The Exploration Company has raised $160 million in a Series B funding round to develop Europe's first reusable space capsule.
The funding will support the continued development of the Nyx spacecraft, capable of carrying 3,000 kilograms of cargo to and from Earth.
The company aims to conduct Nyx's maiden flight to and from the International Space Station (ISS) in 2028.
The Exploration Company's funding round was mainly backed by private investors, in contrast to SpaceX's Dragon capsule which was primarily funded by NASA.