‘I believe this is one of the most exciting ventures that members have put money into’
Space Forge – a business started in Bristol that is developing a reusable manufacturing space satellite – has raised an undisclosed amount in seed funding from around the world.
Space Forge founders are Joshua Western and Andrew Bacon and it was launched in a garage in Bradley Stoke.
The business has now grown to employ 15 people in a new satellite manufacturing facility in Cardiff.
Bristol Private Equity Club fhave invested for the second time, bringing their stake in Space Forge up to £500,000.
The new seeding round was led by Type One Ventures and Space Fund. DBW, BPEC, E2MC, Space.vc, Virgin Galactic’s George T Whitesides, Newable Ventures and Voyager Space Holdings’ Dylan Taylor are also participating in the round.
Jerry Barnes, founder of BPEC, said: “I believe this is one of the most exciting ventures that members of Bristol Private Equity Club have put money into. Last year we had 12 members keen to get involved and that has now more than doubled as we have learned more about the potential of Space Forge.
“It will be a game-changer for manufacturing throughout the world, which is why we are now seeing major investment from all around the world into a project that was first backed by local entrepreneurs with an eye for success.”
Harshbir Sangha, growth director, UK Space Agency said: “Like many UK space businesses, Space Forge is growing strongly – and this new investment will drive further growth by helping improve manufacturing processes in Space.
“It is another fantastic example of how government and private sector investment is supporting innovation in the commercial space sector, which now employs 45,000 people and generates £16.4 billion for the UK economy.”