London-based space tech investment group Seraphim Space has announced it has completed the first stage of fundraising for its new venture fund, Seraphim Space Ventures II LP (SSV II).
SSV II’s new investment partners include Eutelsat, NEC and SKY Perfect JSAT.
“We are pleased to announce that Seraphim Space Ventures II has closed its first round of funding. We are excited to continue our quest to help spacetech’s most pioneering entrepreneurs change the world for the better,” said Mark Bogett, CEO and General Partner at Seraphim Space.
“The new fund will strengthen our ability to support SpaceTech’s brightest talent at every step of their journey, with a global reach and a focus on early stage investments.”
“With our investment-readiness focused accelerators helping start-ups get to the launch pad, our new funds providing the catalyst for take-off and our publicly listed growth funds providing the fuel to achieve escape velocity, we offer a unique service that helps companies grow fast.”
Space Tech Professional Investor
Seraphim Space is a SpaceTech investment group managing Seraphim Space Ventures II LP. The firm leverages global deal flow, industry partnerships and primary research to back emerging SpaceTech companies.
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Since its founding in 2016, the company has expanded its reach to include Seraphim Space Accelerator, a space tech focused accelerator, and Seraphim Space Investment Trust PLC (SSIT), the first publicly listed space tech growth fund.
It supports SpaceTech startups from inception to achieving growth. To date, Seraphim Space has invested in over 120 SpaceTech companies across 27 countries, raising a total of over $3 billion in funding.
The firm’s investments include ICEYE, HawkEye 360, LeoLabs, D-Orbit, Spire Global, Voyager, AST SpaceMobile and Tomorrow.io.
What do you expect from the fund?
The fund will focus on seed and Series A stage investments in “visionary” entrepreneurs aiming to turn science fiction into science fact.
The SSV II Fund aims to invest in themes that will shape the future of the space sector, including:
Applying AI to satellite data to gain real-time insights; integrating ground and space-based communications networks to stay always connected; harnessing the microgravity of space for scientific breakthroughs; and developing space-based networks for edge computing and data relay to support the in-orbit economy.
SSV II will employ a similar strategy to its predecessor, aiming to build a portfolio of 30 companies focused on space technology. The fund has already made nine investments aligned with key themes through its warehouse portfolio.
Investments include Hubble, which is developing a constellation of IoT satellites to directly connect to billions of Bluetooth-enabled devices, Delos, a wildfire home insurance provider that uses space data, ATMOS, which provides space cargo return services for life sciences, and Auriga, which is focused on new electromagnetic launch systems.
“With a record number of VC investments closing each quarter, investors are increasingly recognizing SpaceTech’s extraordinary potential. This contrasts with the recent contraction in investment activity across the VC market,” said James Bruegger, chief investment officer and general partner at Seraphim Space.
“With the number of satellites in orbit expected to increase tenfold over the next decade, and the costs of launching to orbit and returning continuing to fall, I am convinced that the impact of SpaceTech will profoundly transform much of the world as we know it.”
“The companies we are backing with our new fund have the potential to shape the future by helping to transform science fiction into science fact, and in the process, become global success stories themselves.”
About Seraphim Space Investment Trust plc
Seraphim Space Investment Trust plc is an exchange-listed fund focused on space technology. Listed on the Premium Segment of the London Stock Exchange, the fund is managed by Seraphim Space Manager LLP.
The program targets early- and growth-stage, privately-funded space technology companies looking to gain global advantage, with a particular focus on sector leaders with first-mover advantage in the areas of climate, communications, mobility and cybersecurity.
The fund said it has sold all of its stakes in nine early-stage portfolio companies to Seraphim Space Ventures II LP.
The new private venture capital vehicle, managed by Seraphim Space Manager LLP, will acquire these interests for an aggregate consideration of £3.8 million, with the consideration to be settled through the issuance of venture fund interests to SSIT.
