Seraphim holds £50m first close on Space Tech Fund

Fundraising started 18 months ago and was delayed due to Brexit, Seraphim told unquote". The VC hopes to hold the final close before April 2017. Space Tech Fund has a 10-year lifespan, with a five-year investment period.

Legal advice was provided my MBM Commercial. 

As part of its new strategy, Seraphim has entered a partnership with the European Space Agency (ESA). The VC hopes this will provide access to relevant space infrastructures and ESA's 16 pan-European business incubators.

Space Tech is Seraphim's second fund. The first reached its final close on £30m in September 2006.

Investors
Space Tech Fund is backed by a £30m investment from the British Business Bank, made under its Enterprise Capital Funds programme. Civil aircraft producer Airbus is also among its investors, alongside space companies, family offices and individual investors. The vast majority of LPs are from the UK and other European countries. 

The vehicle has a minimum subscription of £100m. 

Investments
The fund will focus on early-stage space-related technology businesses. It will back commercial applications in the software and hardware sector.

Technologies that have potential space applications such as artificial intelligence, robotics and nanomaterials will also be considered. A particular focus will lie on companies that use digital data from satellites.

Space Tech will make 15-20 investments, backing each company with £500,000-5m. Seraphim hopes to make the first investment in Q1 2017. 

People
Seraphim Capital – Mark Boggett (CEO).

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