By Millie Turner
British rocket firm Orbex has pocketed £40.4m in its latest funding run, as it gathers resources in the count down to its first vertical launch from UK soil in November.
The Series C funding round, led by new investor the Scottish National Investment Bank, will also help the company fund future projects.
Orbex, which has production and testing facilities in Scotland, has previously received funding from the UK Space Agency for its rocket known as Prime, forming part of the government’s wider initiative to make the country’s space industry accessible to smaller, homegrown firms.
Prime will launch from the Space Hub Sutherland spaceport, which is expected to be the UK´s first operational spaceport.
Existing in the investors include two of the UK’s largest venture capital funds, BGF and Octopus Ventures, as well as Jacobs, the largest services supplier to NASA.
“This major investment in Orbex is a huge vote of confidence in the company and our ambitious plans to make the UK one of the most innovative and attractive space economies in the world, supporting long-term economic growth,” science minister Nusrat Ghani said.
“As we count down to the first satellite launches from UK soil, and space businesses including Orbex expand their operations, we have a significant opportunity to build further on this success.”
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