Arkadia Space, a Spanish company specializing in chemical propulsion systems for satellites and spacecraft, has successfully concluded a €2.8 million Seed funding round from both private and public sources. The oversubscribed round was led by Draper B1, a Valencia-based VC and part of the Draper Venture Network founded by renowned American investor Tim Draper. Expansion Ventures, a VC with specialization in the space sector, also provided substantial backing for the funding.

Raquel Bernal, Managing Partner Investment Director at Draper B1, expressed excitement about the investment in Arkadia, highlighting the company’s achievement of developing a market-ready product in less than three years and securing significant strategic partnerships. Bernal sees this as a testament to the excellent execution by the Arkadia team and the growing maturity of the Spanish Spacetech sector, where Draper B1 aims to have a presence.

Charles Beigbeder, Chairman of Audacia and Expansion’s Founding Partner, conveyed delight in supporting Arkadia in developing their first green chemical thrusters for satellites and space vehicles. Beigbeder is confident in Francho and his experienced founding team’s ability to bring green propulsion technology into space and contribute to the future of in-space transportation.

Arkadia Space also garnered investments from Business Angels in Valencia and Castellón, along with notable figures in the space industry such as Pedro Duque, Spanish astronaut, and Antoine de Chassy, founder of the successful New Space company Loft Orbital. Both Duque and de Chassy are joining Arkadia Space as advisors.

Francho Garcia, CEO, and co-founder of Arkadia Space expressed pride in having the support of top-tier funds like Draper B1 and Expansion, emphasizing their commitment to investing in the growth of the space sector in Spain. He also highlighted the honor of having first-class advisors, whose experience and network will be crucial for Arkadia’s success in the coming years.

Currently, Arkadia operates an orbital engines Test Center at Castellón Airport, the first privately managed facility of its kind in Europe. With the funding obtained in this round, Arkadia Space plans to expand its facilities and workforce to accelerate the development of hypergolic bipropellant engines. Additionally, the company aims to support the development of its highest-thrust engine to date, a project funded by the European Space Agency (ESA) under the Future Launchers Preparatory Programme (FLPP). Arkadia Space intends to commence the sale of its first engines, the 5N monopropellant thruster, in 2024, with a goal of conducting a first demonstration flight by the end of the same year, marking a significant milestone achieved through the investment obtained in this funding round.