Space Forge in record-breaking $10.2m seed round

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Space Forge has closed Europe’s largest ever seed round for a space tech company; raising $10.2 million. The oversubscribed round, reached four times the original target.

Space Forge was established to help drive the expansion of the microgravity market for premium research and development applications, helping to lower the barriers to entry.

Dedicated in-space manufacturing, coupled with reliable return, will enable Space Forge to leverage the benefits of the space environment, namely: microgravity, vacuum, and temperature, to create products impossible to manufacture on Earth. Its focus is on producing materials and products which offer game-changing levels of performance and efficiency in power-hungry infrastructure and systems - and in addition reducing the environmental impact of production on earth to unlock new value and innovation.

Research suggests that manufacturing these materials in space could reduce CO2 emissions by 75% - the equivalent to removing all petrol cars from the UK.

Space Forge recently announced that, along with its partners, it is developing a world-first service which incorporates both launch and return of a new small class of vehicle - the ForgeStar - that can be deployed from conventional launchers to provide rapid, reliable and reusable in-space infrastructure.

This returnable service, which will enable microgravity research on demand, has been awarded a $2.4m contract through the European Space Agency’s Boost! Programme, supported by the UK Space Agency.

Highlighting the growing appetite for investment in space, the funding round was co-led by US-based SpaceFund and Type One, who champion innovation in space and cutting-edge technology, and the Berlin-based World Fund, a European fund which backs companies pioneering climate tech.

Other US-based funds, including SpaceVC, Starbridge Venture Capital, Quiet Capital, Kencoa Aerospace, Trousdale Ventures, Dylan Taylor, and FJ Labs participated in the round. They were joined by Newable Ventures - the UK's leading early-stage investment network which works with disruptive, potentially high-growth companies and Virgin Galactic’s George T. Whitesides.

Space Forge will use the funding to support the first launch and return of a ForgeStar. One of the more unique aspects of the company’s business model is the ability to not only manufacture materials in space, but the complementary capability to return those materials from orbit without the use of an ablative capsule - significantly improving the characteristics of return from space and aiding refurbishment.

Commenting Andrew Bacon, CTO and co-founder of Space Forge said,“Over the last three years we have taken our return technology from paper designs to real hardware. This support from our investors will supercharge our development plans to lead the way in making space work for humanity.”