Magdrive Secures £8M to Fuel Space Propulsion Innovation
Deal News | Feb 25, 2025 | Business Cloud
Oxfordshire-based startup Magdrive has successfully raised £8.3m in a seed funding round to advance its innovative spacecraft propulsion systems. Headquartered in the UK, the company plans to establish a US office and build a manufacturing facility domestically. The funding, led by Redalpine along with contributions from Founders Fund, Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First, will be used to develop high-thrust electric propulsion systems for all satellite sizes. The startup aims to address pressing challenges in satellite constellations by offering high-efficiency solutions with low mass and volume. Magdrive's first in-space test of its propulsion system is scheduled for June this year in partnership with D-Orbit. The company has a vision to support expansive future endeavors in space exploration, including mega constellations and asteroid mining. The funding includes over £8m received from governmental bodies like the UK Government, UK Space Agency, and European Space Agency.
Sectors
- Aerospace & Defense
- Venture Capital & Private Equity
Geography
- United Kingdom – Magdrive is an Oxfordshire-based company and has received substantial government funding from UK entities.
- United States – Magdrive plans to establish a US office, indicating the company's expansion into the US market.
Industry
- Aerospace & Defense – The article pertains to the development of advanced spacecraft propulsion systems, a key focus area within the Aerospace & Defense sector.
- Venture Capital & Private Equity – The involvement of venture capital firms such as Redalpine highlights the industry's role in funding innovative tech startups.
Financials
- £8.3m – Total amount raised by Magdrive in the seed funding round.
- £1.6m – Amount raised by Magdrive in its pre-seed round in 2020.
- £8m – Total government funding received by Magdrive to date, including support from UK and European agencies.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Magdrive | Target/Start-up | Company | A UK-based startup developing next-generation spacecraft propulsion systems. |
| Redalpine | Lead Investor | Company | A pan-European venture capitalist firm leading the seed funding round. |
| Founders Fund | Investor | Company | An investment firm that participated in Magdrive's funding round. |
| Balerion, Alumni Ventures, Outsized Ventures, 7percent, Entrepreneur First | Investors | Companies | Other investors contributing to the seed funding round. |
| D-Orbit | Collaborator | Company | Partnering with Magdrive to conduct in-space tests of its propulsion systems. |
| UK Government | Supporter | Government | Provided funding support to Magdrive. |
| UK Space Agency | Supporter | Government | Provided funding support to Magdrive. |
| European Space Agency | Supporter | Government | Provided funding support to Magdrive. |
| Mark Stokes | CEO of Magdrive | Person | Chief Executive Officer of Magdrive, leading the company's strategic vision. |