Unastella raises $24M Series B for Korean rocket launches
What's the deal? Unastella, a four-year-old Seoul-based rocket startup, has closed US$15.5M Series B round, bringing its total funding to $44M. The company is building launch vehicles and engines focused on small satellite delivery, with crewed suborbital spaceflight as a longer-term ambition.
Altos Ventures led the round, joined by Korea Development BankDealroom has a profile for this one. Try Dealroom →, Strong VenturesDealroom has a profile for this one. Try Dealroom →, and Hana VenturesDealroom has a profile for this one. Try Dealroom →, among others. Unastella isn't generating revenue yet.
The 22-person startup launched its first rocket, the UNA EXPRESS-I, from South Korean soil in May 2025 — the first real end-to-end test of its entire system. A second launch, UNA EXPRESS-II, is targeted for later this year, with the goal of reaching 100km altitude.
Why now? The global space launch market was worth roughly $15B in 2023 and is projected to nearly triple to $41B by 2030, according to Grand View Research. As SpaceX counts down to what could be the largest IPO in history, startups across Asia are racing to claim a share of that market.
South Korea's space agency KASA, established in 2024, has committed $266M over seven years to build out launch infrastructure — a clear bet on private-sector leadership. Korea's national space agency has already flown components on Unastella's first rocket, and the Korea Aerospace Research Institute (KARI) has transferred electric motor pump technology to the company.
What could go wrong? Unastella uses kerosene and liquid oxygen propulsion — proven technology also used by SpaceX's Falcon series — but swaps traditional turbo pumps for electric motor pumps, a simpler and cheaper alternative validated by Rocket Lab. The tradeoff: electric pumps are heavier, meaning less room for satellites.
Founder and chief executive officer Jae Park says that's deliberate. "We're not an RD group trying to build the most impressive rocket," he said. "We're a commercial launch company trying to get to market fast."
Competition is fierce. In South Korea alone, Hanwha AerospaceDealroom has a profile for this one. Try Dealroom → took over the government-built Nuri rocket last year, Innospace has gone public and conducted a sub-orbital launch, and Perigee Aerospace is developing its Blue Whale rocket. None have achieved a commercial orbital launch yet. Across Asia, Chinese firms like Galactic Energy and LandSpace are further ahead.
The signal: Altos Ventures, the Silicon Valley firm that backed Coupang and Woowa Brothers before they became South Korean tech giants, is now placing a bet on the country's launch sector — a sign that space infrastructure is entering the conversation for growth-stage investors, not just deep-tech specialists. With state-backed Korea Development Bank also in the round, Unastella's syndicate blends government credibility with private venture conviction at a stage where most rocket startups are still struggling to attract either.
Read more: TechCrunch
