Series C18 April 2024

Orbex raises £16.7m in a Series C follow on round from backers including BGF to advance rocket development.

The funding follows backing from six investors, led by a £10.5m injection from the Scottish National Investment Bank.

£16.7MSeries C

Orbex develops space launch services and rockets designed to transport small satellites into orbit. Initial operations are planned from SaxaVord Spaceport in Shetland.

Orbex has secured £16.7m in a follow on investment to its Series C funding round from six backers, including a £10.5m contribution from the Scottish National Investment Bank. The capital will support the company as it ramps up development on its Prime rocket ahead of pre launch testing and commercial operations. The funding follows leadership changes earlier in the year that saw Phillip Chambers join as chief executive and Miguel Belló Mora become executive chairman.

The company is focused on delivering a sustainable launch solution, using a renewable biofuel that significantly reduces carbon emissions compared to traditional rockets. Alongside manufacturing vehicles, Orbex is constructing the Sutherland Spaceport in Scotland to establish domestic orbital launch capabilities for the UK and wider European market.

From the founder

"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."

Phillip Chambers

CEO at Orbex

Investor perspective

"The Bank recognises the unique potential the space industry offers for Scotland. We are perfectly placed to leverage our geographical location, vibrant business and innovation landscape, and our skilled workers to be one of the most significant global players in this growing industry."

Nicola Douglas

Executive Director of Innovation, Scottish National Investment Bank