The funding follows backing from six investors, led by a £10.5m injection from the Scottish National Investment Bank.
"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. We are building a sustainable, cost-effective launch vehicle to compete with the best of Europe’s spaceflight manufacturers. This additional funding will support our goal to push on into an operational launch phase, and scale our business when the time comes."
The round was backed by British Patient Capital, Lombard Odier Investment Managers, and Northzone to help scale services for frontline employees.
"Do frontline workers not deserve choice? Do frontline workers – who keep essential services running in good times and tough times – not deserve a better financial future?"
Estancia Capital Partners led the financing round to support the growth of the UK cash savings platform.
"We selected Estancia based on the strength of their team’s experience in supporting ambitious businesses to transform the shape of the cash management market in the US. At a time when funding capacity is down on a global scale, Estancia’s investment and market expertise provides us with the firepower necessary to really capitalise on the opportunities ahead of us, whether those be through organic growth, partnership and acquisitions, and prompt further consolidation of our market leadership position."
Morgan Stanley Expansion Capital led the Series C round, which will fund international expansion and product development.
"Despite one of the toughest fundraising environments for tech companies in the recent past, this funding round was significantly oversubscribed. Vortexa has doubled its valuation since its Series B funding round in 2021 and, having grown three times faster than the median SaaS business over the last year, is near profitability with an immense untapped market opportunity ahead. It is truly a privilege to partner with Morgan Stanley Expansion Capital. We have been extremely impressed with the caliber of the team, who saw past the complexity of the industries Vortexa serves and recognized our unique opportunity to create value and impact globally. I am excited to work with the Expansion Capital team to build the future of the company."
