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Bryce Start up Space 2021 Start-up Space Update on Investment in Commercial Space Ventures 2021 1 Introduction The Start-Up Space series examines space investment in the 21st century and analyzes investment trends, focusing on companies that began as angel- and venture capital-backed startups The Start-up Space report tracks publicly-reported seed, venture, and private equity investment in start-up space ventures as they grow and mature, from 2000 – 2020. Report includes debt financing where applicable to provide a complete picture of the capital available, also highlights merger and acquisition (M&A) and initial public offering (IPO) activity Start-Up Space seeks to provide insight into the dynamics of this growing space industry segment and the investment driving it Start-up Space seeks to inform investors, the aerospace industry, and the public about this emerging space ecosystem. It reflects Bryce’s ongoing commitment to providing the space community with rigorous analyses of industry dynamics to aid good decision-making in industry, government, and academia 2 Methodology Dataset is sourced from a combination of • BryceTech databases • Company and investor press releases • Annual reports, investor materials, and SEC filings • Financial newsletters and databases, such as Crunchbase, PitchBook, Owler, and CB Insights • Data provided by NewSpace Hub • News articles from major media outlets, investment publications, trade press, and business journals • Ongoing engagement with industry subject matter experts Where possible, we confirmed the details of each investment using multiple sources. We further validate our data with venture capitalists, private equity investors, investment bankers, industry experts, management teams at space companies, and through targeted interviews The data set includes only publicly reported transactions; it does not include proprietary investment information. In some cases, transaction value, funding round, or investors are undisclosed The data set generally excludes government funding, except for certain grants, such as those provided by the Grand Duchy of Luxembourg. Bryce also includes funding from publicly funded venture capital firms, such as the Central Intelligence Agency’s In-Q-Tel 3 Definition of Start-Up Space Venture A space company is a business entity that provides space products or services, specifically one that Manufactures satellites, launch vehicles, or other space-based systems Manufactures satellite ground equipment Provides services that rely on these systems, such as satellite TV, radio, broadband, remote sensing, or on-orbit servicing, assembly, and manufacturing services Provides analytic services based on data collected extensively from space-based systems, either alone or in combination with terrestrial systems Criterion for a start-up venture is a space firm that has received and reported seed funding or venture capital 4 Magnitude Invested in Start-up Space Companies 2020 Debt Financing Private Equity <0.1% Magnitude invested in Public Offering $7.6B start-up space companies 6% 2% Venture Capital 124 Start-up space companies Acquisition 13% receiving investment $7.6B Magnitude Invested in Start-up space deals Start-up Space 140 15% Companies Seed/Prize/ 2020 64% Grant 342 Start-up space investors 5 Magnitude Invested in Start-up Space Companies 2000 – 2020 $8,000 $7,000 Public Offering $6,000 Private Equity Debt Financing $5,000 Acquisition Seed/Prize/Grant $4,000 up Space Companies (millions) up Companies Space - Venture Capital $3,000 $2,000 $1,000 Magnitude Magnitude in Invested Start $- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $36.7B invested in start-up space companies 2000 – 2020, $26.2B (72%) since 2015 6 Magnitude Invested in US and Non-US Start-up Space Companies 2000 – 2020 $8,000 $7,000 Non-US Recipients $6,000 US Recipients $5,000 $4,000 up Space Companies (millions) up Companies Space - $3,000 $2,000 $1,000 Magnitude Magnitude in Invested Start $- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 US companies accounted for 67% of investment in 2020 7 Magnitude Invested in Start-up Space Companies (Excluding Debt Financing and Acquisitions) 2000 – 2020 $8,000 $7,000 Public Offering $6,000 Private Equity Seed/Prize/Grant $5,000 Venture Capital $4,000 up Space Companies (millions) up Companies Space - $3,000 $2,000 $1,000 Magnitude Magnitude in Invested Start $- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Excluding debt financing + acquisitions, $26B invested in start-up space companies 2000 – 2020, $22B (84%) 8 since 2015 Start-up Space Companies Founded + Funded Since 2000 