Charter Space, an El Segundo, California-based insurtech building software and insurance products for the space industry, has raised a $5 million seed round led by Crystal Venture Partners, with participation from QED Investors, Blank Ventures, Hustle Fund, and Gaingels, bringing total funding to $8 million. The company launched a nationally licensed insurance brokerage, the Charter Interplanetary Risk Corporation, in May and now serves more than 50 companies across the US space and defense industrial base, using data from its Ubik engineering and program-management software to streamline underwriting for spacecraft. The main objective is to grow its sales organization and broaden its insurance offerings, including coverage for novel missions such as in-space servicing, space-based nuclear power, and lunar resource utilization. Key players include Charter Space co-founder and CEO Chan, who argues that insurance gives space companies a financial backstop and access to debt and credit beyond venture capital, and Crystal Venture Partners managing partner Jonathan Crystal, who called insurance essential infrastructure for the space market.

Charter Space Raises $5M to Bring Insurance to the Stars