Orbex raises £23m in Series D funding led by the UK Government to advance rocket development.
The UK Government led the round with a £20m investment to support upcoming rocket launches and development programmes.
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 £23m in Series D funding led by the UK Government, which contributed £20m alongside a shareholder stake. Additional participants in the round include the Export and Investment Fund of Denmark, Octopus Ventures, and private investor Sohaib Abbasi. The capital will support the ongoing testing programme and accelerate development of the Prime rocket ahead of a planned launch later this year, as well as preparations for a larger vehicle.
The company is advancing its manufacturing and launch capabilities while expanding its facilities in Scotland and Denmark. The financing positions Orbex to scale its commercial operations as it prepares to conduct orbital launches from UK soil.
From the founder
"This first of a kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector and is an exciting start to the opening of our Series D fundraising. We are entering the final preparations to deliver the most flexible and environmentally sustainable launch services to the global satellite industry. This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge. These development goals are crucial to our longer-term development."
Phillip Chambers
CEO at Orbex
Investor perspective
"Britain’s impressive toolkit of scientific talent, world class facilities, and unique geography means we stand ready to lead the charge and to work together with our international partners as a key part of the new space revolution in Europe."
Peter Kyle
Secretary of State for Science, Innovation and Technology, UK Government
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
Peter Kyle
UK Government
Erik Sørensen
Export & Investment Fund of Denmark
Simon King
Octopus Ventures
Sohaib Abbasi
Sohaib Abbasi