Orbex, a UK-based spaceflight company, has secured £16.7 million from six investors, in an update to its Series C funding round. The financing will enable Orbex to expedite the development of Prime, a two-stage, 19-meter rocket intended to carry small satellites into Low Earth Orbit, now that pre-launch testing is under way. Ensuring complete readiness and scalability during its launch time is the goal.
A number of corporate and angel investors, as well as venture capital firms Octopus Ventures, BGF, Heartcore, and the Export & Investment Fund of Denmark (EIFO) are among the investors involved in the deal, which includes a follow-on investment of £10.5 million from the Scottish National Investment Bank.
The money infusion follows the January appointment of former Spanish Space Agency Director General Miguel Belló Mora and scaling-up specialist Phillip Chambers to a new leadership team. In 2022, Chambers invested in the company’s £40 million Series C investment round.
“Orbex is one of only two space rocket manufacturers in the UK and the only one to also operate its own spaceport,” stated Phillip Chambers, CEO of Orbex. “Our technology, which is about to enter a crucial development phase, is essential to positioning the UK as a centre for European orbital launches. We are developing a launch vehicle that is both economical and sustainable in order to rival the top spaceflight producers in Europe. Our objective is to advance into an operational launch phase and grow our firm when the time is right, and this extra cash will help us achieve that aim.”
The Scottish National Investment Bank’s Executive Director of Innovation, Nicola Douglas, stated: “The Bank recognizes the unique potential the space industry offers for Scotland. We are in a great position to take advantage of our strategic location, thriving business and innovation environment, and pool of highly qualified personnel to become one of the leading international players in this expanding market. The Bank is especially impressed with Orbex’s sustainability efforts, including its use of launch technology and renewable biofuel, both of which contribute to the company’s aim of becoming carbon neutral. Its methodology is a wonderful fit with our aims of innovation and net zero. This follow-up investment is made at a propitious moment, as Orbex plans to finish building its Sutherland Spaceport this year and expand its production.”
“Orbex has made significant progress since we first invested, becoming one of the leading players in the UK space sector,” stated Paddy Graham, Head of Scotland at BGF. “We are happy to increase our support for the firm and will keep collaborating closely with the newly formed leadership team as they prepare for the company’s inaugural launch.”
“EIFO is thrilled to continue giving support to Orbex as it is one of the few companies with Danish presence that fulfils the strategic focus EIFO has within the defense, green transition, and commercialization of research,” stated Erik Balck Sørensen, CIO at Export & Investment Fund of Denmark (EIFO). “While the EU is currently dependent on the US or other external nations, Orbex will soon be able to provide the EU with space launch capabilities once more. The Orbex technology platform uses green fuels and creative combustion design to significantly reduce CO2 equivalent emissions. Furthermore, EIFO as an organization wants to strengthen the current great R&D and engineering team with the inclusion of Miguel Bello as Executive Chairman and Phillip Chambers as CEO.”
As the premier provider of private launch services in Europe, Orbex continues to have our unwavering support, according to Simon King, Partner at Octopus Ventures. The new leadership team’s and the team’s overall progress have greatly impressed us, and we’re especially enthusiastic about the team’s success leading up to initial launch. Investing in individuals, concepts, and sectors that have the potential to transform the world is what Octopus Ventures does best. Orbex is a prime example of a company hitting that mark.
