Orbex has received £16.7m from a group of six investors in an update to its Series C funding round.
The latest funding takes total funds raised by the business to £102m.
With pre-launch testing underway, the money will help Orbex ramp up development of Prime, its 19-metre long, two-stage rocket designed to transport small satellites into low Earth orbit. The aim is to ensure full readiness and scalability for its launch period.
Orbex now has two active patents in a number of European countries and the United States, covering various parts of its rocket technology. It is powered by a renewable biofuel, which allows the rocket to reduce carbon emissions, compared to other similarly-sized rockets being developed elsewhere.
Investors involved in the deal include £10.5m of follow-on investment from the Scottish National Investment Bank, venture capital firms Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark (EIFO) and other corporate and angel investors.
The funding comes after scale-up specialist Phillip Chambers and former Spanish Space Agency director general Miguel Belló Mora joined to form a new leadership team in January. Chambers himself became an investor in the firm’s £40m Series C funding round in 2022.
He commented: “Orbex is one of only two space rocket manufacturers in the UK, and the only one to also operate its own spaceport.
“Our technology is pivotal in making the UK a hub for European orbital launch, and we are entering a critical phase of development.
“This additional funding will support our goal to push on into an operational launch phase and scale our business when the time comes.”
Nicola Douglas, executive director of innovation at the Scottish National Investment Bank, said: “Scotland is perfectly placed to leverage its geographical location, vibrant innovation landscape and skilled workers to be one of the most significant global players in this growing industry.
“This follow-on investment comes at an exciting time as Orbex expands its manufacturing and looks to complete its Sutherland Spaceport this year.”
Erik Balck Sørensen, chief investment officer at EIFO, said: “Whereas the EU currently relies on the US or other foreign countries, Orbex can in the near future give the EU space launch capabilities again.
“The Orbex technology platform provides a significant reduction in CO2 equivalent emissions through innovative combustion design and use of green fuels - furthermore the addition of Phillip Chambers as CEO and Miguel Bello as executive chairman to bolster the current stellar R&D and engineering team is a constellation EIFO as an organisation want to support.“
With testing and launch now in its sights, Orbex will soon enter a new phase of growth, with a Series D funding round planned for later this year.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
