Space Forge Secures Record £22.6m Series A Investment

Cardiff-based space technology company Space Forge has announced the closure of a record-breaking £22.6m Series A investment round, making it the largest Series A round secured by a British space tech startup. The funding, led by the NATO Innovation Fund, aims to advance the development of Space Forge's returnable manufacturing satellite technology and support its first in-orbit demonstration mission set for later this year. Established in 2018, the Welsh company is focused on utilizing space as a manufacturing platform for advanced materials and semiconductors, capitalizing on the unique conditions found in space to achieve greater efficiency. The investment serves as a pivotal milestone for the broader space economy, according to co-founder and CEO Joshua Western. In addition to the NATO Innovation Fund, other investors include the British Business Bank, the World Fund, and the National Security Strategic Investment Fund. Notably, the fundraising follows a record period for the British space tech sector, bolstered by the UK government's Industrial Strategy aiming to further drive growth in custom manufacturing and space sector businesses.