“The company, which specialises in satellite launch services, signed an agreement for a convertible bond with Eldridge Industries,” it said.

“The investment will be used to expand its launch service offerings,” it added.

“We are catering to the rising global demand for satellite launch services and provide global markets and governments with independent and flexible access to space,” Daniel Metzler, CEO of the company, said in a statement.

Isar Aerospace’s first test launch in March failed after its Spectrum rocket crashed shortly after takeoff, but was still celebrated as a success by the industry and authorities.

The company is pushing forward efforts to strengthen Europe’s position in the aerospace sector, competing with firms such as Elon Musk’s SpaceX.