Spaceflight firm Orbex has raised £16.7 million from six backers as part of its Series C funding round while pre-launch testing is ongoing. The funding injection will help accelerate the development of the Prime rocket, a 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 is the only space rocket manufacturer in the UK, along with its own spaceport. Powered by renewable bio-fuel, the rocket helps reduce carbon emissions compared to other rockets being developed elsewhere around the world. The company now has two active patents covering various parts of its rocket technology in the United States and a number of European countries.
Investors in the funding round include the Scottish National Investment Bank, venture capital firms Octopus Ventures, BGF, Heartcore, and the Export & Investment Fund of Denmark (EIFO), along with corporate and angel investors. Former director general of the Spanish Space Agency, Miguel Belló Mora, and scale-up expert Phillip Chambers joined in January to form a new leadership team. Chambers himself became an investor in the firm’s £40m Series C funding round in 2022.
According to CEO Chambers, “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, says the follow-on investment comes at an exciting time as Orbex expands its manufacturing and looks to complete its Sutherland Spaceport this year.
Orbex will soon enter a new phase of growth with a Series D funding round, which aims to secure its long-term prospects as the leading orbital launch business in Europe. The company’s approach aligns with the Scottish National Investment Bank’s net zero and innovation missions.