German satellite maker Reflex Aerospace closes $58 million Series A funding round

FRANKFURT (Reuters) -Germany's Reflex Aerospace, which makes satellites for civil and defence use, on Tuesday said it had closed a 50 million euro ($58.3 million) Series A funding round to expand its manufacturing capacity in light of growing demand.

The funding round reflects increasing focus on defence capabilities in Europe and comes less than two weeks after the continent's top space firms agreed to combine their satellite manufacturing and services businesses.

The funding round at Reflex Aerospace, which has locations in both Berlin and Munich, was led by investors Human Element, Alpine Space Ventures, Bayern Kapital, HTGF and Renovatio Financial Investments, the company said.

"Europe cannot afford to remain reliant on external actors for space-based intelligence," Reflex Aerospace CEO Walter Ballheimer said.

"We will invest our own capital, we will work with the best partners in their respective domains, and we will act now because in the current environment, there is no time to waste," he said.

Last month, the European Commission proposed a number of flagship defence projects, including a European Space Shield to protect European space assets and services.

As part of a far-reaching defence spending push, Germany plans to invest 35 billion euros in space projects and security architecture for outer space over the next five years.

($1 = 0.8575 euros)

(Reporting by Christoph Steitz; Editing by Aidan Lewis)