UK-based spaceflight startup, Orbex, has closed a £40.4 million ($46.1 million) Series C funding round to support its final push to conduct its first orbital rocket launch as early as next year. Orbex has developed a two-stage microlauncher called Prime, which uses renewable bio-propane fuel and has a payload capacity of 180 kilograms to low Earth orbit. The funding round was led by a new investor, the Scottish National Investment Bank, and included participation from existing investors, as well as new investors such as Danish Green Future Fund and Swiss VC firm Verge Ventures. The funding signals a major vote of confidence in the country’s ambitions to become one of the most innovative and attractive space economies in the world.
Orbex closed a £40.4 million ($46.1 million) Series C funding round to power its final push for its first orbital rocket launch. The funding will enable the company to scale its resources and support future endeavors, such as the testing campaign in advance of its first launch in 2023. The funding round was led by the Scottish National Investment Bank, which is a notable new investor as it highlights the UK government’s recognition of the space sector as a major source of economic growth. Existing investors BGF, Heartcore Capital, High-Tech Gründerfonds and Octopus Ventures also participated in the funding round.
Other new investors in the funding round for Orbex include Jacobs, the Danish Green Future Fund, Swiss VC firm Verge Ventures, and British entrepreneurs Phillip and James Chambers. Orbex was one of two companies selected by the UK government in 2018 to perform launches at the new facility, the Space Hub Sutherland Spaceport on the north coast of Scotland. The company applied for its license to launch with UK regulators in February and is increasing its headcount by 50 in the final countdown to launch.
Orbex is developing a 19-meter (62 foot), two-stage microlauncher called Prime, which uses renewable bio-propane fuel and has a payload capacity of 180 kilograms to low Earth orbit. The rocket is powered by seven engines and is capable of carrying very small satellites to space. The funding will also allow the company to support future endeavors and scale its resources. The Scottish National Investment Bank led the funding round, highlighting the UK government’s recognition of the space sector as a major source of economic growth. The company was selected by the UK government in 2018 to perform launches at the new Space Hub Sutherland Spaceport on the north coast of Scotland, and is increasing its headcount by 50 in the final countdown to launch.
Orbex’s Series C funding round of £40.4 million ($46.1 million) will enable the UK-based spaceflight startup to conduct its first orbital rocket launch as early as next year. The funding will also allow the company to support future endeavors and scale its resources. The Scottish National Investment Bank led the funding round, which highlights the UK government’s recognition of the space sector as a major source of economic growth. Orbex’s development of a two-stage microlauncher called Prime, which uses renewable bio-propane fuel and has a payload capacity of 180 kilograms to low Earth orbit, is a major milestone in the UK’s ambitions to become one of the most innovative and attractive space economies in the world.
