Space Forge has secured £22.6m in a record Series A funding round for a UK-based space technology company.
The Cardiff firm, an innovator in space-based advanced materials manufacturing and return technology, said the round was led by the NATO Innovation Fund, with support from World Fund, the National Security Strategic Investment Fund (NSSIF) and the British Business Bank.
It marked the first investment under the British Business Bank’s new co-investment strategy as part of its £285m Regional Angels Programme, with £2m contributed.
The Regional Angels Programme is committed to supporting early-stage companies across the UK, and provides additional funding needed to drive growth and innovation.
It typically commits £5m-£15m to partners who then invest capital from the British Business Bank alongside their own capital and from other investors.
The round also includes investment from Innovation Investment Capital Limited Partnership, backed by Cardiff Capital Region, Gaingels, SpaceVC, Unruly, with additional contributions from Helium Three, Stellar and TypeOne, and London Technology Club.
“This funding marks a significant milestone-not just for Space Forge, but for the entire space economy,” said Josh Western, CEO and co-founder, Space Forge.
“With the backing of our investors, we’re accelerating our mission to make space a practical and accessible platform for industrial-scale manufacturing.
“Our upcoming launches will prove that the future of materials innovation lies beyond Earth, helping us build a more secure, sustainable, and technologically advanced world.”
Founded in 2018, Space Forge aims to leverage space as a manufacturing platform for next-generation super materials and advanced semiconductors. With fully returnable satellites, it offers a scalable solution to manufacture and return materials that are difficult or impossible to produce on Earth.
These advancements could have wide-reaching applications in semiconductors, quantum computing, clean energy and defence technologies.
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“We are delighted to make this first investment under the new co-investment strategy as part of the Regional Angels Programme,” said Mark Barry, senior investment director at British Business Bank.
“The investment into Space Forge aligns with our overall programme goal to strengthen the UK’s regional economy by supporting high-growth businesses, and to leverage the commercial potential from our existing portfolio.
“We first backed Space Forge through a partner back in 2021 and under Josh’s leadership, the company is delivering on its mission to be the in-space manufacturer of choice.”