Magdrive Secures £8m Funding for Space Propulsion Test
Deal News | Feb 26, 2025 | UK Tech Funding
Magdrive, a startup based in Oxfordshire, has secured £8m in seed funding to advance its space propulsion technology, aiming to conduct its first in-orbit tests in June 2023 with collaborator D-Orbit. The funding round was led by Redalpine and included several other investors such as Founders Fund and Alumni Ventures. This financial boost will help Magdrive scale its propulsion systems to further the commercialisation of the space industry, projected to reach $944bn by 2033. Additionally, the startup plans to construct a new manufacturing facility in the UK and establish a US office. Founded in 2019 by CEO Mark Stokes and CTO Dr. Thomas Clayson, Magdrive represents the cutting-edge in spacecraft propulsion, with technology that addresses the industry's demands for better manoeuvrability and extended longevity.
Sectors
- Aerospace & Defense
- Venture Capital
Geography
- United Kingdom – Magdrive is based in Oxfordshire, UK, and plans to build a new manufacturing facility there.
- United States – Magdrive intends to establish an office in the US as part of its expansion plans.
Industry
- Aerospace & Defense – The article focuses on Magdrive, a spacecraft propulsion technology company, which is part of the broader aerospace industry.
- Venture Capital – The funding round led by various venture capital firms highlights their role in supporting innovative startups in aerospace.
Financials
- £8m – The amount of seed funding raised by Magdrive.
- $10.5m – The equivalent dollar amount of the seed funding raised.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Magdrive | Target company | Company | A startup focused on developing propulsion technology for spacecraft, founded in 2019. |
| Redalpine | Lead investor | Company | A venture capital firm leading the recent funding round for Magdrive. |
| Founders Fund | Investor | Company | A venture capital firm participating in the funding round. |
| Balerion | Investor | Company | A participating investor in Magdrive's seed funding round. |
| Alumni Ventures | Investor | Company | Another venture capital firm involved in the funding. |
| Outsized Ventures | Investor | Company | Venture capital firm contributing to Magdrive's investment round. |
| 7percent | Investor | Company | Included in the list of investors for Magdrive. |
| Entrepreneur First | Investor | Company | Participant in the funding round for Magdrive. |
| D-Orbit | Collaborator | Company | The company collaborating with Magdrive for their upcoming in-orbit test. |
| Mark Stokes | CEO & Founder | Person | Co-founder and CEO of Magdrive. |
| Dr. Thomas Clayson | CTO & Co-founder | Person | Co-founder and CTO of Magdrive with a background in plasma physics. |