Space Forge gets £7.7m in funding
CARDIFF-BASED Space Forge, which is pioneering returnable satellites that are designed for manufacturing next-generation super materials in space, has secured a £7.7m equity boost in what is Europe’s largest-ever seed funding round for a space tech company.
The four-times oversubscribed round, backed by investors including Type One Ventures, World Fund and SpaceFund, recognises the global potential of Space Forge’s returnable platform for in-space manufacturing to reduce CO₂ emissions.
Start-up Space Forge, which aims to launch up to two missions next year, aims to advance the expansion of the microgravity market for premium research and development applications by lowering the barriers to entry.
Dedicated in-space manufacturing, coupled with reliable return, enables Space Forge to leverage the benefits of the space environment, namely: microgravity, vacuum, and temperature, to create products impossible to manufacture on Earth.
Space Forge recently announced that, along with partners, it is developing a world-first service incorporating both launch and return of a new small class of vehicle – the ForgeStar – that can be deployed from conventional launchers to provide rapid, reliable and reusable in-space infrastructure.
This returnable service, which will enable microgravity research on demand, has been awarded a $2.4m contract through the European Space Agency’s Boost! Programme, supported by the UK Space Agency.
The funding round was co-led by US-based SpaceFund and Type One, who champion innovation in space and cutting-edge technology, and
Berlin-based World Fund, a new European fund which backs companies pioneering climate tech.
Other US-based funds, including SpaceVC, Starbridge Venture Capital, Quiet Capital, Kencoa Aerospace, Trousdale Ventures, Dylan Taylor, and FJ Labs participated in the round. They were joined by Newable Ventures – the UK’s leading earlystage investment network which works with disruptive, potentially high-growth companies and Virgin Galactic’s George T. Whitesides.
Andrew Bacon, chief technology officer and co-founder of Space Forge, said: “Over the last three years we have taken our return technology from paper designs to real hardware. This support from our investors will supercharge our development plans to lead the way in making space work for humanity.”
Joshua Western, chief executive and co-founder of Space Forge, said: “Making space work for humanity and our planet has always been our goal, and this investment enables us to build our first-generation platforms and undertake several missions. We’re just getting started.”
UK Government Science Minister George Freeman said: “This major seed investment of $10.2m in Welsh start-up Space Forge is a massive vote of confidence in the fast-growing UK space sector – now worth over £16bn.
“Space is a key priority sector for the government, as set out in our National Space Strategy. With the first satellite launches from the UK on track for next year and the growth of exciting space tech companies like Space Forge, we are fast becoming a global hub for investment and innovation in the space economy.”
Economy Minister Vaughan Gething said: “Space Forge is a shining example of the sort of innovative, agile and sustainable company we are committed to supporting.”