to continue at a rate of 11% per annum until 2030. Today, 77% of the market is commercial.
Team Tumbleweed’s vision of making deep space for everyone and opening up Mars to a whole new set of players will ensure our organization will tap into and contribute to this thriving industry.
Although the global and European investments in the Upstream Space Tech sector peaked in 2021, this was driven by megarounds raised by a few companies. The most active year in the Upstream sector, which includes companies operating in space or developing products for space, has been 2023, showing a rising interest in this field.
As one of three players in the space resource exploration field, Team Tumbleweed’s innovative rovers offer new and unique capabilities to the European Upstream landscape.
Despite a 37% decline in European VC funding, Space Upstream has seen growth relative to 2022 and outperformed other areas of the Deep Tech sector.
With 40% of the highest cited research in Space Science Research, Europe is a close second to the US’s 42% share. According to DealRoom’s report, this number is twice the share in Computer Science and Physics, and four times more than Material Science.
Team Tumbleweed aims to contribute to Europe’s Space Science Research leadership by enabling 100x cheaper Mars data, and scaling up data collection on the Red Planet through its swarm of wind-driven rovers.
Europe is clearly behind the US and China in launch vehicles, space utilities, and space resource exploration. Space resource exploration, where Team Tumbleweed is highlighted, includes rover platforms and robotic explorers for lunar, planet, and asteroid exploration and In-Situ Resource Utilization (ISRU). The US takes nearly 70% of the share of investment in this area, with China taking 20% and Europe only 1%. Increased investment in ventures like Team Tumbleweed will help Europe catch up with the global trends in this promising field.
DealRoom’s report uncovered that in 2023, Space Tech attracted only 6% of the funding going to Deep Tech. Less than 3% of the dollars invested in Europe went to Space, and less than 2% went to Space Upstream. To get closer to the United States, currently with a three times higher share of VC funding in Space Tech, Europe needs to invest more in launch vehicles, space utilities and space resource exploration.
As stated in DealRoom’s report, the number of space tech investors in Europe is growing, having increased sixfold in a decade. To keep up with the United States and China, grow and maintain its leadership in Space Science Research, and ensure it is aligned with the growth in the global space sector, Europe needs to invest in the upstream sector.
Space resource exploration offers a unique opportunity for Europe to increase its relevance commercially and to continue spearheading Space Science Research. At Team Tumbleweed we are focused on enabling new European and global players globally to access Mars. Find out more about our vision here.
For further information, please contact office@teamtumbleweed.eu.