Charter Space raises $5 million seed round

Charter Space raised a $5 million seed round. The El Segundo-based company will use the capital to expand its insurance salesforce and broaden its product offerings, bringing its total financing to $8 million.

Insurance-focused Crystal Venture Partners led the investment. The round included participation from QED, Blank Ventures, Gaingels, and Hustle Fund. Gaingels is an investment syndicate that backs startups with underrepresented leadership.

Addressing the uninsured spacecraft crisis with CIRC

Charter Space founder and CEO Yuk Chi Chan estimates that about 97% of orbiting spacecraft are uninsured. The company's insurance brokerage, Charter Interplanetary Risk Corporation (CIRC), aims to close this gap. CIRC uses an AI underwriting system and the Ubik space program management tool to cut policy issuance time from months to roughly two weeks.

CIRC scales rapidly with strong demand and expansion plans

CIRC launched in February and has already insured more than 50 companies across the U.S. Space and defense industrial base. The brokerage has built a backlog exceeding $35 million in gross written premiums. CIRC currently offers insurance for satellites before, during, and after launch.

The company plans to add coverage for novel mission concepts. These include nuclear-powered spacecraft, in-space servicing missions, and lunar hardware.

Funding to fuel growth amid market tailwinds

The seed funding arrives as the company faces a wave of demand it can hardly keep up with. A key market driver is the lower cost of access to orbit, a trend exemplified by SpaceX's Falcon 9 rocket. Charter Space claims that making insurance more accessible will directly lead to more missions and farther destinations.

Industry and regulatory support for private space insurance growth

Political and regulatory figures have voiced support for the sector's growth. Congressman Mike Haridopolos (R-FL) endorsed private investment in space insurance. He stated, "Strong insurance options give American space companies the confidence to invest, grow, and take on new challenges."

Michael Yaworsky, Florida's commissioner of insurance regulation, noted the state's role as the leading launch location in the country. This geographic advantage shows the growing infrastructure supporting private space ventures. Charter Space's expansion responds to this evolving landscape, where rapid launch cadence meets emerging in-space economies.