VC/PE

Seraphim Launches New $100M Space Venture Fund

Seraphim partners (L-R) Andre Ronsoehr, Rob Desborough, James Bruegger, and Mark Boggett. Image: Seraphim Space.
Seraphim partners (L-R) Andre Ronsoehr, Rob Desborough, James Bruegger, and Mark Boggett. Image: Seraphim Space.

Seraphim Space, the UK-based venture firm behind the first publicly-traded space investment vehicle, is raising capital from a who’s-who of overseas investors to launch a new fund.

Seraphim Space Ventures II will provide capital to early-stage space companies, and while Seraphim declined to comment on the size of the vehicle, an April 18 SEC filing revealed a fundraising goal of $100M. Backers for the fund include:

  • Eutelsat
  • NEC
  • SKY Perfect JSAT

Seraphim’s first fund, raised in 2016, funneled £70M ($90M) into 100+ space companies such as ICEYE, HawkEye 360, LeoLabs, D-Orbit, and Spire Global, a spokesperson said.

This time around, the firm is looking for entrepreneurs applying AI to space data, building always-on communications networks, working on microgravity applications for biotech and materials science, and building edge computing in space. 

Early adoption: The fund has already invested in nine companies, including Hubble, Delos, ATMOS, and Auriga, which it purchased from the company’s fund that trades on the London Stock Exchange, SSIT.

While high interest rates have dampened interest in capital-intensive space firms, particularly those seeking growth funding, interest in novel space companies with software and computing focused business models is growing. 

“With our investment-readiness focused accelerator helping start-ups to reach the launch pad, the new Fund providing ignition for lift off, and our listed growth fund providing the fuel to achieve escape velocity, we have a unique offering to help our companies sky-rocket,” CEO Mark Boggest said in a statement.

This news comes on the heels of a16z’s latest $600M American Dynamism fund, which expects to allocate some of that capital to space-focused companies. 

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