7percent Ventures is a venture capital firm that invests in early-stage technology companies.
The funding round was co-led by Pentech and Outward to support infrastructure development and team expansion.
"When raising capital, VCs are obliged to undertake a countless number of time-consuming, long-winded and expensive processes. This deter many prospective managers from raising a fund, and therefore prevent many founders from getting funded."
The sustainable investment platform raised the capital from venture funds, the Future Fund, and over 3,000 retail backers.
The seed round was led by Founders Fund with participation from several investors and a public grant.
"We are thrilled to back this innovative group out of the UK, there have been many attempts at small satellite propulsion innovation over the past decade, but they have been marginal improvements on pre-existing technology, Magdrive is the first step-change improvement offering the best of chemical and electric propulsion in a single system."
The funding round was backed by venture funds including 7percent Ventures alongside nearly two thousand retail investors.
"We are currently seeing a significant interest in sustainable assets. There is a positive dynamic for those companies that have green products and are well run, with the right governance,"
The seed round drew backing from a group of digital and blockchain focused venture firms, including Alameda Research and CoinFund.
"Getting our FCA regulation in place and building the exchange platform were huge first milestones for us. But we obviously also needed the funding in place to meet our regulatory capital requirements to launch. To successfully close our seed raise, and beat our target in the process, was amazing – even more so when you consider the calibre of the VCs who have invested in us."
