YPOG provided comprehensive advice to Cherry Ventures on structuring the investment vehicle, in which KfW Capital is participating with funds from Deutschlandsfonds, as well as the investment in The Exploration Company’s (TEC) USD 450 million Series C financing round.
The advisory services covered regulatory, tax and corporate law matters, as well as negotiation and execution of the transaction in the funding round. The round was co-led by Bessemer Venture Partners, Atomico and the Scaleup Europe Fund, managed by EQT. In addition to Cherry Ventures, other existing investors, including Balderton, Plural and Red River West, as well as further investors from Europe and the US participated in the round. With the financing round, TEC’s total funding to date amounts to approximately USD 680 million.
The Exploration Company develops reusable space transportation systems for public and commercial customers. Its spacecraft Nyx is designed to transport cargo to space stations and safely return it to Earth. A planned mission includes docking with the International Space Station (ISS). In addition, TEC is developing the Storm rocket engine as the basis for a future reusable European heavy-lift rocket.
According to the company, TEC has secured contracts and commitments worth more than USD 2 billion with public and private customers worldwide. Its partners include the European Space Agency (ESA) and NASA.
“The Exploration Company combines technological development with the build-up of European space infrastructure. The financing round demonstrates the confidence of existing and new investors in the company’s continued development. YPOG is pleased to have supported Cherry Ventures in this financing round", says Dr. Adrian Haase, Partner at YPOG.
“This mandate is a good example of YPOG’s core expertise: seamlessly combining transaction advisory with fund structuring – from designing investment vehicles and tax structures to navigating regulatory requirements and negotiating with founders and investors,” says Dr. Stephan Bank, Partner at YPOG.
YPOG and Cherry Ventures share a long-standing working relationship. The firm has been advising Cherry Ventures for several years on several funding rounds and transactions and is regularly supporting the venture capital investor in structuring and setting up its flagship funds as well as its co-investment vehicles.
Team
Transaction
Dr. Adrian Haase (Lead, Transactions), Partner, Hamburg
Dr. Miriam Peer (Transactions), Associate, Hamburg
Dr. Gerrit Breetholt (Transactions), Associate, Hamburg
Dr. Carolin Raspé (Compliance), Partner, Munich
Structuring
Dr. Stephan Bank (Lead, Funds), Partner, Berlin
Dr. Lennart Lorenz (Regulatory), Partner, Hamburg
Dr. Dajo Sanning (Tax), Associated Partner, Hamburg
Falk Bothe (Funds), Senior Associate, Berlin
Sarah Vergho (Funds/Regulatory), Associate, Cologne
About Cherry Ventures
Cherry Ventures is Europe’s leading early-stage venture capital firm led by a team of founders and operators with experience building fast-scaling companies such as Spotify, Zalando, and Uber. The firm backs Europe's boldest founders, usually as their first institutional investor, and supports them in everything from go-to-market strategy, scaling the business, and team formation across all crucial stages in their journey. We look for founders with a vision to create revolutionary technologies - whether it’s AI, healthcare, robotics, consumer, or others - that impact society and change the world for the better. Cherry has invested in the pre-seed and seed stages of over 130 companies across Europe, including Flix, Auto1, Flaschenpost, Amboss, Manual, Numa, Moss, The Exploration Company, Qualifyze, Swap, Dash0, Proxima Fusion and Tacto. Cherry has offices in Berlin, London, and Stockholm.
Press Contact
About us
YPOG stands for You + Partners of Gamechangers. As a leading law and tax firm, YPOG supports founders, investors, companies and funds in Germany and internationally in bringing visionary ideas to life in the tech ecosystem and dynamic future markets.
YPOG advises on the structuring of venture capital and private equity funds, financing rounds and complex transactions, as well as on regulatory and tax matters relating to digital assets and financial innovation. As a strategic partner, YPOG develops practical solutions of the highest legal standard.
The firm combines legal and tax expertise with legal tech, digital workflows and AI-based systems to provide efficient and scalable advice.
YPOG and its professionals are regularly recognised by JUVE, Chambers and Partners, The Legal 500, Best Lawyers and Leaders League. More than 380 lawyers, tax advisers, tax specialists, one notary and business professionals work for YPOG across its offices in Berlin, Cologne, Hamburg and Munich.
Further information: www.ypog.law/en/ and www.linkedin.com/company/ypog