Isar Aerospace raises over $90 million in biggest European spacetech funding

BERLIN (Reuters) - Isar Aerospace said on Wednesday it had raised 75 million euros ($91 million) from investors in the biggest funding round by a European space technology startup, which it said would be enough to fund the maiden flight of its launch vehicle.

Munich-based Isar Aerospace is developing a rocket capable of carrying a satellite payload of more than 1,000 kilograms. It has started making a prototype and, in a statement, said it would expand production and testing capacity in 2021.

The Series B funding round was led by Swiss-based venture fund Lakestar, with support from existing backers including Earlybird, Vsquared Ventures, Airbus Ventures and Bulent Altan, a former executive at Elon Musk’s rocket company SpaceX.

Reporting by Douglas Busvine; Editing by Edward Taylor