Chinese space startup LandSpace snags $43m Series B+

Photo: Bill Jelen/Unsplash

Chinese commercial space launch startup LandSpace has raised RMB300 million ($43 million) in a Series B+ round led by China Growth Capital, it said in an announcement on November 20.

Other investors who participated in the round include China Zhongji Investment, Juzhuo Capital, and the VC fund of Chinese media platform 36kr. The startup’s existing investors such as Hong Kong-listed Chinese wind turbine technology and energy solutions provider Goldwind, Chuangxiang Angel and Chung Tin Group Holdings also joined the round.

The latest round brought LandSpace’s total funding raised to over RMB800 million ($115 million), said the startup.

The proceeds raised from this round will be used for R&D for its core products, including the medium-sized liquid launch vehicle system ZQ-2, and to construct its supporting infrastructure.

In October, the startup launched its three-stage solid launch vehicle ZQ-1 from Jiuquan Satellite Launch Centre in China, the first real, meaningful orbital flight performed by a privately-owned company in the Chinese space industry. LandSpace is also touted as the most advanced launch company in China that is not state-owned.

Founded in 2015, Beijing-based LandSpace focuses on small and medium-sized commercial aerospace application market, and R&D in the spaceflight industry. It last raised an RMB200 million ($28.8 million) Series B round this May.

Its peer OneSpace Technology had in August raised RMB300 million ($43 million) Series B round led by CICC Jiatai Equity Funds. The startup is seen as a potential Chinese rival to US space transportation leader SpaceX.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.