Charter Space, a finalist in TechCrunch's previous Startup Battlefield competition, has secured $5 million in seed funding to expand its space insurance business. The El Segundo-based startup already serves over 50 companies across the U.S. space and defence industrial base following the launch of its nationally-licensed insurance brokerage in May. This funding round, led by Crystal Venture Partners and including participation from QED, Blank Ventures, Hustle Fund, and Gaingels, reflects growing recognition that insurance is critical infrastructure for a sustainable and scalable space economy.

The commercial space industry has experienced rapid growth over the past decade, driven largely by SpaceX's reduction in launch costs, creating demand for companies like Charter Space. Traditional insurance providers have largely avoided space assets due to the complexity and expense of underwriting satellites and spacecraft. Charter Space addresses this gap by developing software that centralises aerospace engineering data—combining technical, manufacturing, and test information—to streamline the underwriting process. Industry leaders argue that expanded insurance coverage not only improves safety across the space sector but also enables alternative funding sources beyond venture capital, including debt and credit facilities that could strengthen the broader economy.