60 Nearly 400 angel- and venture- capital backed space companies have been founded and funded 50 Excludes companies that have not announced investment, including many founded in the last few years. There is generally a multi-year lag from a company’s founding to when it receives external investment. Recently founded companies have not had a chance to raise (and 40 announce) external funding. The total number of reported start-up ventures increases annually compared to each previous Bryce report, reflecting new announcements by existing companies, new companies, and enhanced data sets. This suggests that the number of 30 reported start-up space companies founded in 2020 (3) will increase in # companies the future. Data reflects publicly reported investments through identified in 2021 December 31, 2020 20 # companies identified in up Space Companies Founded CompaniesFounded up Space+ Funded - year initially reported 10 Number of of Number Start 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Company Founding Year 9 US vs Non-US Start-up Space Recipients 2000 – 2020 90 80 70 US Recipients Non-US Recipients 60 50 40 up Space Recipients up Space - 30 20 Number of of Number Start 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 38% of companies receiving investment in 2020 were based in the US 10 Number of Start-up Space Deals 2000 – 2020 180 160 140 120 100 up Space Deals up Space - 80 60 Number of of Number Start 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 140 start-up space deals in 2020 (169 deals in 2019) 11 Start-up Space Companies by Magnitude of 2020 Investment 115 other start-up 20% space companies 30% 2% 2% $7.6B 2% Magnitude Invested in Start-up Space 5% Companies 2020 6% 14% 7% 13% 9 companies accounted for 80% of start-up space investment in 2020, 3 companies accounted for nearly 60% 12 Types of Space Investor Typical Expected Characterization of Investment Examples of Type of Investor Space Returns/ Exit Investor Type Transactions Investment Horizons York Space Systems with Angel High net worth individuals, families, 5-10X investment/5-7 $50K – $1M Equity $250K of angel investment or groups of angels years Investors from Dylan Taylor in 2015 Groups of investors focusing on Equity preferred Kymeta with $333M of venture Venture early stage, high growth ventures stock in several 5X investment/5 $2M – $75M capital from multiple (2012– and accepting a significant degree of tranches (e.g., years Capital Firms present) risk Series A, B, C) Large investment houses that have Virgin Galactic with $490M of Private Equity multi-billion dollar investment 3-5X investment/3-5 $100M – $1B Equity investment from Aabar funds—focus on established years Firms Investments (2009 and 2011) companies Large companies providing strategic investments to support large CapEx OneWeb with $4.4B of Significantly less space projects Internal R&D for Equity and investment from SoftBank, returns than for PE $100M – $1B Corporations special projects Independent R&D sometimes debt Airbus, Intelsat, and other firms/horizon is over as government contractor Merger corporations (2015 – 2020) a long term and acquisition Venture investing Private and governmentbacked Debt, sometimes O3b with $184M of debt Straightline interest banks providing substantial debt $100M – $1B convertible into financing from COFACE in Banks rates (e.g., 5–10%) financing layered over equity equity 2015 Serves as a vehicle Public Independent R&D as government Iridium raising $170M in an $100M – $1B Equity to allow the earlier13 contractor IPO Markets investors to exit Investors in Start-up Space Companies 2000 – 2020 1,212 investors invested in start-up Banks space companies 2000 – 2020 Private Equity Firms 4% In 2020, 342 investors invested in 124 6% start-up space companies across 140 deals New investors continue to enter the 18% Venture ecosystem. 211 investors invested in Corporations 1,212 Capital Firms start-up space ventures for the first Unique Start-up Space time in 2020 Investors 52% 2000 – 2020 • 117 venture capital firms • 29 angel investors • 38 corporations Angel 20% Investors from the United States Investors accounted for 44% of all investors (36% in 2020) 14 Investors in Start-up Space Companies 2000 – 2020 350 300 Banks Private Equity 250 Corporations 200 Angel Investors up Space Investors up Space - Venture Capital 150 100 Numberof Start 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 15 US and Non-US Investors in Start-up Space Companies 2000 – 2020 400 350 Non-US Investors 300 US Investors 250 up Space Investors up Space - 200 150 100 Numberof Start 50 0 2000 2001 2002 2003
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