VC firms back £30m funding round for Orbex

Oscar Geen
17 July 2018

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Two of Europe's largest VC firms have taken part in a ТЃ30m funding round for space launch company Orbex.

German early-stage investor High-Tech Gründerfonds (HTGF) took part in the round alongside Danish VC fund Sunstone Capital and strategic investor Elecnor Deimos Space.

The UK Space Agency, the European Space Agency and the European Commission Horizon 2020 programme also took part.

HTGF is currently investing from its third VC fund, which held a final close on €316.5m in May 2018.

Sunstone held a final close for Sunstone Technology Fund IV on €112m in November 2017.

The capital will be used to launch orbital vehicles from the UK's newly announced Vertical Launch spaceport in Sutherland, Scotland.

Previous funding
Orbex received a €50,000 grant in February 2017 from the EU Executive Agency for SMEs.

Company
Orbex is a UK-based spaceflight company with subsidiaries and production facilities in Denmark and Germany. The company is developing a vertical launch vehicle to delivery small satellites into orbit. The company said its launchers are 30% lighter and 20% more efficient than other vehicles in the small launcher category and can launch satellites up to 1,250km. Its launchers use the low-carbon fuel source bio-propane, which cuts carbon emissions by 90%, according to the company's website.

People
Sunstone Technology Ventures – Jimmy Fussing Neilsen (managing partner).
High-Tech Gründerfonds – Yann Fiebig (senior investment manager).
Orbex – Chris Larmour (CEO).