After an initial €7 million funding round in 2022, the French small satellite manufacturer today announces a new €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. Building on its early commercial successes and driven by the ambition to become Europe’s leading smallsat constellation manufacturer, U-Space, now expanding into global markets, has secured renewed confidence from its long-standing financial partners and earned the trust of new investors.
An attractive growth potential
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. This proven reliability, and the strong potential it signals for future growth, has convinced U-Space’s long-standing financial partners to once again back the French company:
“Through its excellence and the quality of its teams, U-Space actively contributes to the France’s sovereign ambitions in the space sector. With its initial successes paving the way for many more to come, it was only natural for Definvest to renew its support,” said François Charbonnier, Investment Director at Bpifrance. Now a key player on the European stage, U-Space has also attracted the attention of other investors, including the Italian Primo Capital through its investment fund Primo Space, as well as Expansion.
“U-Space’s position within the value chain, combined with its technological expertise, gives it highly promising commercial potential. We are confident that the company has all the assets needed to establish itself as Europe’s leading manufacturer in the small satellite constellation market,” said Ilaria Cavalleri, Investment Principal, Primo Space Fund. According to Charles Beigbeder, founder of Expansion: “Since inception, the founding team at U-Space has successfully reached critical milestones transforming a project into a fully-fledged industrial enterprise. 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. We’re deeply convinced the combination of industrial expertise, and their business vision promise a bright future to U-Space.”
Industrial scale-up to meet market demand
Driven by the ambition to align its production rate with the competitiveness and volume requirements of the small satellite constellation market, U-Space has drawn inspiration from the best practices of the automotive industry to embrace a serial production approach. At the heart of its industrial strategy lies the “U-Zine”: an 850 m² cleanroom facility designed to ultimately reach a production rate of one satellite per day.
The software development enabled by the €24 million raised will significantly support this ramp-up, with the first milestone being one satellite produced per week by 2027.
“Over the past few years, U-Space has demonstrated its ability to build a strong team and implement robust industrial processes. This new phase marks a strategic turning point, with the scaling up of production and expansion into international markets. We are proud to support a team and a company that are turning their space vision into industrial reality,” said Alexis Bès de Berc, Investment Manager (VC) at Blast.
Expanding into new markets through sustained commercial growth
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, as confirmed by Fabien Apper, President and Co-founder of U-Space: “ These regions demonstrate remarkable technological dynamism and a strong will to develop their space economies. 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.”
Indeed, thanks to this raise, U-Space plans to strengthen its commercial team to intensify its development, from the European stage to the international level. With unique expertise covering the entire value chain, from smallsat design to in-orbit operations through its own operation center, U-Space has convinced its long-standing financial partners to renew their support. These strengths, combined with a clear industrial vision, strong commercial potential, and a firm international ambition, have also attracted new investors who are now joining the funding round.
This marks the beginning of a new phase of development for U-Space, enabling the company to expand into global markets and solidify its leadership ambitions in the satellite constellation sector.
About this founding round :
The €24 million funding round was completed with Blast, Definvest, Expansion, CapSpace, ARIS, Primo Space through its Primo Space Fund and Vertech Finance, to support U-Space’s industrial and international development
About U-Space :
Founded in 2018, U-Space designs, assembles, and operates modular smallsats. As a full industrial integrator, the company supports its clients from the initial definition of requirements through in-orbit operations via its own operations center based in Toulouse, France. With its innovative production site, the U-Zine, proprietary software solutions, and two modular platforms, the 12U and the FreeForm, U-Space fully meets the growing demand in the space sector and has established itself as a reference integrator. Combining quality, reliability, and short delivery times, U-Space aims to become Europe’s leading manufacturer in the global smallsat constellation market.
About Bpifrance :
Bpifrance Investissement is the management company that handles Bpifrance’s equity investments. Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…). For more information, please visit: https://www.bpifrance.com/ Follow us on Twitter: @Bpifrance – @BpifrancePresse and LinkedIn
About Definvest :
With €100 million in funding from the French Ministry of the Armed Forces, Definvest combines the complementary expertise of the Directorate General of Armament (DGA) and Bpifrance. Definvest is a specialized equity fund focused on start-ups and SMEs regarded as strategic for French armed forces equipment. It backs critical SMEs for the military equipment supply chain and technology start-ups with disruptive innovation aiming to become strategic for the weapons programmes of tomorrow.
About Blast :
Founded in 2023 by Anthony Bourbon and Samuel Guez, Blast is a private investment club that has invested €200 million in just two years, including €80 million in 2024. With a team of over 60 collaborators, Blast focuses particularly on new technologies (Deeptech, AI, Biotech, Medtech, etc.). Today, the investment club brings together more than 10,000 active members, offering a strong and dynamic network for both investors and entrepreneurs. More information on blast.club
About Expansion :
Expansion is a €137M European deeptech investment fund focused on Sustainable Aerospace & Defence with offices in Paris, Luxembourg and Stockholm. We back early-stage startups building critical technologies for Europe’s strategic autonomy, from space infrastructure to next-gen defence systems and dual-use applications.
About Primo Capital :
Primo Capital SGR S.p.A. is the leading independent Italian platform for alternative investments focused on technology investments in sectors that are crucial for economic growth. The company now has over 500 million euros committed over multiple funds specializing in the digital, healthcare, climate tech and space economy sectors. For more information : www.primo.capital , irene.dri@primo.vc
About Karot Capital :
Karot Capital supports early ventures with a high level of innovation, with a particular focus on Deep Tech and Healthcare. More information at www.karot.capital
About Aris :
Founded in March 2021, ARIS is a purpose-driven company investing to strengthen industrial sovereignty and accelerate the decarbonization of the regional economy. With a €40M fund, it supports high-growth strategic companies in Occitanie. Investments, ranging from €0.3M to €1,2M, target tangible impact: job creation, reshoring, industry structuring, and reduced environmental footprint. ARIS works alongside its portfolio companies for the long term, leveraging the full range of regional support tools.
About Vertech Finance :
Vertech is an “impact” fund that invests primarily in greentech or national sovereignty projects.
