Scotland, UK-based spaceflight company Orbex raised USD 40.4 million in Series C funding. The round took place on October 18, 2022. Scottish National Investment Bank led the financing for the firm. Jacobs, The Danish Green Future Fund, Verve Ventures, Phillip and James Chambers, BGF, Heartcore Capital, High-Tech Gründerfonds and Octopus Ventures also joined in the investment.
Purpose of financing for Orbex
With the latest financing from Series C, the company intends to scale up its resources as it counts down to the first vertical launch from UK soil.
Meanwhile, it aims to attract additional funding to support future projects.
What the CEO has to say
Chris Larmour, CEO of Orbex, said, “We’re delighted to have closed this new funding round led by the Scottish National Investment Bank. Orbex has made significant progress in getting to this point, with the invention of ground-breaking, innovative technology, the rapid development and testing of the launch vehicle, the expansion of our manufacturing footprint in the UK and Denmark, the creation of the UK’s first orbital spaceport in mainland Scotland, and the growth in customers from the UK, Europe and America signing up to launch dedicated payloads with Orbex. These results have only been made possible by the maturity and dedication of the entire Orbex team, who bring a huge amount of skill and experience to their tasks from a wide variety of industries, launch systems and spacecraft. This significant new funding round is a testament to the work of that team. It will allow us to continue to build Orbex towards our long-term goal of establishing a reliable, economically successful and environmentally sustainable European space launch business.”
What the investors have to add
Keith Barclay, an Investor from Business Growth Fund, said, “Orbex is at the forefront of innovation in the hugely exciting frontier of space technology. This sector has the power to transform not only how we communicate through satellite infrastructure but also how we tackle society-wide challenges such as climate change. Orbex is a fantastic example of a UK business that is democratising the commercial opportunities that space technology offers while also reducing the environmental cost of satellite launches with its light, efficient rockets. We are right at the beginning of exploring the opportunities afforded by space technology and are therefore delighted to be continuing in our support for one of the leading lights in this field.”
Jimmy Fussing Nielsen, Partner and Co-founderJimmy Fussing Nielsen, from Heartcore Capital, further added, “With the announced funding, we are convinced that Orbex will be the first in decades to launch from European soil. Satellite companies hoping to ride-share on a ‘bus’ from the US, India, China or Kazakhstan will soon realise that a dedicated ‘Uber-ride’ to space is undoubtedly better for business.”
In addition, David Oxley, Director of Strategic Projects at Highlands and Islands Enterprise, said, “This is great news for Orbex and the Highlands and Islands, and a clear demonstration of investor confidence in the business as a leading player in the growing Scottish space sector. We have been pleased to support Orbex’s development in Moray, where it has created dozens of high-quality manufacturing jobs over the past couple of years and recently announced plans for many more. We are continuing to work very closely with Orbex and look forward to seeing Scottish-made Prime rockets carrying satellites into orbit from a Scottish launch site at Space Hub Sutherland in the near future.”
Besides, Yann Fiebig, Principal at High-Tech Gründerfonds, said, “With this Series C funding round, Orbex underpins its leadership in the European micro launcher market. Orbex has now reached all technical, commercial and financial requirements to launch in 2023. We at High-Tech Gründerfonds are happy and proud to renew our commitment, as in every funding round since leading the seed round in 2016.”
Karen Wiemelt, Senior Vice President, Jacobs Energy, Security and Technology, said, “We are impressed by the progress made by Orbex, which has an exciting future at the forefront of sustainable space travel, having developed technology with the potential to deliver positive benefits for generations to come. We are looking forward to collaborating with Orbex over the long term in areas such as operational support and the provision of a range of technical, engineering and consultancy services, bringing major economic and social benefits to North Highland and Moray.”
Furthermore, Simon King, Partner from Octopus Ventures, added, “We’re proud to continue our support of Orbex following our initial investment with them in December 2020. Orbex and its management team have continued to impress us with their progress – when they set a goal, they achieve it. We really feel that what Orbex is doing to achieve sustainable space travel will have positive repercussions over generations. And to see all this important innovation happening right now from a UK-based company is inspiring.”
Erik Balck Sørensen, VP and Managing Partner, Direct Investments, said, “In close collaboration with our Scottish counterpart Scottish National Investment Bank, we are proud to be part of the Orbex journey. We see a great future in Orbex’s technology and vision, and we are eager to support and sustain the growth of a highly proficient technical team in Denmark, in combination with a launch facility and capability based in Scotland. In times of geopolitical turmoil, it is important to create a European-based launch market and a knowledge centre.”
What the lead investor has to say
Nicola Douglas, Executive Director, added, “This is a very exciting time for the Scottish space sector. With Orbex, we will have a rocket assembled in Scotland, launching from Scotland and likely transporting satellites built in Scotland into orbit. This investment is a great example of the Bank working with other investors to support scale-ups in Scotland and aligns with our mission to invest in innovation and the industries of the future. We’re building a full end-to-end commercial space ecosystem in Scotland. We’re proud to play our part in this funding round, which will help deliver jobs and prosperity for the space sector and the wider economy.”
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
